Finding good tenants is one of the hardest parts of owning rental properties. Once you find reliable and trustworthy renters, you'll want to retain them for as long as possible.
When your tenants are happy, your investment property business will thrive. You'll see a constant stream of income and build long-term relationships with your renters.
Below, we've provided you with a few tips that you should implement into your business strategy.
Prioritize Clear Communication
When you're taking steps to keep responsible tenants happy in your property, you need to focus on your communication levels. Your renters will appreciate honest and clear conservations.
By setting up clear communication channels, you'll show your tenants that you care about their well-being. They will feel valued and heard.
Giving them multiple ways to contact you will also make communication more convenient for them. If your renters in Chicago are constantly struggling to get a hold of you, they'll become frustrated. This could lead them to move instead of renewing when their lease ends.
Fair Rental Rates
As a landlord in Chicago, you want to make the most money possible. To do that, you'll need to offer competitive rental rates.
Many tenants will move out if rent increases. While it's natural to raise prices over time, you need to find a balance between fair rates and maximizing your profits.
It may be beneficial to keep your rates the same or raise them a small amount to keep your current tenants. If you do need to increase rent, be sure to tell your tenants as soon as possible. This will give them time to adjust to the changes.
Regular Property Maintenance
As you may already know, a well-maintained property attracts tenants. It will also encourage great tenants to stay. Being proactive with property maintenance will show your commitment to providing a comfortable living space.
Conduct regular inspections and keep the property in good condition all year round. You may want to create a preventative maintenance plan and schedule. This will allow you to fix issues before they become a bigger issue for your tenants.
Offer Flexible Lease Terms
Offer flexible lease terms when you're focused on keeping good tenants. Longer lease agreements can provide you and your renters with stability. This will allow your tenants to settle into your investment property without worrying about an upcoming move.
Offer Incentives
Many people don't want to offer incentives as it may cut into their profits. However, offering discounts on renewals or giving your returning tenants a free maintenance check can go a long way. Even a holiday gift can help foster a good relationship, which could lead to renewed leases.
Building Tenant Relationships in Your Investment Property
Owning an investment property requires a lot of property management skills. You'll need to create tenant retention strategies and work to find responsible tenants.
This is a lot easier said than done, but the tips above can help you. Whether you're a first-time property owner or if you've been investing for years, working with a reliable team can be beneficial.
Here at Chicago Style Management, we want to help you increase your profits and decrease your landlord stress. Our team is available to answer your questions. Get in touch with us today!
