Happy Silicon Valley tenants (source: flagship-pm.com)
We have been fortunate to find long-term tenants for our client’s rentals in Silicon Valley. But we have learned through the years what motivates tenants to stay in a property long-term:
Over-Priced: If your tenants are paying above-market prices for your Campbell, San Jose, Saratoga, or Los Gatos properties, you should be certain that they are exploring other options. One of our client’s refused to update the kitchen for an older Los Gatos home and one year later, the tenants moved out despite having 2 kids enrolled in the Los Gatos school districts. So, price your rentals intelligently and strategically.
Responsive Land Lords or Property Managers: If your tenants report problems they need to feel that their concerns are addressed within reasonable manner. Specially if these are safety and security issues such as door locks or garage door openers.
Well maintained appliances: Appliances are used daily by your tenants and if they are not working well, they create a frustrating experience and cause your tenants to consider alternatives. It might cost you $1,500 for small kitchen remodel and replace your appliances.
Energy Efficiency: This is true for a lot of the older homes we manage for our clients in Los Gatos. These homes are poorly insulated and they cost an average of $300 per month on electrical bills.
Exterior appearance: If your home has poorly maintained exterior, it will motivate your tenants to look for a new place since they won’t be happy inviting family and friends to visit them. It become a matter of pride and you will lose them as long term tenants.
In short, investments in upgrading your Silicon Valley homes will go a long way in making your tenants happy. A small kitchen remodel could go a long way to make your Silicon Valley tenants happy.
We offer routine inspections, remodeling and supervision of repairs for our clients who have rental homes in San Jose, Campbell, Los Gatos and Saratoga. These repairs along with a responsive property management would keep you Silicon Valley rentals cash flowing for a long time to come.
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