You don’t have to lose money on long vacancy periods and constant tenant turnover. By retaining your residents, you’ll keep your rental income consistent and increase your long-term ROI.
In our experience managing Colorado Springs rental homes, we’ve learned that keeping a great tenant requires responsive maintenance, a good working relationship, and a willingness to meet your tenant’s needs, even if it requires a little extra effort on your part.
The effort is worth it. You could save thousands of dollars a year just by holding onto your renter and ensuring the lease is renewed.
Here’s how to keep a great tenant in your Colorado Springs rental property.
Explain Your Expectations Early
Most tenants want to succeed in your rental property. They want to stay in place and settle in and enjoy a great rental experience. This starts with the leasing process and the move-in systems you’ve established.
Be clear about your expectations and requirements before they move in. As they’re signing the lease, take some time to discuss the most important responsibilities they have, including:
- On-time rental payments
- Quick maintenance reporting
- Keeping the home clean and in good condition
- Following the lease terms
By setting clear and consistent expectations, there will be less confusion and frustration throughout the tenancy.
Communication and Transparency in Your Relationship
Your relationship with tenants needs to be positive, respectful, and open. Tenants will renew their lease agreements when they feel like their landlords care about them, take care of their property, and listen when there’s something wrong.
Make yourself available to your tenants in as many ways as possible. They should have your phone number and email address. They should know how to get in touch with you if there’s an emergency or a problem. They should understand the procedure for reporting maintenance needs and they should feel comfortable communicating with you – even about unpleasant topics like late rent.
Boundaries are important. You don’t want to become too friendly with your residents or you may find yourself unable to enforce the lease agreement or hold them accountable. But, you want to make sure you’re friendly, able to communicate, and willing to help them when they need it. Good communication will help you retain tenants.
Responsive Colorado Springs Rental Repairs
Tenants will quickly become frustrated if they report a maintenance issue and it gets ignored. Read any report from the Colorado Springs property management industry and you’ll find that one of the main reasons tenants leave a rental property at the end of their lease term is that they’re dissatisfied with how maintenance is handled.
Don’t lose your Colorado Springs tenants this way.
Instead, provide a positive and responsive maintenance process. Emergency repairs obviously require a sense of urgency, but act quickly for minor or routine repairs too. Adopt a preventative maintenance schedule so tenants know you’re taking care of things like pest control, landscaping, and HVAC health.
Working with a great maintenance team that’s respectful, prompt, and professional will also help. Communicate with your tenants throughout the process, and follow up after the work is completed. This will ensure tenant satisfaction and protect the condition of your rental home.
Treat your tenants well and keep your property in excellent shape. You’ll find it’s easier to keep your tenants than you think. If you have any questions about retaining tenants, please contact us at Muldoon Associates. We provide Pueblo property management in Colorado Springs and surrounding areas in Pueblo County and El Paso County.