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Importance of Long Term Tenants to Landlords

Long Term TenantsIn the case of rental properties, the long term tenants become more valuable than others. The simple logic behind this idea is mainly due to the reduction of turnover expenditures that landlords suffer when bad tenants break their lease. The task of the landlord or property management company, therefore, is to do all things necessary to keep tenants satisfied with their stay. At the same time, this also means that the same efforts be extended to trim those who are bad ones with hopes of eventually landing on more long term tenants.

One might claim “immediately recovery” of turnover expenditures should a new tenant starts leasing when the property becomes available. This is actually the contrary as you might have unaudited expenditures and losses the process. Here are some examples:

  • Because the property was left vacant, means it is deadweight that has to be maintained in hopes of making it an income-generating investment once again.

 

  • Advertisements, taking calls, showing activities, lease contract proper, obtaining security deposits, and other related activities exhausts time and energy especially when it is done over and over again without promising results.

 

  • Should all these activities are handled for you by a third party real estate or property management service, they still would require you to pay for their services. Of course, the worst part could be if the manager could not find you a tenant in a timely manor.

 

  • Move-out inspection wherein all material wear and tear issues, utility problems, and other maintenance measures plays an important role has to be undertaken to certify to the incoming tenant that everything is in good condition prior to their occupancy. Aside from time, it takes a lot of money from your pocket.

 

The bottom line, all of this would probably take a week or more to complete. Considering all of this, isn’t it less stressful to just keep your existing tenants instead?

A conducted survey in most apartment buildings shows that the primary reason why one tenant eventually leaves is because of mis-management. In rental properties, it is defined as the owner’s possible neglect to even the smallest raised issues such as fixing broken appliances, keeping the peace, or putting blame to tenants whenever something gets broken. When tenants are dissatisfied, they find it as their motivation to leave the property and stiff the landlord.

Providing your tenants with the sufficient respect and help, and they will show it back by staying longer, opting to further renew their contractual obligations with you continually. Attend to their needs, repair items that justly have to be, keep the property well-maintained, provide incentives for those who are responsible, and be professional in facing them so that a win-win situation is attained. Never have them go to the verge of leaving. Although this is but a simple human factor, it would eventually convert to reduction of expenses for landlords.

The longer tenants stay with you, the more income you’ll gain. Any landlord can easily convert a tenant to a long term one as they become open to improvements. Any issues a tenant might have should surely be addressed without any delay.