In normal times, finding a new tenant can be a very tedious task. Who do you trust in your precious home, do you have to do a background check again? Not only is it a lot of work, but it’s also very time-consuming. Wouldn’t it be easier for you to keep your tenant? If you could get them to stay back, it can mean saving, time, money, and effort.
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After a year of the pandemic, we can slowly see its effects disappear, and people moving back to the cities. Be it in search of a new home for a new couple, going back to the office for a working professional who has mostly worked from home over the past year, or a college student returning to his/her alma mater and meeting old friends, it is going to be necessary for landlords in 2023 to be better at tenant retention.
A great tenant-landlord relationship is a win-win because, for landlords, this could make up for lost rent over the pandemic-driven back-to-home durations and protect their cash flow. For the tenant, this can be the start of long-term investment into the landlord’s real estate asset. So if you are wondering about how you retain tenants in simple ways, we have rounded up some of the best ideas, along with some regulatory updates for 2023.
Maintain a Good Relationship with them
Is it worse to be a landlord who never responds or a landlord who always interferes? The answer is both! If you always ignore your tenants’ calls, even during emergencies, they are bound to want a more responsive landlord. On the other hand, if you’re a landlord that drops by unannounced, your tenants are going to move just to get some privacy.
A balanced approach is best, be responsive and give your tenants their privacy. The aim is to make your tenants feel at home in your home, you can do this by being courteous and listening to them when they need to talk to you. If they feel heard and comfortable, they are likely to stick on for longer.
Stay On Top of Maintenance
If the house that you have let out on rent is not brand new, there are bound to be things that require fixing or replacing. Pipes, switchboards, and any wooden furniture that gets a lot of use (kitchen cabinets) will have a lot of wear and tear. If not looked at in time, these things could cost a lot in damages. If you need Maintenance services for your home click here.
If you are able to proactively fix issues that arise in your home, your tenants will feel well taken care of. They should feel happy living in your home, and you should know that your job is to help them get the best from your home. Your responsibility as a landlord goes beyond just collecting the rent check and providing a space to live in.
Read: A Guide to the Renter’s Best Friend – Landlord Insurance in India
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Make Updates
Sometimes, just like you, your tenants too require a little something that new. Be it a new sink in the bathroom or a new security camera, or even new lampshades can increase the value of your home. Your tenants hence won’t mind renewing the lease or rental agreement for longer if they feel that the house they are living in, is up-to-date and fully functional.
If your tenants are the ones paying the electricity bills, they will be very grateful and appreciative if your updates include energy-efficient, 5-star rated appliances like fridges, and Air Conditioners as they use the most amount of energy.
Model Tenancy Act 2021
The MTA or Model Tenancy Act 2021, came into effect in 2021, to achieve the target of ensuring affordable housing for all, as well as creating a transparent landlord-tenant relationship. Under the provisions of the Act, some seem important for landlords, including ‘No landlord or property manager shall, either by himself or through any other person, withhold any essential supply or service in the premises occupied by the tenant’. Read more about the Model Tenancy Act here.
This blog has presented only 3 ways to get your tenant to stay or renew their contract for the long term. But there are certain circumstances where getting them to stay is not an option. When it comes to relocating for a job, for family or health, there is nothing that you can do. In such cases, just visit NoBroker by clicking below to post your house for rent or sale, we have plenty of tenants looking for a house, it takes no time and saves you money on brokerage.
FAQ’s
Why is tenant retention important?
Keeping good tenants in your property for the long term means that not only is your asset being taken care of, but also that you are getting payments on time.
How can I retain tenants?
To be good at retaining tenants, you must not only follow the regulatory guidelines such as the Model Tenancy Act, but also maintain a good relationship with them, stay on top of maintenance, and make timely upgrades of appliances/equipment within the property.
Why do tenants leave?
Other than extraordinary circumstances like the COVID-19 pandemic, tenants can leave due to rent being too costly, or if the landlord doesn’t keep his/her promises, ignore requests for timely repair, or is slow in responding to complaints.
What is the relationship between a good tenant relationship and a landlord’s income?
A good relationship directly impacts the landlord’s vacancy and turnover costs, as the better the relationship throughout the term of the contract, the better the chances are of renewal at the end of the term.
Which is the most important factor in tenant retention?
Communication. Having open communication across text, emails and phone calls represents a professional landlord who both understands the tenant’s issues and protects the property the tenant lives in.
