With the gradual downhill of leasing markets, good tenants are now being considered as rare unicorns capable of pooping rainbows and butterflies. With the rental market getting weaker, some landlords could even be thinking that a good tenant’s value is a lot higher than gold, or even at least a child. It is a landlord’s biggest nightmare to lose a tenant, and there are few practical ways to keep good tenants:
- Don’t just treat your tenants like cash cows
Make an appearance even if the rent is not yet in due. Avoid being the dreaded landlady or landlord commonly portrayed on soap operas- the ones who only show up to collect rents to whom the protagonist is always scared of. You don’t want to be the migraine-causing villain, the flaring up hemorrhoids, the annoying flu. (Although you might want to become one if the tenants themselves are annoying as well). If you want to get into your tenant’s good side, you can do these simple things:
Send greeting cards whenever’s appropriate. Or even a call.
Ask them how are they doing. There could be times you’ll bump one another along the hall. Don’t hesitate to ask them if they are fine, and at least, check their situations if they are feeling uncomfortable or not. Develop a good relationship. You can even tell them what’s upcoming for new condo like the Margaret Ville at https://www.margaret-ville.com.sg
Or maybe you can meet them yourself and not just wait for the opportunity to meet them elsewhere coincidentally.
These not only help minimize disputes but also help in creating a healthy and civil landlord-tenant relationship.
- The tenant might want you to be more practical- stop renovating.
Imagine yourself as a tenant on twenties, tight on a budget yet wants to enjoy things once in a while. You busy yourself on usual nights buy just letting time pass away, reminiscing how many feel like on the top of your palms.
Which could turn you a little bit merrier?
A cupboard of instant noodles?
Video games to lighten up the life a little bit?
But can you even picture out the cost of parquet flooring compared to those two? Expensive renovations aren’t always the answer to make your tenants happier. Perhaps you can focus on smaller things like Xbox as they are more affordable and can be fun.
- Reward good tenants
Perhaps, it’s not about you… it could be about them being a problem. Maybe they get too familiar with you and your kindness, or for just whatever reason, they became a little late when it comes to paying the bill, or less caring of the house that they usually were. This needs to be stopped.
Give positive reinforcements to make good tenants stay as good tenants. Perhaps you can give them a discount if they paid earlier than due – like a hundred dollar discount. You can also give them gifts to show how much you appreciate them – like a basket of fruits, for good upkeep. Make them feel like a special tenant; this will elevate your status.
- Give them a bonus for making renewals
This can be similar to number 2, but this time, take it for the renewal of the lease. And just like point 2, it doesn’t have to cost much.
Maybe you can “gift” them things that can be very useful at home- rice cookers, vacuum cleaner, a drone. If you know the interest of your tenants, that would be better. Or if you have upgrading plans in the future, perhaps you can ask the tenants for their opinions and suggestions.
And the ultimate renewal incentive will be, of course, lowering of rental rates. But that would be an expensive gift.
- Be flexible.
Probably, this is the most significant point on the list. A good tenant will not leave if they find a good landlord, and a good landlord is a flexible landlord. For instance, your tenants are not allowed to utilize the kitchen because you would rather not risk your house turn into ashes. It can be the rule on normal days, but at least let loose of the days with occasions (birthday party, etc.). Or maybe allow them to party beyond 11 pm even if they are normally not allowed to do so, as long as they are not disturbing anyone from the neighborhood.
Be approachable. And being approachable still means, being flexible. Do not treat your tenancy business as a religious doctrine- unbent and unbroken. Let them know that your agreement is an ongoing agreement.