Key Takeaways
- Tenant Selection Is the Foundation of Retention - Retaining tenants starts with selecting the right ones. A thorough screening process greatly increases your chances of finding responsible renters who pay on time, care for the property, and follow lease terms. Avoiding red flags at this early stage can prevent costly turnover and long-term issues.
- Flexibility and Responsiveness Build Loyalty - Tenants are more likely to renew their lease when they feel heard, respected, and comfortable. Offering flexible policies and proactively responding to maintenance requests shows tenants that you value their living experience. Even small upgrades and adjustments based on tenant feedback can go a long way toward fostering satisfaction and long-term residency.
- Strong Landlord-Tenant Relationships Matter - Treating tenants with fairness and respect is essential to retention. Respecting privacy, providing advance notice before entry, and maintaining open communication all contribute to a positive relationship. Coupled with regular property upkeep and occasional upgrades, these efforts not only enhance the tenant experience but also protect your investment and improve ROI over time.
Renting to quality tenants leads to success. A qualified tenant abides by the lease terms, reports issues on time, and pays rent on time, every month. And once you land such a tenant, it’d only make sense to retain them for as long as possible.
However, attracting and retaining quality tenants in your rental property can be challenging. This is especially true if you’re starting out as a landlord or live out of state. With that in mind, we at Red Roof Rentals have put together 6 ways to retain a tenant in your rental property!
1. Choose Tenants Wisely
The first step to being a successful landlord is knowing how to choose great tenants for your Tacoma property. Being able to screen tenants meticulously can help you significantly increase your chances of landing the right tenant. A good screening process qualifies prospective tenants based on the following criteria:
- Credit rating
- Income level
- Employment status
- Relevant criminal history
- General and rental background
Make sure that your screening process and all other rental endeavours adhere the Fair Housing laws. Qualify tenants based on valid criteria and treat everyone equally and respectfully.
2. Get Reviews from Tenants
Understanding what tenants want and need can greatly increase your chances of renewing a lease. To help you in this regard, consider sending the tenant anonymous surveys. In the survey form, you could ask the tenant questions such as:
- On a scale of 1-5, how would you rate your overall comfort in your unit?
- What are the three words that best describe your living experience in the property?
- Are there any specific amenities or features that would improve your comfort?
- Are there any recurring maintenance issues that impact your unit?
Take any feedback you get seriously. Then, consider what changes you could make, depending on your budget. Measure the upfront costs with long-term benefits. Changes that add to the property value and increase tenant retention and result on better returns on investment.
3. Have a Flexible Pet Policy
In a competitive rental market, readjusting certain approaches may be necessary to stand out. And one of the ways of doing this is by having flexible policies. For instance, if you were not accepting pets into your rental property you may want to rethink that. Doing so can increase your tenant pool and make your property stand out.
You may also consider providing tenants with:
- Ability to personalize their rented home with custom paint colors
- Flexible payment options
- Flexible lease terms
4. Be Proactive with Maintenance
Caring for your property is key to protecting its value. What’s more, you must legally maintain the property to adhere to habitability standards. Specifically, under the Washington state habitability laws landlords have up to 20 days to act on tenants’ repair requests. And if you don’t, they may acquire certain legal rights.
To avoid any costly issues, be proactive with maintenance. Respond swiftly to make the tenant feel cared for. In turn, they may repay you by renewing their lease multiple times.
5. Be Fair and Respectful
Another recipe for success is nurturing a solid relationship with your tenants. This is a strategic move that can benefit you in a myriad of ways.
One way of being a fair and respectful landlord is by respecting the tenant’s peace and quiet. Dropping by unannounced can even get you in trouble with the law should the tenant choose to sue after repeated entries. As such, always give the tenant proper notice before entering their rented premises.
6. Upgrade the Rental Premises
Don’t make the mistake of thinking that rental upgrades are just for the aesthetics. This can be a strategic move to boost your ROI. What’s more, updated aesthetics can help you attract and retain quality tenants in your property for longer.
Furthermore, upgrading your rental property can help not only to boost your property’s market value, but also to command higher rental rates.
Bottom Line
Retaining a quality tenant in Washington for as long as possible is key for being a successful landlord. And with these tips, you now know what exactly you should do in that regard for an optimal return on investment.
For expert help retaining tenants and managing your rental properties, consider working with Red Roof Rentals. We are a locally owned full-service property management company serving Tacoma and the surrounding areas. Get in touch to get started!
