Attracting tenants to your rental is only the first stage. Retaining them for the long term is the best strategy for landlords. Having long term tenants saves you from marketing and maintenance costs. The income is also recurring and steady. For landlords, they can use it to further expand their real estate portfolio or perform property upgrades. The more improvements your unit undergoes, the more its value will spiral upwards.
Another great thing about having long-term tenants is that you won’t be stressing over the upkeep of your rental. Since they’re long-term residents, they’re more likely to treat it well as their home.
Here are tips that Pro X Property Management has for you that you can apply to increase the number of your long-term tenants instead of dealing with tenant turnover:
Warmly welcome your tenants
On the first day of moving in, take time to meet your tenants in person. First impressions last longer. You want to be associated as a landlord that cares about the people staying in your rental property. Bring some welcome gifts like baked goods, cleaning supplies or vouchers to a local restaurant.
New tenants are still trying to adjust in a new environment. You can help them get settled in by offering more local information such as convenience stores, clinics and good restaurants in the area. Leave the tenants with your contact information and extend assistance for any issue they might encounter as new renters. You can also introduce them to the neighbors. This easy step cements your reputation as a landlord intent on building a good relationship with your renters.
Offer a responsive attitude
It matters a lot to your renters that they’ll be able to reach you when they run into any property problems. Even if they have your contact number, if you remain inaccessible to them then it won’t impress them.
Building up your landlord-tenant relationship comes from stepping up in your landlord duties. Cultivate a pleasant and responsive attitude. Avoid leaving your tenant to solve property dilemmas on their own. This method risks your reputation and also creates undue problems if they go about repairs using temporary DIY fixes.
Avoid postponing maintenance and repair problems
Be grateful when tenants report property damages to you rather than keeping hush about it. Fixing minor problems is far less costly. Be alert when a tenant sends in a maintenance request. Make sure to address the issue and conduct an immediate inspection.
Provide the tenant with updates over the action taken in resolving the property issue. It’s also good to manage their expectations and communicate the turnaround time. If a contractor is coming in to perform repairs, provide due notice. Once the problem is fixed, ask for your tenants’ feedback. This extra step is to ensure that they’re satisfied with the repair and there are no further issues to face.
Grant privacy to your tenants
Every lease is covered by the implied covenant of quiet enjoyment. As landlords, you must observe decorum by respecting your tenants’ privacy. Under the state laws, landlords are legally mandated to provide notice prior to entering the rental unit occupied by their renters. Except in special cases when following a court order or facing an emergency, landlords have limited entry to the rental unit.
Tenants are entitled to enjoying their residence in relative peace and quiet. It’s essential therefore for landlords to minimize noise and disruptions. Otherwise, you could experience tenant turnover. When it comes to scheduling your periodic property inspections, keep your tenant in the loop through prior notification.
Practice flexibility with rental policies
Cultivate an open mind as a landlord. You can permit your renters to paint the rental or allow pets in your property. The more adaptable you are with your renters’ needs, the more they stick with renewing their leases. When you give them the go-signal to make some changes, they can strengthen their feeling of home.
Tenants with pets also tend to stay longer since only a few rentals welcome pets in their premises. Transitioning into a pet-ready rental can provide more prospects. This doesn’t mean losing control since you can set conditions in the lease agreement You can put in an addendum regarding the breed of the pet and the requirements and responsibilities that a pet owner shoulders. A great thing about accommodating pets is you can increase your income by collecting a monthly pet rent, pet fee or pet deposit.
Focus on safety and improving on amenities
A rental that offers security features will be appreciated by tenants. We all want to feel safe in our own residences. Experiencing a burglary or theft can be traumatic. Keep the safety of your tenants in mind and purchase strong locks and install security cameras to discourage intruders.
It makes your rental more attractive to have security amenities so mention your security set up in your unit when you advertise. Long-term renters are bound to stay longer when they feel safe and sound in your rental space.
Offer online rent collection
Convenience is what everyone’s after so create an option for electronic payment. This gives tenants a sense of peace knowing they can pay anytime. For the landlord, it also prevents the risk of losing a check in the mail. Further, it reduces the need for chasing after tenants for their rental dues.
When you work with technology, you provide a sense of ease and efficiency in your rental operation. It’s also easy to keep track of the payments online with the real time features. For renters, they can opt to auto-enroll their accounts to prevent missing their rental payment schedules.
The Bottom Line
Long-term tenants can provide you with a profitable future. Simply incorporating these recommendations can pave the way for that. To sum it up, prioritize your renters’ needs by offering timely service, exercising flexibility, and offering rental security. Always be on the lookout to present convenience and honor the privacy of your tenants.
Lastly, a simple warm meeting on the first move-in day can be the seed of a solid and respectful landlord-tenant relationship.
For more help attracting and keeping tenants over the long term, contact the team at Pro X Property Management today!