The Power of a Good Tenant
One cannot overstate the value of a good tenant to a landlord. Good tenants possess the following qualities:
-Paying rent on time
-Abiding to the contract
-Treating their rental with respect
-Willing and flexible under overseen circumstances
-Not a nuisance noise wise
-Not over the top demanding and needy
Tenants who posses these qualities are ideal because they save you time, money, and provide you with a greater ROI. In the long run, it is better for you to make an effort to keep these valuable tenants, rather than opening your rental to the unknown again.
With that being said, here are a few tips on getting you tenants to sign an extended lease agreement:
1. Negotiate with your tenants and ask them what would encourage them to stay
2. Provide them with a physical gift as a renewal incentive (TV, new dishwasher, etc.)
3. Upgrade what needs to be upgraded such as new countertops or remodeling a bathroom.
These incentives will show your tenant that you appreciate them, you are willing to work with them, and are attentive to their needs. In the end, they will be more likely to extend the lease – saving you time, money, and stress.