How to Keep Great Tenants in Your Investment Property

How to Keep Great Tenants in Your Investment Property

Almost 77% of households in Mt. Laurel, New Jersey are occupied by homeowners. This means that very few renters live in the city, so your chances of finding a great tenant are lower than average.

Once you do find one, keeping them is another task that requires some work.

Learn how to make your investment property worthy of a renewal in this quick guide.

Have a Clear Lease Agreement

After your tenant screening, you will know everything about your renter. However, they know little to nothing about you. This is your opportunity to show the tenant who you are by being upfront about your rental expectations.

Go over the rental agreement and talk to your tenant about the timeline for moving in, when you need to give a renewal notice, and the penalty for breaking a lease early. This will help your renter know what type of person you are and what is expected of them as a renter.

If the agreement is understood by both parties, then there is a better chance that you will find a compatible renter for the long term.

Respect Tenant Privacy

Even though a tenant background check gives you a personal look into your renter's life, this doesn't mean the privacy invasion should continue.

Keep your distance, avoid pop-ins, and only contact your tenant if necessary. You are renting your house and not making a new friend, so keep the relationship professional unless the tenant contacts you first.

Fulfill Maintenance Requests Fast

The average cost of rent and utilities in Mt. Laurel is $1,241 and tenants expect maintenance to be included in this cost. Fixing things fast will exceed these expectations and make your tenant more comfortable.

Using a property management company will help you perform these tasks faster and keep track of expenses, making it easier and more convenient.

Provide Necessary and Extra Upgrades

In addition to general maintenance, real estate investing should also include upgrades to your property. There are a few necessary upgrades that will keep your investment valuable against the competition.

However, you should also go the extra mile by adding amenities that other rental units don't have. For example, include a new washer and dryer in your rental, have a built-in water filter, or add a skylight to the master bedroom. It is these small features that will make your rental stand out and difficult to leave.

Get help from property management to market these upgrades when looking for a new tenant as well.

Investment Property Assistance for Renters

You may get help with your investment property from management services, but you don't have to be the only one. You can also make your tenants' lives easier by using the services to allow them to pay rent online and make maintenance requests with a click of a button.

Get started by contacting us today to speak with a representative about our services.