How to Attract Long-term Tenants
While having short-time renters presents its own benefits for rental management, it’s also true that having to constantly work on finding new tenants. A high occupancy turnover requires that property management maintains the property in pristine conditions for prospective tenants to see.
Once a tenant decides to not renew or extend a lease contract, it’s property management and often small landlords who must absorb cleaning, maintenance, upkeep, and marketing that having a vacant property represents.
Attracting long-term tenants, good long-term tenants, is undoubtedly one of the ultimate objectives in rental property management. Long-term tenants will not only help you reduce maintenance and vacancy costs. There are plenty of other benefits that will only increase the profitability of the property.
Take a look at five of the best practices to attract good tenants. If you are looking for affordable options and don’t intend to make huge investments in the property, some of these best practices will be both costless and ethical to implement.
Make Sure to Charge a Reasonable Price
If you’re experiencing a high turnover vacancy rate, you might want to scout the local market to make sure that the price of your rental property is compelling enough to current or future tenants.
If your prices are too high, your tenants will look for a more affordable similar option. The secret is to stay competitive without unbalancing the books.
A Warm Welcome
Moving into a new place can be really physically and mentally wearing. Try to make sure to start on the right foot when welcoming new exhausted tenants to their new homes.
Take care of the supply of basic cleaning products and bathroom products, the new tenants will sincerely appreciate that they don’t have to run to the store just to get toilet paper.
You should also consider the traditional welcome cookies or even coffee grains or tea in the kitchen area. It won’t break the bank and it will help tenants feel at home. This simple courtesy towards new tenants will definitely make way to a respectful relationship between management and long-term tenants.
Nobody likes receiving unexpected visits, and that includes your tenants. Don’t expect tenants to be happy when you show up at the door. Remember that there are multiple state laws that guarantee the tenant’s privacy. After all, it might be your property, but it is their home.
The key to creating a positive relationship with long-time tenants is to always show them that you respect their privacy and personal space.
If you plan to make a home inspection on the property, you must notify your tenants beforehand. Not doing so, might result in a violation of their privacy and consequently lead to an early end to the lease contract. Communicate on time, should you need to address an inspection.
Address Promptly Tenant’s Requests
Negligent landlords and home managers will always drive good tenants away. Tenants are far more likely to renew or extend a lease contract if they feel heard by management.
Establish effective communication channels with tenants. This way information can effectively flow both ways in case of an emergency or an urgent request.
Make sure that both ends understand what things are a priority and need immediate action, such as broken locks or gas leaks, and which ones can wait until Monday to be addressed.
Place yourself in your tenants’ shoes and be professional in this regard. Don’t let good tenants feel underappreciated by management.
Feeling safe under your roof and the surroundings is a must when it comes to making a place your home. If tenants perceive the property to be safe for them and their families, there will be little reason for them to leave.
There are some very practical tech devices and cameras that can help you improve the house’s safety. Take for example an outdoor camera, this can be monitored through the internet on almost any device, and with today’s package theft rise, many people are opting for cameras and security locks.
Ultimately, being a considerate landlord or property manager will make all of these practices easy to implement. Don’t worry about spending lots of money in the process, just make sure to be of help for tenants. They will be grateful to you for taking their best interests into consideration.
Filed under: Landlord Tips