When you own a rental unit, one of your major objectives is to hold onto great tenants over the long term. Loyal renters provide you with a continuous cash flow every month. You also save the income you earn since you’re not experiencing turnovers.
With long-term tenants around, you no longer need to perform intensive marketing to fill vacant units quickly. You also further save time from performing in-depth tenant screening.
Finding Long-Term Tenants
New landlords may find attracting long-term tenants a challenging task. But there are smart strategies you can follow to ensure your tenants stick around in your rental for a long time.
Here are different ideas you can implement to acquire tenants who rent for an extended period:
Perform Rental Upgrades
As a landlord, it might seem counterintuitive to tackle rental improvements. But there’s truth to that common saying that to make money, one must spend money. Investing in renovation projects can lead to an increase in income.
If you add top amenities to your rental space, new renters will be interested and your current renters will decide to stay for the long haul. The more comfortable and livable space you offer, the more renters are inclined to renew their leases.
Another great advantage that comes with property upgrades is sharpening your edge against your competitors. As the years pass, there will be newly constructed rental homes offering more modern facilities. Performing renovations is a great strategy to build more rental value.
It’s advisable to continue marketing your property to acquire more quality leads. This is accomplished by crafting an attractive property listing. Your goal is to generate more interest from potential tenants. Thus, you must present your rental home in the best light.
Enhance your property’s appeal by attaching beautiful images and video tours. Write excellent property descriptions. You must also consider the best platforms to post your rental ads. Choosing a good neighborhood will also help your curb appeal.
Pick popular listing sites and a wide range of social media sites to build up your property’s exposure. Instead of narrowing your marketing to online techniques only, you can also capture more prospects by creating flyers, installing yard signs and advertising in newspapers.
Make sure to review your marketing ads thoroughly. You want to avoid discriminating against any of the protected classes covered in the Fair Housing Act.
Meticulous Tenant Screening
New landlords may get excited when prospects express their desire to rent their property. They may fail to run a tenant screening process or do the bare minimum. However, this isn’t a good practice. Performing a detailed tenant screening procedure is beneficial for the owners. Skipping it can lead to financial losses.
Before accepting potential renters, it’s best to evaluate whether they’re suitable to be occupants of your rental. These are some things you need to keep an eye on:
- Credit score – is it satisfactory? If the credit score is bad, it shows you that the prospect does not manage their finances well. It could lead to failure in paying their rental dues in the future.
- Income level – ask for the applicants’ bank statements or pay stubs. You can check if their earnings are sufficient enough to pay off the rental dues. Analyzing the capacity to pay is crucial in avoiding an income loss.
- Rent history – the more information you’re able to extract, the better you’ll be able to assess a potential renter. It pays to get in touch with their listed referrals to learn more about the applicants’ past behavior. If they’re able to take good care of a prior landlord’s rental space, they’ll do the same for your property.
Practice Being a Hospitable Landlord
No matter how independent your new renters appear, they’re bound to still be in an adjustment phase. As the landlord, it’s recommended to help out your new tenants by:
- Offering a clean rental unit when they arrive
- Welcoming them on the first day of move in
- Taking time to introduce them to the neighbors or other tenants
- Giving out tips on where to shop for groceries, where the nearest transportation area is located and which restaurants and cafes are popular
A good first impression will always be remembered. If you make your renters feel comfortable and welcomed, they’re bound to adjust quickly and feel a sense of home. This can lead to their willingness to rent on your property for a long time.
Avoid Neglecting Property Maintenance
The better your rental home looks, the more likely your tenants will stick out for the long term. This removes the stress of dealing with tenant turnovers and property vacancies.
As a landlord, it’s your duty to maintain your rental property. If you fail to meet this responsibility, this can create a problem under the State law.
To avoid being swamped with multiple tasks in your rental’s upkeep, it’s wise to develop a maintenance program. You can then follow a regular schedule of property inspection and prevent property damages from escalating and being costly to fix.
Hire a Reputable Property Management Company
To ensure that your rental home and tenants are well-taken care of, consider hiring an excellent property management company.
They’ll have more time to look after the property issues and tenant requests. With a property management team’s support, you’ll feel reassured that experienced professionals are managing your rental.
A property management company has the right skills and expert knowledge when it comes to marketing, screening renters and maintaining your rental unit. They’re also well-versed when it comes to landlord-tenant laws and can handle delicate situations such as evictions in a legal way.
These ideas can immensely help property owners in keeping their renters loyal. In return, they’ll maximize their earnings. However, some landlords have only a little time to focus on their investment properties.
Rather than provide low-quality services to your renters, it’s much better to hire a property management company that can pay full attention to the tenants’ needs.
If you’re looking for a trusted property management company in Arizona, contact Property Plus USA to enjoy their local expertise and superior services!