Every landlord knows that the difference between good and bad tenants could mean the difference between making money or losing money. Finding good tenants might seem impossible sometimes, but when you do, how do you keep them?
If they are the perfect tenant who is providing you with good ROI on your rental property, the best thing you can do is to build and maintain an amazing landlord/tenant relationship. A happy tenant is a good tenant, and you want good tenants!
We often see a cheap landlord with lousy tenants. Prior to leasing the property, landlords inspect and make sure the property is ready for renting. Poor landlord-tenant relationships are often due to the property having multiple issues that could have fixed prior to move-in, such as A/C not properly maintained, water heater not heating or appliances not working. At the same time, there are tenants who call to have a light bulb changed. The solution? Have a detailed move-in inspection with pictures, tenant manual with explanations and signatures of all pages and initials by both parties, great communication between both parties and a policy to resolve maintenance issues in a timely manner.”
This article contains several tips that all landlords should use to review their own renting practises and see if there are ways that they could improve. Communication is paramount and is the #1 thing that landlords can always strive to improve. Check out the rest of the tips to see if there is anything you could do to keep your tenants happy and improve your ROI!