Nobody wants to lose a good thing! You’ve invested your time and money, offered the most up to date amenities possible, and leased your property. Now, by learning these 6 things a Chicago landlord can do to keep their tenants happy, you can build a reliable and hassle-free stream of steady passive income for years to come.
Empty units from unhappy tenants will eat away at your bottom line. With an average 54% rate according to the National Center for Housing Management, turnovers of your rental properties can mean added time and costs for cleaning or repairs. In addition to the headaches of interviews and necessary checks on applicants, you’ll need to open your wallet to cover advertising.
Take Good Care
You’ll want to take excellent care to ensure that the routine upkeep and maintenance of your property is your habit, encouraging the same from your tenants. Likewise, you’ll want to jump into action immediately whenever they report an issue. If no one answers when you call, you eventually give up trying. This is a bad scenario when it could mean potentially thousands in damage that can occur. Additionally, early discovery will likely decrease the chances of greater property damage and overall expenses.
Life happens! As in life, landlords can profit by treating everyone fairly. Be responsible for maintaining respectful and courteous relationships. Be responsive by keeping an open line of communication. Patience can pay off in the long run by keeping a prized Chicago tenant happy.
Every year you’ll face the possibility of not having your best Chicago tenants renew their leases. Give yourself at least 90 days in advance and send your offer out. You’ll both have an advantage, they’ll know they don’t have to go and you can avoid the painful process involved with finding another prized tenant. Perhaps they’ll ask for a renegotiation or upgrades, you can weigh the value their reliability brings against the actual costs to keep them happy. In addition, with the extra time you’ve given yourself you can plan for the necessary steps taken when a unit turns over, should you get the bad news that they’re moving on.
Longer Span on the Lease
Why not take the extra step of offering a longer time span on the lease? Your tenant will be happy, they can make more long term plans based on the knowledge they won’t be leaving over the extended lease period. After all, retaining quality tenants is the ultimate goal as a landlord for the best possible experience and returns on your Chicago investment.
Landlords face increases in the costs of owning and maintaining their Chicago property and as a normal course of business, this increase is passed on to the tenant. To keep a good tenant happy, while being as fair as possible to you both, consider absorbing some or all of these expenses. It could help them during difficult times and end up saving you money. Take care to be aware of all of the legalities that govern rentals, including advertising and discrimination.
Be Willing to Bend
Work with your tenant to keep them happy and avoid future problems by setting clear expectations from the start. Just remember, rules were made to be broken. While it’s very frustrating when your guidelines aren’t being respected it can pay off to take a deep breath and listen to your tenant and if it’s not too costly, consider allowing a little leeway.
Chicago Home Buyers will help you keep happy tenants in Chicago, take the next step with our experienced professionals, and send a message or call our team today (312) 300-2043.