Succeeding as a landlord relies on attracting top-notch long-term tenants to your rental property. Quality tenants provide peace of mind by earning you a consistent rental income each month. If you’re still paying a mortgage, you’re reassured that you’ll be able to pay the regular monthly payments.
Good residents can be hard to come by so when you’re lucky to find them, you need to do everything in your power to keep them. With high-quality renters around, you won’t need to worry about paying for additional fees associated with:
- Rental ads
- Broker fees for creating lease agreements
- Maintaining a vacant unit
- Tenant screening
It takes time and additional funds to attract new tenants so delivering outstanding service to your current roster of renters is required to retain them.
Here are 6 tips to attract long-term residents to your rental space:
1. Perform a Proper Tenant Screening
Without proper scrutiny of the people that will occupy your unit, you can end up with unpaid rent or damaged property. You need to focus on filtering out the problematic renters by reviewing a candidate’s rental background.
Find out how much the tenant makes each month. Make sure it is enough to cover rent and living expenses to avoid any missed payments. You should always check their credit score. A tenant with a bad credit score may have difficulty paying. Finally, make sure they have never been evicted.
If a tenant presents with a history of paying the rent on time and has no record of eviction, then it’s easy to trust them. If they’ve been employed for some time, it shows that they’re likely to stay around in a given area due to their job.
When the tenant screening result is less than stellar, avoid lowering your standards. It’s better to find someone who meets your criteria rather than settling for who’s easily available.
It is also a wise idea to perform renewal screening checks on tenants who are renewing their lease.
2. Find Out About the Tenant’s Experience
As a landlord, feedback is vital so you can evaluate and adjust what you offer. There are many ways you can discover how a renter feels about your property.
The most direct way is to ask them directly the following questions:
- What’s your level of satisfaction from 1 to 10? How can the top score be attained?
- What kind of upgrade would you want to see?
- What area needs to be improved?
You can also ask the renter to submit a review, speak with them, or let them answer an anonymous survey to find out their real opinions without revealing their identities. Often, people are more honest in expressing their thoughts if it is anonymous.
When you know what type of renovations your renters want to see on the property, it’s easy for you to plan projects to upgrade the unit. It also leads to enhancing the tenancy experience. The commitment you show in responding to their needs inspires them to sign up for lease renewals.
Another way to maximize feedback is by implementing an exit interview when a renter provides you with a move out letter after the tenancy term. Collecting information is valuable so you can improve your service and have more ideas on how to make your tenants happy.
Some of the things you can ask the renter during the exit interview include:
- Are you willing to share the reasons you’re leaving?
- What rental property type are you planning to move to?
- Are there incentives you’re seeking that will make you sign up for renewal?
3. Establish a Friendly Relationship
Cultivating a positive landlord tenant relationship goes a long way. You can do this by respecting their privacy and allowing them quiet enjoyment of the rental space. Another tip is to be a responsive landlord by being consistently available during business hours.
If a renter calls or sends you a message, ensure you send a reply or call them back. If you’re unavailable for the call or can’t respond with the information they’re asking right away, provide a reasonable time that you can do so. If the landlord or tenant identifies emergency maintenance, make sure you’re solving the problem as soon as possible.
Another great tip to preserve good tenant relations is sending notes or small gifts to the renter during special occasions. It lets them know that you appreciate their presence.
4. Provide Proactive Maintenance
A great way to keep tenants happy is to conduct routine property inspections. Be alert on all property issues, even minor ones. Schedule repairs or maintenance to create a habitable space for the renters.
Avoid delaying property issues that make it inconvenient to stay in your unit, such as a pest infestation, leaks, or broken toilets and heaters. Strive to deliver a well-maintained living space.
If residents send a maintenance request, take time to check it immediately. When you’re attentive to the renter’s needs, you build more trust.
If time is an issue and you can’t focus on the day-to-day required maintenance tasks, engage the services of a reputable property manager. They can ensure nothing is overlooked which leads to satisfied renters.
5. Plan Renovations
Initially, it’s costly to upgrade your unit, but renovations are essential and should be considered as an investment. They add value to your rental space. Renovations attract new renters, win the loyalty of the current renters, and allow you to raise the rent, resulting in more income.
Not all property improvements require you to spend a lot of money. Simple ones such as painting, and replacing an appliance or light fixture can be beneficial to tenant satisfaction. There are many budget friendly renovations that can help your rental.
6. Be Flexible
If you’re too rigid with your property policies, your tenants may wish to move away. You can allow the residents to decorate the unit, sublet, or own a pet, as long as certain conditions are followed.
So long as tenants respect the unit, try to compromise with them as much as possible to maintain a quality relationship.
Bottomline
Finding a renter is challenging so it pays to retain the quality tenants you already have. Perform a proper tenant screening, be flexible, conduct proactive property maintenance, plan renovations, be friendly to tenants, and seek feedback from tenants.
If you need a trusted partner in property management contact Limestone Country Properties today!
