Do you own a rental property?
As a landlord, finding a tenant for your rental is only half the battle. To be a successful landlord, you want to be able to keep the tenants long-term. Long-term tenants are the key to a stable and reliable source of income.
In this post, we at Limestone Country Properties will provide you with an overview of how to attract long-term tenants.
1. Offer a Warm Welcome
A great way to build a good first impression is to offer your tenant a warm welcome on move-in day.
Here are some things you can do on the day your tenants move in to show them you care:
- Help them carry some of their household items into the house.
- Offer them a welcome gift.
- Introduce the new tenants to the other tenants (if you have a multi-unit rental property).
- Offer them a list of nearby restaurants, activities and services.
- Provide the tenants with your contact information.
On the day they move in, emphasize that they should feel comfortable to reach out to you whenever they have any property-related requests or issues.
Move-in day is usually a stressful day for a tenant. Therefore, show your tenant that you are a friendly and welcoming landlord.
This will not go unnoticed. If a tenant feels cared for and appreciated from day one, they will be encouraged to continue renewing their rental or lease agreement.
2. Respond to Maintenance and Repair Issues
If your tenants inform you of a maintenance or damage problem, you must attend to it immediately. Not only will this protect your rental property, but it will also leave a good impression on your tenants.
Handling maintenance and repairs in a prompt and timely manner can help build a solid long-term relationship between you and your renters.
Be sure to give your tenants an estimated timeframe for when the issue will be fixed. It may seem insignificant, but tenants want to know when they can expect the repairs to be made. Once you have given your tenant a timeframe, adhere to it.
3. Respect Your Tenants' Privacy
Tenants who live in your rental property want to have privacy.
If you have a valid reason, you must give proper notice before entry and the tenant must give you permission.
If you don't follow these rules, chances are that your tenant will not want to live in your unit long-term.
4. Have Flexible Rental Policies
Having flexible rental policies will encourage tenants to rent long-term. Two flexible policies that will help you retain long-term tenants are pet policies and paint policies.
Many tenants own pets. Therefore, if you want to attract and retain renters, we recommend allowing tenants with pets in your unit. Although there are risks to renting to tenants with pets, such as pet damages, there are ways to mitigate the risks. For instance, you can protect your investment by charging a pet fee or pet rent.
We also recommend allowing renters to change the color of the walls. Renters want to feel as though they are living in a space that is their own. A good way to do this is to allow them to customize the paint color.
You may request that their choice of color be approved, and that the job be done by a professional painter to mitigate any risks.
5. Install Safety Features
As mentioned above, the rented premise is the tenant's home. Therefore, they should feel safe and secure there.
If a tenant feels safe in your rental, you can be sure that they will want renew the contract at the end of the lease.
Here are some features you can install to make your rental safer:
- CCTV cameras to the common areas
- Safety windows
- A security system
- Heavy duty doors
6. Efficient Rent Collection
For the longest time, landlords required rent to be paid by check. However, today, there are more flexible and convenient options available.
Make use of online payment solutions that allow tenants to pay rent from wherever they are. By using technology, you will make paying rent simpler for your tenants.
Also, when looking to increase the rent, be reasonable. Compare it with other market changes, locational factors and other value drivers. The increase of rent should not be above what the market is offering for such a space. A major rent increase is bound to chase away your tenants.
Are you searching for a property manager for the New Braunfels area? Limestone Country Properties can help your real estate investment succeed. With our experience and expertise in the property industry, we are able to handle all the aspects of property leasing.
You can count on us to collect the rent on time, conduct property maintenance, respond to tenant requests and comply with local and federal provisions and regulations.
Get in touch with us today. Our professionals are always willing to offer you sound and professional advice.