More and more investors are beginning to recognize the value of Columbus real estate. These days, around 20% of Columbus homes are being sold to investors.
Although investing in Columbus real estate can be well worth it, however, it's important to manage a property well. Your ability to retain tenants will make a big impact on how profitable your investment is for you.
In this guide, we'll give you a few essential tips for retaining tenants in your Columbus investment property.
Improve Communication
One of the best things that you can do to retain tenants in your Columbus investment property is to communicate well. You should always be clear when communicating and should be easy to get in touch with.
By providing great customer service and responding to all inquiries, questions, and problems in a timely manner, you'll make things easier for your tenants. Your tenants will appreciate the clear and quick communication and will be more likely to stay a long time.
Keep the Property Maintained
Maintaining your property well is another essential step to keeping your property occupancy up.
Property tenants are less likely to stick around if the structure seems to be falling apart and appliances and amenities aren't working as they should be. While it will cost you to invest in a property, it will likely prevent vacancies as well.
Add Amenities
Offering more services and amenities can also help to make your property seem more attractive.
Consider whether you can add any more facilities or amenities to a property such as laundry machines, better parking, or other services. Doing so could make it less likely that your tenants will want to leave when their lease is up.
Offer Flexibility
If you can be more accommodating to tenants and give them more options and flexibility, it will be appreciated.
Consider allowing tenants to have more flexible lease terms, to pay either weekly or monthly, or to sublet if needed. You might also want to offer online payment options.
Anything that you can do to accommodate your tenants will be appreciated and will make it more likely that they'll stick around.
Use Incentives
If you truly want your tenants to stay in your property for a long period of time, then you might want to consider offering some lease renewal incentives.
Consider offering to make certain upgrades to your rental or getting rid of certain fees to sweeten the deal. You might even want to offer one month of free rent if a tenant decides to stay for longer.
Even small incentives can make the idea of continuing to rent from you more enticing. Be sure to keep this in mind if you want to keep great tenants around.
Retaining Investment Property Tenants
To make the most of your Columbus investment property, you should be sure that you're retaining your tenants. Communicating effectively, maintaining the property, adding quality amenities, and offering renewal incentives can help.
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