Having long-term tenants can help you better protect your financial goals and measure the return on your investment. When your property is vacant, you will still have to take care of bills and other property-related expenses.
Keeping the property occupied can cover a portion, if not all, of these expenses and lets you save money on marketing and cleaning the units. If you are a landlord who wants to keep tenants for a long time, here at TrueNest Property Management, we have put together these tips on how you can do this.
Market Your Rental Property
Some of the things you can do to market your rental property are as follows:
- Before renting out your property, ensure that all building, sanitary, and safety requirements are met.
- Decide on the demographic you want to target and advertise your property based on their needs and interests.
- Stage the home in a way that exudes a comfortable and welcoming feel. Create a listing and use only high-quality photos or videos to highlight the property’s best features. Entice prospects by writing descriptive captions that allow them to imagine what living in your home is like.
- Use conventional and modern methods when advertising your rental home to increase the chances of it being rented out. This includes postings on popular listing sites and social media as well as using yard signs, word-of-mouth, and pamphlets.
Conduct Comprehensive Tenant Screenings
When screening tenants, make sure that you are consistent with the process to be compliant with the Fair Housing Act. During the screening process, you can determine a prospective tenant’s interest in staying long-term.
Aside from that, conducting a comprehensive screening process is crucial so you can protect your investment and avoid expensive and time-consuming legal battles. To choose the perfect tenant for your rental property, you can consider the following information:
- Credit Score – A tenant’s ability to manage their finances will be reflected in their credit score. Having a high credit score could translate to the ability to pay monthly rent.
- Income – You have to look into the potential tenant’s level of income to gauge if they can make timely and consistent payments once they sign the lease.
- Rental History – Reach out to the references provided in the rental application documents. You want to be aware of the prospect’s behavior in the past and see if you can count on them in taking care of your property.
Upgrade the Rental Unit
Aside from making the property appealing, conducting some house improvements is a good strategy to stay relevant and gain a competitive edge in the market.
Because of the money involved in upgrading the rental home, some landlords are hesitant in conducting renovation but it can prove to be a solid investment in the long run. In these projects, you can address minor issues that could eventually become larger and more expensive when not tended to immediately.
Some other areas you can upgrade include the bathroom, kitchen, curb appeal, furniture and fixtures, and storage areas. When a tenant sees that you are making the property more habitable, they are more likely to renew their lease agreement and stay for a long time.
Be Professional and Personable to Your Tenants
Make your tenants feel welcome in the neighborhood, especially those that are new in the area. This can lay a solid foundation for your landlord-tenant relationship.
Know your tenant’s rights and be compliant when dealing with their requests. There are set timeframes that detail when basic necessities need to be addressed. Responding in a timely manner could show that they can trust you and encourage them to report other issues in the house that need your attention.
Respecting your tenant’s privacy is also crucial in maintaining a good relationship with them. Make them feel comfortable when residing on your property by giving enough time for them to prepare for your visit. Surprise visits can make them feel uncomfortable and can be a reason for them not to renew their lease or worse leave early.
By ensuring that your start off on the right foot and respect their rights throughout their tenancy you’ll increase the odds of them wanting to renew their lease and stay long-term.
Schedule Property Upkeep
Scheduling routine maintenance helps you avoid dealing with emergencies and remain compliant with the law. Also, tenants want to stay longer when they see that the house is being maintained making their stay even more comfortable.
The best way to go about this is to put together a maintenance plan which factors in property inspections and preventive upkeep. It’s also your responsibility to conduct necessary, routine maintenance.
Enhance Your Rental’s Security Systems
Tenants would love to stay long-term if they feel secure living on your property. Your tenants are entitled to quiet enjoyment which also translates to freedom from unreasonable disturbance.
During property maintenance, you can incorporate upgrading the security systems and ensuring all possible entry points are secured. Security systems include window and door locks, durable doors, alarm systems, motion detection lights, and security cameras.
You can also check and upgrade the fence and gate. These things can guarantee your tenant’s peace of mind and would let them want to renew their lease.
Hire a Trusted Property Management Firm
Working with a property manager allows you to stay compliant with the law and handle situations that could otherwise cause you stress. They can manage your tenants and help you take care of your investment so you can meet your investment goals.
Partnering with them means working with professionals who can market your property, screen tenants, and oversee property upkeep on your behalf.
Attracting long-term tenants can be a lot of work but it can help you meet your investment goals and earn passive income. If you want help managing your investment properties, contact the experts at TrueNest Property Management today!