Once you attract, screen, and place an outstanding tenant in Hamilton, it’s important that you do everything you can to retain that tenant. Keeping good tenants in place will reduce your vacancy and turnover costs.
You also want to make sure that rent comes in on time, the property is cared for, and everyone has a pleasant and trouble-free rental experience.
We have three tips for a great tenancy based on our professional Hamilton property management experience.
Establish and Communicate Expectations
Communicating with your tenant is critical to a good tenancy, and proactive communication must start before they even move in. When you meet to sign the lease agreement, make sure you discuss it in detail. Talk about what you expect and need from your tenant. Answer any questions they have, and show them what they need to know about the property and how it works.
It’s especially important to discuss whether you’ll be inspecting the property and how often, what the tenants should do to report maintenance, and how and when rent is to be paid. Talk about the standards of cleanliness and order you expect and whether the tenant will be responsible for things like landscaping.
Keep communication open and transparent throughout the tenancy. You want your residents to feel comfortable reaching out to you if there’s a problem or a situation.
Make Maintenance a Priority
Responding promptly to maintenance requests is important for two reasons. First, it protects the condition of your investment property and ensures that small repair issues don’t become larger and more expensive. Second, it lets tenants know that you care about their experience and your property. Even routine and cosmetic issues deserve your attention. Respond with a sense of urgency, and use the maintenance work as an opportunity to talk about things with your tenant and make sure that everything is going well from their standpoint.
Tenants will need to know how to report emergencies and what they should do to request routine repairs. Make sure this is communicated to them and included in the lease agreement.
Enforce a Consistent Rent Collection Policy
It’s hard to have a trouble-free tenancy when rent is always coming in late or not at all. Avoid late payments by implementing and enforcing a consistent rent collection policy. This should be one of the things you discuss with your tenants at the beginning of the lease, before they move in. It’s important that they know how much is due, when it’s due, and how payments are accepted. Be sure they’re aware of any grace period you might have as well as any late fees that will be charged if rent is late.
Don’t let the tenants pay late one month without penalty. It will only encourage them to continue paying late, and that’s going to cause stress and additional expenses for you.
If you have any more questions about how to have a great rental experience in Hamilton, Ontario, please contact us at Spotted Properties. We’d love to tell you more.