Happy Silicon Valley tenants (source: flagship-pm.com)
Finding new tenants is expensive and can be exhausting. And when old tenants moves out, the process of repairing the unit, and marketing the unit and holding open houses is time-consuming and costly. And you will be doing this without any rental income from the now vacant unit.
So, what is the secret for retaining your tenants for a long time. Below are some specific recommendation that should improve your odds of retaining your tenants for a long time.
Communication: Developing good communication with your Los Gatos tenants is the first step toward encouraging lease renewals. Respond promptly to maintenance needs and check with them regularly about their needs. For multifamily units we advise you create an email distribution list to notify all the tenants about upcoming repairs and upgrades. We also recommend hosting occasional community party to collect feedback about how the tenants feel about their unit and your property.
Finally, contact tenants a couple of months prior to the expiration of the lease agreement to avoid any surprises.
Upgrades: If your Los Gatos rental has old kitchen appliances or bathroom fixtures, you might lose your tenants. Last year we lost a nice couple who were renting one of our Los Gatos rentals since the owner had decided not to upgrade the counter-top and kitchen appliances. Small kitchen and bathroom remodel go a long way in helping your tenants renew their lease.
Referral Program: Previous tenants might be a good source of referral for better tenants. So, you might want to offer referral program if you have a large complex. If your current tenants are well-mannered and responsible, chances are good that their friends will share these traits.
Contact Us if you have any questions about happy Los Gatos tenants.