Every landlord's biggest enemy is vacancies.
At any given point, the vacancy rate in the US sits at around 6%. Vacant units are the landlord equivalent of flushing money down the drain. Finding great tenants can be tricky and requires thorough tenant screening.
Once you get a good one, it's important to try and keep them in your unit. Today, we're going to tell you how to keep great tenants in your Long Island investment properties and how leasing management can help.
The longer you can hang on to a tenant, the easier your life as a landlord will be. Keep reading and learn what you need to do to please your great tenants.
One of the most important things for maintaining good tenant-landlord relations is communication. Never keep your tenants in the dark about anything relating to the property because it alienates them.
For example, if you need to perform some routine maintenance on the unit, make sure your tenant has plenty of notice about it. It can also be beneficial to maintain a friendly relationship with your tenants. You never want to cross the line and make it too informal, but landlords can often be cold and rigid towards tenants, which doesn't make them feel as welcome.
Rental Property Maintenance and Repairs
No matter how great your tenants are, rental properties go through a lot of wear and tear. Your tenants will undoubtedly have issues arise that require your attention. The more diligent you are about regular maintenance, the fewer problems you'll have.
That goes for rental unit repairs as well. As soon as a tenant reports something broken in the unit, make sure to fix it. If your tenant has to suffer while you wait to do repairs, they're going to start thinking about alternative accommodations.
Provide Tenant Incentives
Being a great landlord will always incentivize tenants to stick around, but there's always more you can do. Make the extra effort to show that you're a unique landlord, whether it's recognizing their loyalty with a rental discount or small gifts around the holidays.
One of the reasons good tenants might leave your property is to enjoy better amenities. If you really value your tenant, you should always listen to their needs. Never shy away from making improvements to your units, especially when your tenant clearly wants it.
Remember, any investment you make into your rental property pays off in the end. Whether you install a new washer and dryer or switch out the HVAC system, it'll benefit you and your tenant. It'll show your tenants that you value them, which will make them want to stay in your unit.
How Leasing Management Helps
We understand that it's not always easy to be the world's best landlord. If you can't give your tenants what they deserve, it might be time to get leasing management services.
PMI Gold Coast Properties is Long Island's top choice for residential, association, short-term, and commercial property management. Contact us today to learn about how we can help you satisfy your tenants to keep them with you for longer.