How To Keep Good Tenants: Detroit Property Management Tips

By Own It Detroit

Old couple holding cellphone taking a selfie

Listen to the article

How To Keep Good Tenants: Detroit Property Management Tips

Protecting your Detroit investment properties requires help from good residents! Excellent renters pay the rent on time and take good care of the rental home, while bad tenants neglect to pay the rent and often cause property damage—leading to costly repairs and lost income. 

Keeping good tenants longer is one of the best ways to protect your rental properties. However, getting residents to renew a lease isn't always easy! Use these tips from our expert Detroit property management team to build positive long-term relationships with quality tenants and watch your retention rates improve!

A Good Tenant Is a Great Asset

Renewing a good tenant helps you to reduce turnover expenses such as advertising, cleaning, and maintenance costs for a make-ready. Rental owners also don't have to spend valuable time marketing a property, showing it, and screening applicants to find a new resident. 

Without turnover time, you also continue generating rental income every month without any vacant days on the rental market. A property management expert knows that prioritizing excellent strategies that keep residents happy and encourage them to stay is a critical aspect of improving ROIs and protecting properties from bad tenants that don't follow the rules or care for your property the way better renters do. 

Stacks of coins and small house on wooden table, saving concept

Little Things Can Keep Renters Happy

How can landlords keep renters happy? Sometimes, small things make a big difference when a resident considers renewing their lease versus shopping for a new rental. Being a good landlord year-round with every tenant can be the difference-maker for renters to stay! 

When managing residents:

  • Answer maintenance requests (or other questions) promptly
  • Be available and check in from time to time (but not too often)
  • Say "thank you" when receiving the rent on time or after inspecting a well-kept property
  • Listen to complaints and respond with positive solutions

Maintaining good habits of being responsive and proactive helps residents build trust in you as a rental property owner. When renters know they can rely on you to fix things promptly and listen to concerns, they're more likely to follow the rules, pay the rent on time, and renew their leases!

Be Friendly, Yet Professional

Friendly landlords can build better long-term relationships with residents, but make sure you keep things professional. Being friendly is a good way to show renters that you care and appreciate them choosing you and your rental property. However, become "friends" with tenants can often lead to difficult situations where tenants take advantage of your friendship. 

A Detroit property management company recommends maintaining good communication, respecting your tenant's privacy, and handling disputes with patience and fairness. 

Keep Rental Properties Well-Maintained

One of the biggest reasons tenants don't renew a lease is a lack of excellent maintenance. Well-maintained properties attract prospective tenants (and keep) quality residents for more than one lease term! If you're struggling to keep good renters, and you're already doing the things we mentioned to be a good landlord, review your maintenance practices. DIY maintenance can only get you so far, and it could be a big reason why tenants don't stay for more than one lease term. 

A property management company delivers professional maintenance services that help keep renters happy and improve rental property values. With a property manager, you have:

  • Someone available to respond to emergency tenant requests 24/7
  • A team to conduct preventive maintenance tasks throughout the year
  • Vetted contractors to handle significant repairs
  • Prompt scheduling to resident maintenance requests

Prioritizing maintenance is one of the best ways to improve retention and protect your investment properties!

Stacks of coins and small house on wooden table, saving concept

Avoid High Rental Property Rate Increases

The lease agreement should outline when renters can expect a rental rate increase and by how much. However, when landlords apply a significant rent increase upon lease renewal, they can expect tenants not to renew. 

While most renters expect the rent to go up (a bit) at renewal, don't take advantage of a new lease term to hike up the price too high. When rental property owners deliver excellent properties and are good landlords, a modest rate increase won't discourage residents from renewing the lease. 

Plan Ahead for Renewals (and Offer Incentives)

Planning ahead for renewals helps tenants plan to stay! Beginning 60-90 days before the end of a lease term, communicate with tenants about their upcoming renewal. Encourage them to renew by offering incentives, like free air filters delivered throughout their next lease term or a one-time full house professional cleaning upon renewal. Even things like gift cards for a local restaurant can encourage good residents to sign a new lease. 

Find and Keep Good Tenants With Detroit Property Management

The best way to keep more excellent residents is to place quality renters from the start! If you don't have a thorough tenant screening process in place, work with the best property management company in Detroit MI, to market your rentals and place excellent residents. 

Own It Detroit helps real estate investors find and keep more tenants longer! We apply excellent screening practices and property management services to keep tenants happy and improve retention rates. Our property managers understand that keeping good residents helps protect your investments! To learn more about how we boost retention, reach out and let's talk.

What should landlords do to protect rental properties and income? Find out when you download our free guide, "Protect Your Investment Property: A Guide."

Next Post

    Latest Posts

    A sticky note that says mistakes to avoid

    Common Detroit Real Estate Pitfalls to Avoid

    Read Full Post
    A stack of books on a shelf, real estate investing books concept

    The Best Real Estate Investing Courses And Books of 2024

    Read Full Post
    Wealth spelled in blocks with stacked coins, turnkey investing benefits concept

    Why Detroit Turnkey Investing is Best for Building Tremendous Wealth

    Read Full Post
    A small model house on top of coins

    Detroit Real Estate Alternatives: Beyond Rental Income

    Read Full Post

    Subscribe To
    Receive The Latest News

    Similar Posts

    By Own It Detroit  |  Jul 24 2023

    Detroit Property Management Tips: Managing Tenants Who Can't Pay Rent

    Receiving rent from your tenants is fundamental to maintaining a profit for your investment properti...

    By Own It Detroit  |  May 8 2023

    Detroit Rental Property Management Tips When Tenants Leave Belongings

    Published May 21, 2021. Updated May 8, 2023. As you grow your portfolio of Detroit investments, you ...

    By Own It Detroit  |  Nov 25 2021

    10 Ways to Improve Tenant Retention for a Detroit Rental Property

    As a Detroit property investor, you have a multitude of tasks to keep up with running your business....