When a good tenant moves out of your property, this could mean a hassle of some sort. You will have to get your unit ready for the next tenant, as well as pay the mortgage of the unit even if the unit goes unoccupied for sometime. It’s not easy to find quality tenants, but you can’t let your place go vacant for more than two months or it will become a liability rather than a profitable asset. It will defeat the purpose of investment.
The best way to stray away from this bother is to make your existing good tenants renew their lease. Make them believe that your property is the best place they can rent for such value. Also, don’t forget your role as a good landlord. It is your duty to attend to them as soon as possible should they have maintenance issues. Don’t make the damages go unrepaired for too long.
It would also come off very thoughtful if you’d send over a repair man to inquire of their unit condition 2 months prior to the end of the contract, and have the maintenance issues (should there be any) repaired in two days or less. One month before the lease expires, send your tenants another lease, offering exciting incentives that will make them stay. A new iPod touch perhaps? How about gift certificates? You can offer them a wide array of items that they can choose from. The price of these items should be about half or a quarter of their monthly rental. If you want to further ensure the security of your property, you can offer tenants two items from your list instead of one if they sign a 2-year contract.
Above all these methods, the one you should be paying attention most to is to be a good landlord. No matter how good your incentives are, if you’re not prompt of the issues that’s going on in your assets, no tenant would want to renew their lease.
