In today’s increasingly competitive leasing market, it is becoming progressively more important for building managers and owners to build, and to maintain a positive status quo with their tenants. Hunting for new tenants to fill vacant spaces in your units can be timely, and costly. The time period in which it can sometimes take to fill a vacancy is time where profit is lost.

Did you know the biggest expense a real estate investor faces is vacant units? Sitting on an empty space creates no profit; it also takes a costly dip in to the investor’s pockets. The newly vacant space is not ready to be marketed as soon as the tenants leave, as there are guaranteed to be necessary touch ups and handy work that are essential to the space before it can be seen by prospective buyers. The process of bringing in a new customer is extensively more expensive then renewing a contract with an existing one. Making a profit is the goal for any real estate owner, so it is imperative to do all that you can to ensure the continued happiness of your tenants. Below are five easy things that can to keep your tenants happy that can be done both cost effectively, and timely. Remember these are 5 easy steps that your property management teams will be able to do to ensure lease renewals.

First, it is a known fact that in today’s competitive market, making a person feel as though they are a valued customer is essential to their continual use of your service. A way you can do this as a as a property owner is to reward those tenants who have lived in your building for a certain, specified number of years and “brought you good business”. Lets say, for example, that after 2 years you have your property manager offer the tenants an accent wall with a fresh coat of paint (in a color that is like by both), or, a deep cleaning of the tenants carpets could also be offered. While the proposal of the service can help the tenant to feel valued, you are also maintaining the upkeep of your building.

Second, Tenants are more likely to renew a lease with you if they know they are getting something out of the deal. By offering an incentive, like an updated small ticket appliance (a microwave), you are proposing a more enticing space, and potentially saving the buyer a small amount of money. An updated appliance is always a good thing in any space as it enhances the appeal, and keeps the property fresh and competitive.

Evan those individuals who cannot afford to live in a building with tennis courts or a fitness center hope for some amenities when looking in to buying a property. To enhance the appeal of a building, as property owner, you can offer H.D. T.V to those tenants who chose to renew their contract with you.

Fourth, good communication and a positive relationship is key to keeping tenants happy. Hire a property manager who you can ensure will be both proactive and efficient in their management responsibilities. Tenants are going to be willing to stay at a property longer, and to pay more for that property, if they feel as though they are being taken care of. Encourage your property manager to find effective ways to solve tenants problems, providing both quick and helpful solutions to these problems as they arise.

Making your property as affordable as possible is a good way to attract tenants to your property. When marketing your property, offer a partly furnished space. Good, appealing second hand furniture can be found at many thrift store and lawn sales. This furniture will add appeal to the living area, and it will also reduce the financial burden of the tenants, while costing you very little. Updating a single space with “new” furniture when a tenant offers to renew a contract is a cost effective way to increase the appeal of the area. A partly furnished apartment also works to enhance profits by allowing you to increase the asking price of the space.

These steps are quick, simple, and effective ways to ensure profit as a property owner, however, there is much more that can be done to keep tenants coming back to a space. Remember, communication and a positive status quo are vital. Anything you can do to benefit a tenant, while spending little money out of your own pocket can work to keeping tenants in your building.

Author's Bio: 

David Lindahl, also known as the "Apartment King" has been successfully investing in single-family homes and apartments for the last 14 years and currently owns over 7,000 units around the US. David regularly shares his secrets and experience on the same stage as Tony Robbins, Robert Kiyosaki, and Donald Trump! For two FREE copies of his highly recognized newsletter Real Estate Insights, please go to