Keeping good tenants is a quite challenge to landlords, since they are their main source of income. They need to make sure that tenants would stay longer for more profitable outcome. However, it is not only just getting the payment that would resolve that challenge. There are other ways that can be done to ensure that you would have a continuous profit from The Woodleigh Residences property with your good paying tenants.
So, how is it going to be carried out? Below are some effective ways to retain your good tenants in cheaper way:
- Don’t just come out to get your tenant’s payment. Collecting money from your tenants should not be an issue. It must be already a given situation that should not be a problem anymore. However, it would be a problem if you will just come out when you need their payment. They definitely think that it is only what you need from them, which should really not be. Your tenants need to know that you also care for them since they are your source of income. In that way, they will stay responsible in paying.
- It is a good idea if you can think strategies that would make your tenants feel that you are thankful for their on time payment. One of the strategies could be renovation of the condo property, but that should be the last one on your list. Remember that renovation is quite expensive and really not could be reasonable if that is really not an option. Try simple things instead. Simple things can be appreciated such as giving them free meal for a day or you can also give them free soda cans with little snacks in the afternoon. These are the simple things that would make them realize that being a responsible tenant has a reward. This could really make a good and positive relationship with your tenants.
- Consider giving incentives for tenants that are paying on time or ahead of schedule. This would make your tenants more responsible in paying their rent on time. They would also make sure that they would not miss any of the payments since you are willing to provide for example a more than $50-dollar off to the actual payment of the rent. A $50-dollar off is a big deal nowadays which could be an additional budget for their everyday expenses. So better think about it.
Now that you have some ideas how to retain or keep your good tenants, then it is time to make it happen. Business is business, yes that is right. But paying back when you think that good people is there to make sure that they would not miss the rent payment, then do not think twice anymore. Make it happen. Let them know about the good news by surprising them during the time they are paying so they would feel happier and will always be a responsible and good tenant. This would guarantee a continuous business with you and your good tenants.