Truly responsible tenants aren't always easy to find. If your tenants pay rent on time, don't damage the apartment, and don't have neighbors complaining about them – there's a good chance you should try to keep them as your tenants for as long as possible. Screening and vetting tenants can take up a lot of your time, and a high tenant turnover rate can cost you a lot. That is why you should focus on retaining the tenants that you currently have. One of the ways to do it is to reward good tenants. We will tell you everything you need to know about rewarding your tenants in the rest of this article.
Rent Deduction
One of the best ways to reward good tenants is to lower their rent a little. It doesn't have to be a long-term solution. It could be a once-a-year thing where you lower their rent for a month. A good month for that is December because most people are strapped for cash in that period due to holiday expenses. If you do this, your tenants will most likely be extremely grateful.
However, when rents in the area are rising, it might be tough to decide to lower your rent as a way to reward your good tenants. You should only do it if it makes sense economically. If you could end up losing too much money by doing so, you might have to look for a different solution. If you do need to raise rents, make sure you inform them in the right way to avoid conflict. As a bonus, offer them an easy way to pay rent online. It might seem like a small thing, but your tenants will appreciate having an easy way to pay rent.
Offer Rent Extensions
You can offer your tenants a grace period before charging a late fee. For example, give them five days at the beginning of every month to pay rent. That way, you can keep your tenants happy and retain them longer.
Some property management companies help tenants boost their credit scores when they pay rent on time. For example, if you report your tenants every time they make an on-time payment, that could boost their credit scores by 20 or more points!
Keep Up With Property Maintenance
If you've had a tenant for a few years, it's time to think about hiring a cleaning company to do a deep clean. While most landlords try to keep maintenance expenses low, it's sometimes a good idea to splurge on your tenant. Get the carpets professionally washed, touch up the paint, and make your tenant feel as if they're living in a new home. This extra effort will not only set you apart from other landlords or property managers in your region but will also safeguard your investment and reduce turnover. It's a win-win situation for everyone. Your property will be clean, and your tenants will be happy.
Respond To Your Tenants' Problems As Soon As Possible
No matter the tenant, you should always try to respond to your tenant's problems quickly. Showing that you are an attentive landlord builds trust and fosters a positive landlord-tenant relationship. Even minor issues should be responded to by stating that you have taken note of the problem and will address it as soon as possible. Making sure your tenants feel heard is as important as letting them know help is on the way.
However, if two of your renters have problems at the same time, prioritize the good one over the late payer. If you have multiple tenants and have trouble keeping track of their issues and responding on time, a property management company can help you out massively. Reliable companies offer 24/7 maintenance coordination and can solve any problem easily.
Replace Appliances And Furniture
In the same line as property maintenance, it's crucial to remember that most furniture and appliances do wear out after some time. If you have a long-term tenant, try to replace your furniture or appliances before they outlive their usefulness. Tenants might not be upfront with you about this, but they could consider moving to a more modern home. If there are multiple items that need to be replaced, ask your tenant which one they would value the most. They'll appreciate having a say, and you won't have to deal with all of the upgrades at once.
Furthermore, you can get in touch with a reputable property management company and see if they offer to set up utilities such as internet and cable for their tenants.
Rewards Programs
Some property management offer rewards programs as a way to show gratitude to their tenants. That way, tenants can earn rewards and save money on everyday expenses.
If you're unsure what kind of rewards to give to your good tenants – things like gift cards are the best and easiest solution. Most of the time, you can't miss when you're giving someone a gift card. It's a better option than picking out an actual present for your tenants. This way, you will be getting them a gift of sorts, but the one they get to pick out themselves.
Dealing With Difficult Tenants
As we said in the beginning, finding good tenants isn't easy. Tenants can sometimes be very difficult when it comes to paying rent on time or keeping the apartment clean. Or, sometimes you just have tenants you don't get along with even if they're not causing any problems for you. Whatever the case, it is vital to maintain your composure and objectivity when dealing with them. If there's a problem, make sure you handle the situation properly and not take anything personally.
In Conclusion: Why Should You Reward Good Tenants?
Good tenants that pay rent on time and don't damage the place are every landlord's dream. To avoid losing them, it's a good idea to reward good tenants from time to time. That's one of the best ways you can keep them happy while living on your property. Moreover, it's a great way to improve your tenant/landlord relationship. When you combine all that, they will be less likely to move out and leave you looking for new tenants.
Photos used:
https://www.pexels.com/photo/man-and-woman-near-table-3184465/
https://www.pexels.com/photo/person-counting-cash-money-4475523/
https://www.pexels.com/photo/person-counting-cash-money-4475523/
https://www.pexels.com/photo/black-vacuum-cleaner-on-area-rug-4107284/
