How to Attract Long-Term Tenants
As a landlord, having long-term tenants comes with many benefits. When you have reliable long-term tenants the pressure to market your property and find trusted tenants is removed from the list of vital tasks to do.
Also, the value of the rental home is elevated with a steady rental income collected each month. Having a long-term renter also gives you the necessary budget for rental property repairs and renovations.
While attracting long-term tenants can feel like a huge challenge if you’re a new rental property owner, it becomes easier over time. You can reach your goal of keeping the residents in your rental space for a long time by trying out these tips:
Some landlords think that when the property is rented out they no longer have to put in marketing work. However, a renter can occasionally abandon the lease for a multitude of reasons. This can leave you scrambling for a new tenant and dealing with a vacancy that can potentially extend for months.
In order to protect yourself in the rare case that a tenant breaks the lease early, you should consistently market your property by crafting an excellent property listing. Your ads should be engaging and clear paired with well-shot photos of your unit. You can even include a property tour using a video to inspire renters that can’t arrange a property showing right away.
A quality property listing will also include well written copy. This copy entices people to keep reading about your rental.
For marketing to be effective, you need to research your target demographics and learn what the best ad distribution channels are. Marketing online is efficient and less costly given that people are often using online resources when looking for a place to rent.
This said, you shouldn’t discount other marketing mediums like advertising on classified ads in newspapers and posting on bulletin boards. You can also participate in community events and give out flyers.
The advantages of updating your unit can have solid positive results. It can increase your income and rental home value. Overall this will end up making you money.
With a fantastic-looking rental space, engagement is high from prospective renters. Your current tenants would also be motivated to renew their lease agreements if they find that the rental has been updated with newer systems or upgraded amenities. In fact, property upgrades are one of the reasons that keep renters happy.
On top of that, renovated rental properties can also place you on par with your competition or make you competitive with newer rentals around the neighborhood. It’s a great method of standing out from others since you have new updates. This is among the main reasons for keeping your rental space attractive over the years.
Screening renters thoroughly is critical to your success as a rental property owner. If you skip this crucial stage, you can face issues. You can end up with a financial loss or a damaged rental space.
Tenant screening helps you identify which is a suitable candidate to welcome to your rental home. Pay attention to these important factors when conducting a tenant screening:
- Credit score – aim for a satisfactory credit score since you want a resident with healthy finances. This helps avoid non-payment of the rent.
- Level of income – require candidates to include bank statements and pay stubs when submitting their rental application. Typically, landlords check if the income of a potential tenant is at least triple the rental fee for added security.
- Rental history – it’s important to review the rental background of a tenant to avoid experiencing the same issues former landlords might have had. You want to welcome a responsible tenant, not one who brings problems. A great way to find out the type of renter applying as an occupant is to contact former landlords.
Check how your tenants are faring from time to time. Moving to a new neighborhood can present its challenges. Offer support and provide a guide on the best grocery shops, attractions, clinics, and nearby restaurants.
Strive to be present during the first day of move-in and make sure that the rental space is tidy before the new renter arrives.
Introduce them to other neighbors and reassure them that you’re available to help out if they run into issues. Assist in making them comfortable in their new environment.
Aside from making your rental property comfortable and free from damages, prioritizing your renter’s safety will make them want to renew their lease. Invest in solid security cameras and alarms. Be consistent with property inspections to test the durability of your rental’s doors and windows.
Schedule testing for alarms and smoke detectors, you want to ensure they’re in excellent working order and functional since you never know when emergencies strike.
Hire a Trustworthy Property Management Company
Not all landlords have the extra time to actively manage their rental homes. If you are one of those busy property owners, a good alternative is to hire a professional property manager.
A property management company like get MULTIfamily Property Management has outstanding strategies for essential property management tasks such as marketing, collecting the rent, screening the renters, and maintaining your rental unit.
Immersed in the industry, you can also depend on their expertise in property laws. This provides extra protection to your rental business.
The tips outlined above are ways to draw in long-term tenants to your rental property. This results in maximized earnings and better property management. If you’re seeking a trusted property management in Tempe, AZ, contact get MULTIfamily Property Management today! Landing loyal renters is attainable when you have the right partner looking after your renters and rental space.