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Tips to Ensure Your Tenants Stay & Pay

Want to Pay Off Rental Property Loans Faster? Ensure Your Tenants Stay and Pay

tipsThe key to success in the rental property investment business is keeping the tenants happy. If your tenants are happy, they are more likely to spend more time in your rental home. It takes a good amount of time and effort to find and retain good tenants, and if you have found an ideal match, you want to ensure that they stay (and, pay!).

Finding the right balance between performing your job correctly and keeping the tenants happy is not always easy. Your goal to pay off your rental property loans quicker can go haywire if the rental setup doesn't work as expected.

Below are the tips to help you get started:

Keep Them Informed

A little information can help make things easier for you and your tenant both. Even if you think a tenant will not like a rule, make sure they know it. Being transparent about policies from the very start is the best way to build a solid foundation of the relationship. If you have taken rental property loans, you should manage the tenant occupancy at maximum to keep things in check.

Get Repair Work Done Quickly

Give your tenants a property they can appreciate. The quality of the property is hugely a reflection of the kind of tenants it will appeal to. Performing repair works quickly and maintaining a reputation of keeping the property in good condition are the things that will ensure your tenants will be signing a new contract.

On the other side, there’s nothing more annoying to a tenant than requesting maintenance works and getting slow responses. This can cause delays in your rental property loan pay-off period.

Prepare for the Unexpected

Though most landlords are able to resolve some of the biggest issues with their tenants, make sure to be prepared to deal with the worst situations. It can be important to have landlord insurance should the property gets damaged or there is a break-in. All these factors can dent your annual payments for rental property loans.

You’ll also want to plan ahead of time to handle these situations if they arise. Your tenant will acknowledge the time and effort you put to ensure their property is safe and comfortable.

Send Rent Reminders

When the rent is overdue, instead of sending your tenant a rude email, send them a reminder email a few days prior the due date. Reminders are fantastic for both the landlord and tenant because the landlords receive rent on time, and the tenant doesn’t have to pay a late fee just because the rent got delayed for one month. Think from a bank's perspective if you miss payments on rental property loans.

Respond Quickly

Anytime the tenant calls, or sends an email, try to respond back as soon as you can. Clear communication is the key to retaining tenants. If you wont be in the town for a few days, or you don’t want to spend your weekends replying to the emails, make sure your tenants know you won’t be available for a particular time frame.

You’ll be surprised to find out how much a little effort in preparation and communication from your side can ensure your tenants are staying and paying. And you can easily meet your goal of paying for rental property loans.

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