How to Keep Great Tenants in Your Investment Property in Denver, CO

How to Keep Great Tenants in Your Investment Property in Denver, CO

49% of renters say their landlords are better than most; do you think yours say that about you? On the flip side, do you think your tenants are better than most?

The truth is, both are difficult to find. So if you've found stellar renters, you'll want to do everything in your power to keep them in your units. That way, you can facilitate a mutually beneficial relationship.

Here are some leasing management tips to keep great tenants in your Denver, CO property.

Maintain Property Quality

Your tenants were first drawn to your property because it was in fantastic shape. But if you don't put in the work, it can quickly deteriorate. This will put people off, and they'll seek higher-quality rentals elsewhere.

Regularly inspect and maintain your property to ensure it's in good condition. You should also address rental property repairs promptly, as well as upgrade appliances and fixtures to keep your property up-to-date. This will show renters your commitment to their comfort and satisfaction.

Enlisting the help of a property management company can be hugely beneficial. They'll coordinate everything so you won't have to.

Have Fair Rent Pricing

Keep researching the local rental market to set a competitive rent price. Don't be greedy and keep increasing rent by huge increments. This can put off your renters and cause them to move elsewhere.

To encourage lease renewals, offer incentives such as gift cards or small rent discounts. In addition, you can offer flexible lease terms to accommodate people's needs.

Offer Amenities and Upgrades

Your competitors are constantly improving their properties to attract more renters. If you don't keep up, then not only will you struggle to find new tenants, but you'll also lose your current ones.

Some basic amenities people will appreciate include high-speed internet, laundry facilities, and outdoor spaces.

Check in With Your Tenants

Every so often, check in with your tenants to see how they're doing. This shows them that you really care about their well-being and that you're willing to go above and beyond to make sure that they're happy.

A fantastic way to get renter opinions is to send out surveys occasionally. You'll gather feedback on their living experience and any improvements they'd like.

If they mention that they're having issues, be proactive about resolving them. Whether it's a leaky sink or a disruptive neighbor, it's your responsibility to ensure these things don't trouble them.

You should show appreciation for your long-term renters too. Tiny gestures such as holiday cards and small gifts can be very meaningful.

Get a Good Hold on Leasing Management

How you handle leasing management will make all the difference between keeping and losing renters. However, the main things to remember are to have clear communication and mutual respect.

When you show that an excellent tenant-landlord relationship is your priority, it'll be easier to hold onto those star renters. They may even sing your praises to others, so you won't be short on rental income anytime soon.

If you need help with rental property maintenance and more, then get in touch with us.