Owning rental property might seem at first like an easy income maker, but there are hidden costs. Tenant turnover is one of those hidden costs that can be more expensive than you might expect. Cleaning costs, repairs, and advertising all cost money at a time when your property isn’t bringing any in. You don’t just want good tenants; you want good tenants who will stay. Far West Realty has some tips on how to keep good tenants in your Prescott rental property.
Keep up on Maintenance
It can be frustrating for a tenant who feels he is paying for something that is broken. Be proactive in maintaining your property so the tenants feel like they are getting their money’s worth. Regular maintenance ends up being cheaper in the long run compared with waiting until things get even worse.
Be a Good Landlord
You are the owner of the tenants’ home. Be courteous and helpful to them so it feels like a home. Make yourself available for questions or complaints and keep your promises to them. They probably know what landlords can be like; be sure you are the one landlord they don’t want to lose.
Find Out What They Really Want
It may be cheaper to re-carpet your property than to find new tenants, especially in a season where tenants are hard to come by. Communicate with your tenants: ask them why they want to move. If a minor upgrade is their reason, it may be more inexpensive than you think, and you will add value to the property.
Reach out to your tenants 90 days out to make sure they are going to renew the lease. And while you’re at it, you may wish to encourage a longer lease, or even add a discount. The reduced rent may be worth the expense and effort involved in finding new tenants.
Of course, the reality of rental property is that tenants will move on eventually. It’s just the nature of the beast. Before you can keep good tenants though, you’ll need to find them. Far West Realty can help find and keep good tenants in your Prescott rental property. Call us at 928-772-9400 to get professional property management started for your income properties.