The Power of Great Relationships (With Your Tenants)

Successful entrepreneurs will tell you: it's cheaper and easier to keep an existing client than it is to find a new one. So if you have a tenant that you like, invest time and energy into keeping them.
The more comfortable your tenants are, the less inclined they'll move. A large part of that comfort is physical — based on the attributes of the building. Another part is psychological. It's based on how much they believe that you have their best interests at heart.
Be Responsive
When your tenant calls, answer the phone. You're their resource and helping them is part of your job. The simple act of responding to them will build their confidence in you.
Be Consistent
If you have a situation that isn't covered by your lease agreement and should be, change your lease agreement promptly, and ask them to sign the new agreement acknowledging the change. Other than that, abide by your agreement under all circumstances. 
Be Prompt
If a tenant calls you with a problem in the middle of the night let them know exactly when you will handle it, and then be there when you said you would. 
Reward Tenants for Good Behavior
Offer a 5% discount for those who pay consistently on time, and keep it going until they pay late. Or if a tenant wants to add value to the home, like install motion detectors, offer to split the cost with them. Encourage them to continue thinking of improvements to the property.
Offer Lease Renewal Gifts
Offer a lease renewal gift that improves the tenants enjoyment of your property and stays when they leave. 
Not every tenant will stay for years, but you'll have a much longer average tenancy and fewer problem tenants if you improve your relationships. It's well worth the effort.
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February 23 - US
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