Most of us dream of being financially free. This unlocks countless opportunities, such as early retirement and being able to pursue our favorite hobbies. Owning an investment property is one of the most straightforward ways to realize these ambitions.
However, you'll only be able to meet your goals if you can find and keep amazing tenants. Achieving this is easier said than done, but it's possible to accomplish no matter your situation. Listed below are key ways to keep amazing tenants at your investment property in Mission Viejo, California.
Stay Communicative
You should clearly communicate information your tenants need to know. For example, you might plan on slightly increasing rent next year to cover inflationary costs.
It's best to tell them as soon as possible instead of right before they renew their lease agreement. You should also be easy for them to get in touch with.
Depending on your preferences, you could communicate primarily through phone calls, text messages, or emails. As long as you're responsive, you can avoid many issues you would've otherwise encountered.
Handle Maintenance Concerns Quickly
Although it may be difficult at times, it's imperative to handle maintenance concerns as soon as possible. Neglecting them can severely strain the relationship you have with your tenants. In some situations, it could even lead to legal complications.
For example, let's assume a pipe burst at one of your rental properties. Your tenants have repeatedly reached out to you to resolve the problem, but you haven't had time to get around to it.
This eventually created unsafe living conditions and put their health in jeopardy. They then decide to take legal action against you.
It's recommended to budget at least 1% of a property's total value per year for maintenance costs. This will help ensure you always have the money to take care of them.
Prioritize Tenant Lease Renewal
Vacancies can easily cost you thousands of dollars per month, and it's essential to minimize them. Reach out early when communicating with your tenants about lease renewals.
This places less pressure on them when making their decision. If they decide to leave, you'll also have more notice. It's best to ask them at least 90 days before the end of the lease.
Stay Cool
Becoming a landlord can be notably stressful. The last thing you want is to take it out on your tenants. For example, maintenance requests could quickly pile up.
Unforeseen increases in property taxes can also make your life more difficult. Do your best to stay cool and level-headed each time you interact with your tenants. If you come off as irritable or emotionally volatile, they might leave as soon as their lease is over due to having a poor tenant experience.
Manage Your Investment Property Appropriately
At first, handling an investment property in Mission Viejo can seem overwhelming. The tips in this guide will help ensure the process is simpler than you anticipated. From here, you'll have no trouble maximizing tenant retention and improving your income.
PMI Mission Viejo is a full-service property management company that aims to make being a landlord as easy as possible. We continually integrate new technology to make our processes more efficient. You can learn more when we conduct a free rental analysis for your property today.
