With the average cost of a one-bedroom apartment in Atlanta rising 31% over five years, renters are looking for a place to call home more than ever. You can help by creating a space that is suitable for a long-term stay.
If you have found the right tenant but are worried they might leave there are some tactics to keep them put.
Read on for how to make the best of your investment property by using these tips to retain your tenants.
Respond to Requests Quickly
There are serval ways to keep your rental property tenants happy and one of those is how fast and efficient you are with their requests.
As a landlord, you are responsible for the condition of your property. So, when it is falling apart, it is not the tenants to blame but yourself. This reflects how your renters view you as a caretaker.
Poor response to maintenance requests leads to a low quality of living for your tenants. They will not stay long if things do not get fixed, especially with rising rent prices, they expect a decent place to live.
Getting help from an investment property management company can help you address issues without delay.
Ask for Feedback and Suggestions
Managing an investment property includes being proactive. Do not wait for your tenant to leave because they found amenities elsewhere. Instead, ask for feedback to make their stay better.
It might be as simple as fencing a yard and allowing a dog to keep your renters from leaving.
If your tenants do not have any suggestions it doesn't mean that nothing should change. Research other rental properties to see what is missing from yours. This will elevate the value of your property and make your tenants think twice about looking for a better home.
Renew Lease Well in Advance
The rental renewal rate is relatively high in Atlanta at 74%, but this doesn't mean you shouldn't be diligent about getting leases renewed.
Ask your tenant if they plan to renew as early as 90 days before the lease ends. You can also propose a longer lease with the incentive of a discount or promises of certain upgrades.
If your tenant does decide to leave, an early notice will allow you to find replacement tenants for your investment property without having a lapse in rent payments. Plus, you can plan for any remodeling in between.
Building a Friendly Relationship
Buying an investment property requires the right attitude. You should be able to balance yourself professionally and casually by creating strong relationships with your tenants.
Give them the space they need but also be friendly by keeping in contact. Do not sign a lease then disappear, only to show up for a rent check or when a problem arises.
This will help tenants respect you and your property while not being shy about making suggestions for improvement.
Getting the Most out of Your Investment Property
You can learn a lot from your investment property tenants. They help you understand the needs of the rental market, thus ensuring improvements to capitalize the most out of your asset.
As a property management company in Atlanta, we can assist you in keeping your tenants satisfied. Schedule a meeting with us today to see how we can streamline your rental procedures.