Retaining Tenants -6: Give incentives to stay

Give incentives to stay   Giving a free month’s rent is almost always an unwise decision to retain a tenant, but you may need to offer some kind of concession to compete with other properties. If competitors are offering incentives to get your tenant, a...

Retaining Tenants -5: Explain rent increases

Explain rent increases   You may have happy tenants today, but their happiness may wane if you increase rents without doing your homework. First, research the market by checking out the competition; Go to Craigslist to see what similar units in your area are...

Retaining Tenants -4: Invest in the property

Invest in the property   Many inexpensive improvements can go a long way toward making your tenants happy. Whether it’s repairing the broken light or repainting the hallway, improvements like these show you care while helping to maintain the value of the...

Retaining Tenants -3: Ask for feedback

Ask for feedback   It sounds simple, but the best way to know what your tenants are thinking is to ask them. Ask them how you’re doing and what you could do better. Ask them for their ideas and suggestions. When you do get feedback from your tenants,...

Retaining Tenants -2: Make things easy

So how do you keep great tenants? Commonsense stuff that’s not always so common:    Make things easy   Let’s face it: life is complicated. But renting from you doesn’t have to be. Look for ways to make things easier for your tenants by...

Article of the Month- Retaining Tenants – 1

Article of the Month…   Retaining Tenants – Keeping Vacancy Rates In Check By Michael Monteiro   I don’t know about you, but I hate filling vacant units. Maybe hate is a strong word, but searching for tenants, screening tenants, and doing...

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