Finding a great tenant can feel like finding a needle in a haystack sometimes. When you find a good one, you need to do everything in your power to keep them. The hardest part isn’t finding the good tenant…it’s keeping them. If you can keep good tenants, you will have less stress in your life. Good tenants pay rent on time, don’t destroy your property, notify you of problems, and don’t cause problems.
It’s your job as the property owner/landlord, to retain good tenants, if you are not working with a property management company.
For this article, we wanted to share some helpful tips that can help you retain good-quality tenants for a long time. If you do not have time to properly manage your building or tenants, you will likely lose your good tenants.
Tips for Keeping Good Tenants in Your Property
- Be friendly and professional. Develop a connection/business relationship with your tenants so they learn to respect you, along with getting along with you. You want the tenants to feel comfortable with you when they run into you. Be on a first-name basis.
- Make it easy to pay the rent. Look for options for tenants to pay rent through mobile apps or online bank transfers.
- Be available 24/7 in emergency situations to your tenants.
- Be good at communicating. You want your tenants to know you’ve heard them, and you care about them and the property.
- Keep promises you make to tenants.
- Respond to calls, requests, and emergencies quickly. Issues will always occur, whether it’s a lockout, flooding, or a broken heater. If you don’t respond quickly, the tenant will think you don’t care and become frustrated. You want the tenant to count on you and know you can help them when they are in need.
- Take care of your building. When you care for the building, it will look and feel like a building to be proud of. Tenants likely won’t want to stay in a building that has trash everywhere, overgrown landscape, broken locks, peeling wallpaper, dirty floors, etc. A run-down building can be uncomfortable and embarrassing for a lot of tenants and they will likely leave. If you put money into the upkeep of the building, you’ll get money back.
- Ask tenants for suggestions. Improve the property or the management of the property based on tenant experiences. If they are reasonable suggestions, you can slowly tackle these issues one at a time.
Looking for Louisville Commercial Properties for Sale?
If you’re unable to manage tenants, you need the help of a property management company who can focus all its attention on your tenants.
Our team at HOWE Real Estate can help you find a great property to manage, whether you decide to hire a property manager or not.
With our commercial real estate services, we work with extreme professionalism, transparency, and attention to detail. We aim to ensure any investor’s capital goes to work for them. We work diligently for our clients, so they can reap the rewards efficiently and effectively.
We work with buyers, sellers, lessors and lessees across all property types in and around Louisville. Our highly experienced team of brokers offer comprehensive support from the first step to the last. We cover the full spectrum of retail-related investment services.
HOWE Commercial Real Estate provides commercial real estate brokerage, real estate development and consulting services across all market segments. This includes retail, industrial, office, investments, land, mixed use, development and multifamily. To contact us, send us an email or call 502-890-4475.