Many people think buying a property and renting it out is easy money. But the truth is that you need to invest a lot of time and money to make a profit. Moreover, landlords have many responsibilities. So, please don’t fool yourself into thinking that it’s easy. On top of that, finding quality tenants who pay their rent on time and take good care of the property is hard. Therefore, you should do everything you can to keep them happy and prevent them from leaving. Because if they do leave, and your rental remains vacant for long periods, this will cost you a lot. So, to avoid this, here are 6 ways to retain tenants for your Toronto rental.
No. 1 Invest in the property
If you want to make money, you also have to invest money. Before renting a property, you must take care of all the necessary repairs and updates. However, it doesn’t end there. If you want to retain tenants for your Toronto rental, you should continue to do this throughout the lease. But don’t worry, home improvements always pay off. On the one hand, they keep your tenants happy. On the other hand, they increase property value. So, consider repainting the walls every few years and refinishing the floors when they deteriorate.
Furthermore, it would be best if you considered doing some home upgrades. After all, your rental has to look good and be functional. So, don’t wait until something breaks to replace it. If your Toronto rental includes outdated or malfunctioning appliances, replace them as soon as possible. Doing so will avoid unexpected expenses and damage to your rental. Apart from appliances, it would help if you replaced worn-out or outdated furnishings, light fixtures, and kitchen and bathroom fixtures.
No. 2 Take care of the property
When you sign the lease agreement with your tenants, you can choose who will be in charge of the maintenance work – you or them. And, of course, you might be tempted to let your tenants take care of everything. However, you’ll have no control over the quality of the work performed. Therefore, if you want to keep your Toronto rental in good condition, it’s best to deal with the maintenance yourself.
However, this doesn’t mean you have to do everything on your own. Nobody expects you to be a plumber, an electrician, and a contractor, all in one package. Hire professionals to fix things and do regular maintenance work. And if you don’t have time to deal with all of this, hire a property manager. Their availability and professionalism will create an enjoyable experience for your tenants.
No. 3 Respond quickly
One of the top 6 ways to retain tenants for your Toronto rental is to respond quickly to their requests or complaints. Regardless of whether it’s an urgent matter or not, tenants appreciate having a responsive landlord. So, answer their calls and try to solve problems as quickly as possible. After all, if you were in their shoes, you would want to be treated the same way.
No. 4 Cultivate a good relationship
One of the best ways to retain tenants for your Toronto rental is to cultivate a good relationship with them. And this applies to both your professional and personal relationships. And the first step is to keep the line of communication open. Apart from promptly answering their calls and texts, you should also ask for feedback. This way, you’ll be able to improve your tenants’ experience, and they will feel valued.
Moreover, if you want to nurture this relationship, you can give your tenants a helping hand when needed. For example, you can help them move in by recommending an excellent moving company in Toronto. A team in the area can help them settle into their new home more quickly. After they move in, you can also help them get to know the neighborhood.
No. 5 Provide benefits and incentives
If you want to boost tenant retention for your Toronto rental, you should offer some benefits. For example, allowing pets inside the property is one of the amenities that renters will love. Even if you’re not a pet owner yourself, you should know that for many people, they are part of the family. And since many landlords don’t allow pets, this will offer you a great advantage. And if you’re worried about damages, you can ask for a pet deposit.
Another benefit your tenants will love is allowing them to make some adjustments to the property. These adjustments can include minor home improvements and reorganizing and redecorating the place. In this case, you might have to remove some of your furnishings and accessories from the rental to make room for theirs. And for this purpose, the consultants from Number 1 Movers Canada advise you to rent a storage unit to keep your belongings safe. Apart from various benefits, you should also consider offering your tenants some renewal incentives. This usually applies when the lease is almost over, and your tenants are unsure whether they want to renew it. If you’re feeling generous, you can ask them what would help them decide. Otherwise, you can use incentives like a rent discount for the first two months, some new appliances, or free parking.
No. 6 Be reasonable with the rent
Let’s face it, no matter how beautiful your rental is or how well you get along with your tenants, the rent price is essential. As a landlord, it’s normal to want to make a profit from your Toronto rental. However, overpricing will scare off tenants and leave your property vacant. Therefore, the best way to go about it is to do some market research. Identify the average monthly rent in the area for comparable properties. Then, write down all the property expenses to make sure that the rent price will cover them and that you will also make a profit. In the end, your tenants will be happy and stay put if they know the price is fair.
Managing your rental is hard enough as it is, without the extra stress of constantly looking for new tenants. Therefore, when you find the right tenants, you should stick with them for as long as possible. This isn’t an easy task either, but you have options. So, apply these six ways to retain tenants for your Toronto rental. As a result, you will help keep your property occupied and your tenants happy. Therefore, it’s a win-win situation.