Wednesday, January 10, 2018
Since the rental market in a state of stagnancy, landlords are seeking for good tenants who can pay in a timely manner.
Here are some incredibly cheap ways to retain good tenants in Singapore:
Calling only when rent is due is pretty rude! At least, your tenants shall think so.
When you are persistent with this habit of yours, your tenant will be inconvenienced. He or she might emotionally associate you with a bad omen or something equivalently tragic or unlucky! After all, you only want to get rid of the bad tenants, and not the good ones.
Here is a list of simple guidelines that you can follow to retain good tenants:
Always try thinking from your tenant’s perspective. You might cause inconvenience to your tenant when you go for a costly renovation of the property. Expensive renovations are not good in the context of retention of good tenants. In most cases, little things make your tenants happier, especially those which are affordable.
In certain cases, good tenants become bad tenants. They might cause delay in paying rents after a certain period of time or become careless in maintain the house tidy etc. You need to take care of this attitude right from the beginning. Do not foster it.
Strengthen the positive behavior, so that the good tenants remain for a long time. Take little positive steps like sending tokens of appreciation to maintain courtesy and positivity. This can keep tenants self-conscious and they will be bound to pay you on time when they know that their landlord is a good person by nature. They themselves would not want to risk the relation they share with you.
Using renewal incentives is a smart way to encourage renewal of the lease. This is not that expensive either.
These incentives can be in any simple form, be it vacuum cleaners, kitchen appliance etc. You should have a rough idea as to what will interest your tenant. When you want to upgrade your property as well, you can use this as a renewal incentive. You can make a list of possible renovation options, some of which might also be your intents. You can then let the tenant select one. Though it might not sound that good, but one of the renewal incentives is reducing rental rates. This option is seldom opted by any landlord because of obvious reasons.
In order to be a good landlord, you ought to be a flexible person first. Good tenants will seldom change when they are aware that they have a genuinely reasonable landlord. There might be certain rules or regulations that you expect the tenants to follow. However, on certain special occasions, you might consider allowing your tenants to do away with those regulations. This is what makes you flexible.
Also, you should be communicative about your flexibility. Make your good tenants aware of the fact that you are approachable. Try treating the tenancy agreement as an ongoing agreement. Do not make it rigid. The latter often freaks your tenants out. In a landlord-tenant relation, you might need to make little compromises to retain the good tenants.