When you earn regular rental income from your property investment, it can be your ticket to wealth building. However, this is only possible when you have long-term tenants housed in your rental unit.
A great thing about having a loyal group of renters is that your property tends to be well-maintained compared to empty rentals. You’ve also had time to cultivate a more solid landlord-tenant relationship. You can easily discuss and amend policies with your older renters as you’re more comfortable and familiar with them.
In this regard, you want to aim at attracting long-term tenants to your rental space. Here are tips to entice tenants to stay at your rental unit long-term:
Perform Property Upgrades
When you’re focused on creating a comfortable rental home, tenants will find it hard to leave. To achieve this you might have to allocate funds for renovation or make some compromises but in the end, this can be a worthwhile investment. The more settled your tenants feel in the space, the longer they’re likely to stay.
Keep in mind that the rental business can be competitive. So it’s best to consider adding top amenities for your tenants to enjoy. Even simple improvements can go a long way. Enhance your curb appeal, increase the security features of your home or add more kitchen storage. Tenants will appreciate the additional touches and will want to renew their leases.
Screen Tenants Extensively
Some landlords don’t see tenant screening as a necessary procedure. They might want to earn a rental income right away and will forgo checking a renter’s background. This can, however, create problems down the line.
You don’t want to find yourself in a position of renting to someone who doesn’t pay rent on time or causes excessive property damage. Therefore, it’s vital to have a screening process in place to spot potential red flags before a prospect signs the lease.
Evaluate the following when conducting a tenant screening:
- Rental history – Other landlords will let you know of a prospective tenant’s tendencies when it comes to maintaining the rental space and paying the rent on time
- Credit score – This provides you with an overview of how prospects manage their finances. If the score is too low, it can be risky to accept them as your tenants.
- Income level – It’s best to look for tenants who make more than 3X the monthly rent rate to ensure consistent payments. But other factors can also be considered subject to a landlord’s approval.
Conduct Ongoing Marketing
Smart landlords are proactive when it comes to advertising their rental properties. They do it routinely. This gives them a larger pool of prospects they can consider when a turnover occurs unexpectedly.
One of the ways to generate interest is by crafting property listings. You can also put great effort into taking high-quality images and designing property video tours. Other methods available are passing out flyers, networking, and attending community events to advertise your rental unit.
Focus on Property Upkeep
A well-maintained rental property makes it a habitable space for the tenants. It can reduce tenant turnovers and encourage them to renew their lease. As a landlord, one is obligated to keep the rental property clean and free from pest infestation. HVAC systems are also required to operate in peak conditions.
Neglecting your duties can cost your tenants as they might look for other rental homes that provide a better environment. In fact, if repairs aren’t addressed, some states may allow a tenant to withhold the rent payment. Avoid this by performing regular property inspections and maintenance.
Become a Great Landlord
First impressions matter. New tenants may find moving in stressful. Landlords can help put them at ease by initiating the following:
- Make sure to welcome tenants in person during their first day
- Have your rental professionally cleaned before a tenant moves in
- Provide the tenants with information about the area in case they’re new in town
- Reassure tenants that they can easily reach you for any assistance by reminding them of the best ways to contact you
Being accommodating can help build the tenants’ trust in you. It can create a good rapport making it easy to deal with conflicts and reach mutual agreement on important property concerns.
Enhance Your Rental’s Security
It’s always best to be safe and set up security systems. Having a proactive approach can reduce both your worries and those of the tenants.
Some of the security features you can place are alarms, security cameras, motion sensor lighting, and solid locks. It will also help to test them periodically to check if the batteries are still strong and the security systems are in proper working order.
Hire a Property Management Team
Sometimes, a landlord can overestimate their skills and find that seeking the assistance of professionals is a wiser move. By working with experts, mistakes are avoided and you have access to excellent industry practices.
Having the support of a trustworthy property management company can make things easier for you. You’ll learn from the strategies they use to advertise your rental, screen tenants, and keep your property in top shape. They also help you handle tenant complaints and can even deal with the stressful eviction process.
If you want to ensure the success of your rental business, you need to have long-term tenants. To help you succeed in your rental business, you can seek the expertise of Boston Green Property Management. We have ample experience in the industry and can help you generate more interest for your property, attract tenants and keep them for the long term!