How to Retain Good Tenants in Colorado Springs
As a landlord, watching your rental property sit idle as you count thousands in revenue losses can be stressful. You need to find tenants to keep your business running profitably. However, finding good tenants in Colorado Springs is not a walk in the park and retaining them is even more challenging.
You need to develop effective strategies to identify, admit, and retain good tenants to grow your investment. Also, using a reputable property manager like Merit Co. can be a game-changer for your rental business. This is because they have adequate capacity to evaluate new and existing tenants to determine their character and ability to coexist with other tenants.
Who is a Good Tenant?
Many factors constitute a good tenant but generally a good tenant:
- Lives in peace and harmony with other property occupants.
- Pays rent on time
- Operates within the confines and provisions of the lease agreement
- Does not use the property for illegal activities.
Below are strategies you can use to retain good tenants in Colorado Springs;
- Thorough Screening
Conduct a thorough screening of all new tenants before admission. This is a very crucial step in ensuring you get everything right from the beginning. Screening can involve going through your tenant’s details and doing a background check to determine if they have any criminal records.
In addition to screening, the landlord needs to establish strong, stable, and sustainable systems to regulate tenancy. Foundational systems to put in place include detailed property inspection reports, thorough tenancy checks, strict policies regarding property management, and rent payment.
- Make Plans for All the Required Amenities
Availability of amenities is one of the critical factors that tenants consider during house-hunting. As a landlord, ensure your property has amenities needed to make life comfortable for your tenants. Amenities can differ with tenants, but generally, your property should have access to schools, medical centers, entertainment joints, and places of worship, among others.
- Maximize the Appeal
During house-hunting, renters look for fine details such as the finishing quality, fixtures, color, and type of painting. Besides repairing and repainting after the previous tenant exits, you need to add features that improve your property’s appeal. This can include installing new fixtures to give the property a new and fresh feel.
- Have Tenant-friendly Staff
Your staff’s conduct could be the reason you are losing valuable tenants. You need to evaluate all workers on your premises to ensure they have adequate interpersonal skills and character before admission. This is because they interact with your tenants daily.
- Keep the Property Tidy and Well-Maintained
Cleanliness and proper maintenance of a rental property are critical factors that contribute to good tenant retention. After the previous tenant moves out, have the property cleaned by professional cleaners to ensure the new tenant finds it habitable. Additionally, ensure to conduct routine checks and maintenance services to keep your property always in good shape.
- Keeping Tenants Happy
You need to ensure your rental property continuously delivers value for the tenants. Enhance convenience in the rent payment process by introducing an online payment system. You can improve the way you attend to tenants’ needs by introducing an online support platform where they can air their grievances and report maintenance issues.
Need a Colorado Springs Property Manager to Improve Your Tenant Retention? Call us Now
While attracting tenants to your rental property requires significant effort and strategy, retaining them requires a comprehensive approach that considers the present and the future.
At Merit Co., we are a leading and reputable property manager, helping landlords increase the value of their rental properties through optimum tenant retention strategies. Please contact us online or call us directly at (719) 598-4884 to hire our professional services.