To understand this better, research shows that renters move for three main reasons, including:

1. New jobs or career: They take another job and move closer to their new workplace
2. Lifestyle changes: they get married, divorced, have a baby, lose a job, or get a pay raise or reduction
3. They find a better apartment for the same or less rent, a more desirable location, better amenities, better landlord reputation, or quicker responses to repairs.

We can’t (and shouldn’t) prevent our tenants from finding new jobs, getting married or having babies. But, we can certainly do things to be better landlords and make our tenants WANT to stay.

Give breaks on rent for renewing the lease

If you’re going to save 40-something hours and $1,000 by keeping quality tenants, then why not share that savings with them? Perhaps agree to not increase rent if a lease is renewed. This could be especially valuable to your tenants if rents have been going up elsewhere around town. If you raise rent as well, then they’re going to start looking at what else is available and if they leave, it probably wasn’t worth it.

Consider offering incentives that allow your tenants to earn their security deposit back over time. Giving the security deposit back if they renew is a great way to offer something of value without costing you anything. You’ve known them for a year and know they respect your property (otherwise why are you trying to renew with them?). So why not give the security deposit back at this point.

Built trust and credibility

It is easier to get somebody to cooperate if they like you, trust you and are happy to deal with you. With a typical real estate lease you have a year to reel in your tenants. It’s really quite easy; handle repairs and complaints quickly and competently, return calls and messages promptly and, in general, be nice and friendly. Adeptly resolving problems that are under your control or placating the tenant on issues you cannot fix are high on the customers’ lists of needs.

Even if you’re “Johnny-on-the-Spot” fixing things quickly for tenants, you still don’t want them inconvenienced or frustrated by break-downs; therefore, you need a Preventive Maintenance program to decrease such occurrences. Keep a log or journal on every apartment to schedule and track periodic tasks like changing HVAC filters, refreshing batteries and testing smoke & environmental alarms and more. Look for roof leaks right after a heavy rain storm. Check monthly for leaks around the water heater, toilets & sinks and HVAC drain lines. There are plenty of contractors who can do this for you.

Of course, if you’re not sure where to get good contractors, you can try local forum groups and associations. One of the best ways to get more information on finding qualified, and trustworthy professionals is to sign up for one of these groups and ask the other members. A couple to consider include BiggerPockets or the American Apartment Owners Association (AAOC). These sites provide a comprehensive source of information that is critical to the success of your business.

Be there for the important things

Help tenants build trust and confidence in the contractors you hire to do their repairs and let them know how much you’re personally involved in fixing their problems. Try to show up to check out the situation (if it’s more than, say, replacing a broken drawer knob), when the repairman is there working.

Consider being at the apartment on move-in day to personally hand over the keys and welcome them home. Take five or ten minutes to show them the nuances of the apartment (i.e. how the thermostat works, etc.). If you can’t be there in person, you could always leave a note. You can also send cards around the holidays. These small things set a good tone and builds a good relationship.

Make your tenants proud of the property

Keep the property in immaculate condition. Interior decor and exterior curb appeal go a long way to making tenants proud to live there. Professional landscaping and landscape maintenance are two of the best, most cost effective ways to increase the value of the property, from both financial and aesthetic viewpoints. Plant flowers and decorative shrubs in the front yards and in the common areas.

Ask your tenants to renew the lease

This seems like the no-brainer recommendation. For many landlords, however, they feel the tenant should express interest in renewing the lease and otherwise not bring it up. That shouldn’t be the case. At about 90 days before the lease expires, you should ask the tenant(s) to renew the lease. If you’ve been a great landlord by following the tips above then you should have no problem convincing your tenants to renew their lease.

by Laurence Jankelow

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.

• Tenant placement
• Tenant screening (including: credit check, landlord and employment verification, social security trace report, California eviction check and criminal check)
• Regular property inspections
• Accounting and landlord bill payment
• Monthly financial reporting
• Maintenance service and supervision (we use only proven independent vendors)
• Collections
• Evictions
• We supply all the necessary forms to meet California’s Landlord/Tenant laws
• 24 hour emergency phone service
• Advertising to the broadest tenant base possible

Call or e-mail us today for more information. We’re ready to get started!

• Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.