Landlord Tips: 2 Ways to Keep Good Tenants
A lot of attention is given to screening and finding good tenants. However, very few landlords emphasize retaining good tenants.
Lets first define exactly what is a good tenant. A good tenant is one tenant that pays rent in full on time, and properly maintains the property with a spirit of conscientiousness.
Here are a couple of good tips to help ou keep your good tenants.
Tip 1: Provide Rent Discounts
Everyone loves a sale. Tenants are no exception. You put more money in your tenants pockets and they will like you...trust me. Give tenants discounts if they qualify and meet standards that you determine up front and in writing on your lease, and they will appreciate you for appreciating them. The types of discounts you offer can vary. For example, if a tenant pays rent on time on or before the day rent is due for 6 consecutive months, give the tenant $50 off or $100 off rent on month 7. Or, provide tenants with a $100 voucher they can use at any time during the remainder of the lease. You could give a tenant half off the rent for the 13th month if they sign another 1 year lease. You can also provide discounts on rent in August, which is back to school month if they have children, or December, because of Christmas. Another good time is July. Tenants love the possibility of having a few extra dollars in their pocket to celebrate the 4th of July. Remember, your incentives should be based on MONEY, not ancillary things that are cute and fluffy. People value monetary discounts above anything else.