Follow these 6 tips for retaining good tenants in your rental property in Central Oregon. We're a full-service property management company in Bend, Oregon.
As a property management company in Central Oregon, one of the common questions we get from potential investors, landlords, and property owners is about tenants: Specifically, how do you acquire and retain good tenants over the long term? If you are considering investment property in Central Oregon, you want responsible tenants who take care of the property and will stay longer term. But how does that happen? Let’s look at six of the best strategies.
1. Keep Properties Well-Tended and Attractive
It’s not enough to make sure a property looks great once when finding tenants: It must look great all the time. Tenants who see a property gradually become overgrown and run-down are far more likely to leave if they see another promising opportunity. Tenants with a well-managed property will enjoy being there and will be less likely to leave if the same level of care isn’t available elsewhere. A good property management company that makes sure that all necessary services are arranged on a timely schedule so that properties are always looking their best, and that important updates (adding gardens or pools, for example) are planned in a timely manner.
We always say at Mt Bachelor Property Management that the better the property looks when a tenant moves in the better they will maintain it and care for it during their tenancy.
2. Have an Excellent Communication System
An excellent online communication system is vital to retaining tenants. A tenant needs to feel like they always have a method to contact the property manager or owner when they need to. They also need to know that when it comes to repairs or emergencies, they’ll get a prompt response to resolve the issue. Tenants displeased in this regard will soon start looking for another property.
Communication systems can also be used by managers or owners to help stay in contact – that could include wishing people well on holidays, reminders about community events, and more. It’s a simple way to establish a personal connection.
Have clear expectations and guidelines from the beginning of tenancy like your rent payment policy, maintenance request process, and move-in and lease renewal process. This prevents frustration with tenants when the time comes for those things to be taken care of.
3. Use a Rewards System or Incentives
A rewards system provides points for tenants that demonstrate responsible behavior, refer friends, etc. Points can then be redeemed for gifts, devices, gift cards, and more. This can help engage tenants who would otherwise have no stake in staying or not.
Another popular option is offering specific renewal incentives, like a rental discount or cash bonus, to encourage tenants to renew their lease when it’s time. Both systems can work hand in hand.
4. Allow a Certain Amount of Personalization
Tenants value permitted personalization, and once they’ve made a property feel like home, they’ll be far less likely to leave. Consider allowing changes like painting the walls, becoming more pet-friendly, allowing a variety of artwork, and so on.
5. Look for Local Discount Arrangements
Consider partnering with local businesses, shops, and services to offer tenants discounts specifically for staying at your properties. Even minor discounts for things like ordering pizza or going to the movies can make a big different for tenants!
6. List Rents at Fair Market Value
Rent should be listed at fair market rate to attract a larger pool of qualified applicants. If a tenant is paying top dollar, they are more likely to move sooner. Conversely, a tenant shouldn’t expect no rent increase over time either. Throughout their tenancy, gradual rent increases are appropriate if they stay around fair market value so that a tenant feels they are paying a fair rate for rent. Oregon has statewide rental control, so even the best tenants should expect rent increases to avoid it becoming an issue down the road for both the tenant and landlord.
If you’re looking to invest in rentals in Central Oregon, we’d love to hear from you. Mt. Bachelor Property Management offers the services and experience you need for your investment rental, and our property management services in Bend can help you find good tenants.
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