{"id":11879,"date":"2017-09-23T17:00:23","date_gmt":"2017-09-23T09:00:23","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=11879"},"modified":"2022-07-01T04:09:29","modified_gmt":"2022-06-30T20:09:29","slug":"retaining-good-tenants","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/retaining-good-tenants\/","title":{"rendered":"5 incredibly cheap ways to retain good tenants"},"content":{"rendered":"
<\/div>

With the rental market in a slump, landlords treasure good tenants who can pay on time. Right now, given the weak leasing market, it\u2019s possible that some landlords value good tenants more than gold, and at least one or two of their children. There\u2019s no tragedy greater than losing these tenants, so here are some affordable ways to retain good tenants:<\/span><\/p>\n

    \n
  1. \n

    Don’t show your face just to collect money<\/strong><\/h3>\n<\/li>\n<\/ol>\n

    Don\u2019t be one of those landlords who only calls when rent is due.<\/span><\/p>\n

    If you keep doing this, your tenant will start to associate with one of life\u2019s unavoidable sufferings. Do you really want your tenant to emotionally associate you with haemorrhoids or the flu? Yes, if they\u2019re bad tenants and you want them to leave. Otherwise, here are some simple things you can do:<\/span><\/p>\n

    –<\/span> Send a Christmas card, Chinese New Year card, birthday card, whatever\u2019s appropriate.<\/span><\/p>\n

    –<\/span> Every now and then, ask if things are all right. Try to have a real conversation, beyond \u201cwhich tap is broken now?\u201d Take an interest in people, it\u2019s a free and feasible way to develop a relationship.<\/span><\/p>\n

    –<\/span> Even if you have a property agent, try to meet face-to-face, at least once in a while. This does wonders to dispel certain ideas that can form (it\u2019s easier to think of your landlord as a major butthole, if you\u2019ve never spoken to him).<\/span><\/p>\n

    This doesn\u2019t just help to retain tenants. It helps to minimise disputes – when your tenant sees you as a <\/span>person<\/span><\/i>, that makes future arguments more civil.<\/span><\/p>\n

      \n
    1. \n

      You don\u2019t need to renovate to make an upgrade that pleases good tenants<\/b><\/h3>\n<\/li>\n<\/ol>\n

      Put yourself in a tenant\u2019s shoes. Say you\u2019re a 22 year old student, on a tight budget with few luxuries. Your main activity on weekday nights is being bored at home, and trying to remember what money looks like.<\/span><\/p>\n

      Which of the following would make you happier:<\/span><\/p>\n

      –<\/span> A cupboard that\u2019s magically restocked with instant noodles, courtesy of the landlord<\/span><\/p>\n

      –<\/span> An Xbox or PlayStation to make life slightly less miserable<\/span><\/p>\n

      –<\/span> Parquet flooring<\/span><\/p>\n

      Now consider the cost of parquet flooring, as opposed to the other two. Are you getting the picture here?<\/span><\/p>\n

      Expensive renovations aren\u2019t as effective for retaining good tenants as your interior designer thinks. Instead, focus on the little things (hint: latest Xbox console) – they\u2019re more affordable, while still making your tenants happier.<\/span><\/p>\n

        \n
      1. \n

        Reinforce the positive behaviour of good tenants<\/b><\/h3>\n<\/li>\n<\/ol>\n

        Sometimes, it\u2019s not that good tenants leave\u2026 it\u2019s that good tenants become bad tenants. They start to get a little sloppy with the rent, or take less care of the house than they used to. You need to stop this in its tracks.<\/span><\/p>\n

        Consider reinforcing the positive behaviour, so that they stay good tenants. Sometimes, this is just a matter of disguising a stick as a carrot. For example, $100 off the rent if they pay on time or earlier (which really just means there\u2019s a $100 late fee, but you see how much more affirming it is this way).<\/span><\/p>\n

        You can also send tokens of appreciation, like fruit baskets and such, for good upkeep. Most tenants are used to faceless and uncaring landlords, so even this little gesture can instantly elevate you to superhero status.<\/span><\/p>\n

        (As to what rewards are good, see point 1. If you know your tenants, you\u2019ll know what makes them happy).<\/span><\/p>\n

          \n
        1. \n

          Use renewal incentives<\/b><\/h3>\n<\/li>\n<\/ol>\n

          This is more or less similar to point 2, but use it as a way to encourage renewal of the lease. Again, this doesn\u2019t have to be expensive.<\/span><\/p>\n

          Renewal incentives can be rice cookers, those robot vacuum cleaner things, a drone, whatever you think will interest your tenant (lazy alternative: give whatever you claimed with your spare credit card reward points, which you will never use).<\/span><\/p>\n

          If your intent is also to upgrade your property, you can use this as a renewal incentive. Put together a list of possible renovation options (which you were intending to do anyway), and let the tenant pick.<\/span><\/p>\n

          The most powerful renewal incentive is, of course, to lower rental rates; but that\u2019s a pricey gift.<\/span><\/p>\n

            \n
          1. \n

            Be flexible<\/b><\/h3>\n<\/li>\n<\/ol>\n

            This is probably the most important thing on the list. Good tenants will stay if they feel they have a reasonable landlord – and reasonable often means flexible.<\/span><\/p>\n

            Say you don\u2019t allow tenants to use the kitchen, due to your preference of not having a house that\u2019s on fire. That can be the standard rule on most days; but how about making an exception for their spouse\u2019s birthday, which is the one day they want to cook?<\/span><\/p>\n

            You could also make an exception to your \u201cno parties to extend after 11pm\u201d rule for the tenant\u2019s year end party, provided it\u2019s reasonably quiet.<\/span><\/p>\n

            Above all, you should communicate that you\u2019re flexible about these things. You want the good tenants to know you\u2019re approachable. Treat the tenancy agreement as an <\/span>ongoing <\/span><\/i>agreement, not an unalterable religious doctrine.<\/span><\/p>\n

            If that makes you frown, think for a moment about the cost of having a bad tenant; then compare that to the cost of an occasional compromise.<\/span><\/p>\n

            Check out other rental related articles here: Foreign tenant\u2019s security deposit withheld by landlord \u2013 is there any truth to this?<\/a> and\u00a0The new landlord\u2019s guide to subletting your flat<\/a><\/p>\n

            Find the rental home of your dreams today at Singapore\u2019s largest property portal 99.co<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

            With the rental market in a slump, landlords treasure good tenants who can pay on time. Right now, given the weak leasing market, it\u2019s possible that some landlords value good tenants more than gold, and at least one or two of their children. There\u2019s no tragedy greater than losing these tenants, so here are some…<\/p>\n","protected":false},"author":21,"featured_media":54883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53589,57131,53590],"tags":[54364,54365,54366],"persona":[],"class_list":{"2":"type-post","13":"entry","14":"has-post-thumbnail"},"acf":[],"yoast_head":"\n5 incredibly cheap ways to retain good tenants - 99.co<\/title>\n<meta name=\"description\" content=\"With the rental market still in a slump, retaining good tenants is important for landlords. 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