Being able to secure long term tenants takes serious planning and you should not leave it to chance. Specially since ever time you have new tenants, you might be forced to paint or install new carpets. So, we wanted to share with you top 5 secrets of keeping your tenants long-term for you Silicon Valley rentals. They are:
1)Above Market Rent: If your tenants are paying above-market prices for your San Jose, Saratoga, Campbell or Los Gatos properties they will not be long-term tenants. One of our client’s refused insisted on charging above market rents despite the fact that the Los Gatos home needed upgrades. The tenants moved out despite having 2 kids enrolled in the Los Gatos schools. So, price your rentals intelligently and strategically if you want long-term tenants.
2) Newer Appliances: Appliances which are used daily by your tenants could be a sad reminder of their unhappy days if they are old and in poor condition. You can upgrade to stainless steel appliances for around $1,500 with a small kitchen remodel and replace your appliances.
3) Respond to their requests: When your tenants report problems respond to them within reasonable time. If these are safety and security issues such as door locks or garage door openers; they need a resolution very quickly.
5) Energy Efficiency: If you tenants are paying too much for utilities because of the home’s poor insulation and energy efficiency, they will blame the landlord. This is true for a lot of the older homes that we manage in Los Gatos, Saratoga, San Jose and Campbell. These homes are poorly insulated and they cost an average of $300 per month on electrical bills.
5) First Impressions: If your Silicon Valley rental poorly maintained exterior, it will motivate your tenants to move since they won’t be happy inviting family and friends who visit them. It becomes a matter of pride and you will lose them as long-term tenants.
In short, investments in upgrading your Silicon Valley rentals will go a long way to secure long-term tenants. A small kitchen or bathroom 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.