Landlords experience more stability with long-term residents staying in their rentals. For one, they won’t need to dispense extra effort and money to market their vacant rental space and they have the spare income from the rental payment to spend on maintaining their property.
Additionally, with steady rental returns, you can invest in renovations to attract new renters and inspire the current ones to renew their leases. Another upside is, you won’t need to start all over again and build friendly relations since you are already familiar with the long-term tenants occupying your unit.
With the vast number of rentals sprouting everywhere, it may seem challenging to attract the interest of long-term occupants but there are workable ways to do this. Keeping your renters happy and satisfied should be one of your priorities, so here are recommendations to help attract long-term renters!
Advertising your unit is essential to engage the interest of prospective tenants. Assess the different factors that impact accurate rental pricing so you can set an optimal rental rate. From there, craft property ads with engaging copy and fantastic images. Videos are also effective in drawing engagement and plenty of views.
You want more potential renters to reach out and schedule a property tour so make sure to include enticing information about the property. Once the ad has been crafted, you need to consider where the ads will be shown. Consider marketing both online and offline.
Before posting your ad, thoroughly review it or have someone go over it to ensure it adheres to the Fair Housing Act.
Plan to Renovate Your Rental
Even if performing property improvements can be costly, it can be considered a great investment. This is because it attracts more renters and motivates your present tenants to stay longer. Just make sure to perform property renovations that inspire more comfort and create a habitable home for the residents.
When you’re constantly updating your rental, you also ensure you’re not left behind by newer and more modern rental homes. Their amenities are fresh and can keep a lot of renters interested so it’s a worthwhile strategy to offer new features or updates in your rental space.
Conduct Proper Tenant Screening
It’s possible to suffer from financial losses through unpaid rent and property damage and you can also prevent this situation by being meticulous in screening your renters. It takes more energy but in the end, the rewards are greater since you avoid renting out your property to risky tenants.
As a landlord make sure that you’ll only accept renters who meet your standards. Always look at these factors when screening the renters:
Check a candidate’s financial health and gauge the credit score. If it’s satisfactory, it means that the rental dues are likely to be paid on time.
Contact former landlords and referrals to make a more informed decision when accepting a candidate. Renters who show responsible behavior in the past are likely to be reliable as a renter in your unit as well.
Level of Income
Request the prospective renters to submit bank statements, W-2s, or pay stubs. It makes it easier to check their earnings and assess if they’ll be able to afford the rent or still meet the rental payment obligations when financial emergencies occur.
Be Hospitable to Your Renters
It’s not easy to adjust to a new environment and moving can present certain challenges. You can support the tenants through simple actions, such as:
- Showing up on the first day of move-in and welcoming them to your unit
- Presenting a clean rental before the tenant arrives
- Making a round of introductions to neighbors and other tenants
- Providing useful recommendations about nearby dining spots, grocery shops, and entertaining attractions
- Providing a quick run-through on how the home systems work
If your rental space is functional and comfortable, they’ll be motivated to stick around for a long time.
Pay Attention to Property Maintenance
Following a preventive maintenance process helps you limit problems in the future. There will be fewer tenant turnovers and you’re unlikely to experience income interruption from a vacant unit.
Since landlords are mandated by the law to ensure a habitable unit for their renters, they must focus on the excellent upkeep of their property. You must also act quickly when tenants make you aware of issues on the property.
For ordinary repairs and property emergencies, you must have access to a trusted vendor network to help you fix any rental issues. Being proactive also leads to lower repair costs and less tenant turnover.
Focus on Securing Your Rental Home
Even if you have an affordable rental unit, it can still fail to elicit interest if the security is weak. You should, therefore, invest in safety systems that discourage intruders. Purchase solid alarm systems and set up motion sensors and surveillance cameras. What’s more, your doors, windows, and locks should be durable so it’s difficult for trespassers to break in.
In addition to security systems, inspect fire alarms and smoke detectors since these can save lives. Make sure that the batteries are working fine and that all emergency exits are clearly marked.
Hire a Trusted Property Manager
If time is an issue, you can always opt to hire a professional property manager to oversee the rental operations on your behalf. Aside from having access to more resources and best practices, you can also save on fees thanks to the network of vendors at their disposal.
With a dedicated team taking care of your rental space, renters are bound to be loyal since they can easily get in touch with your professional representative.
To attract long-term tenants, you can implement these tips. The benefits of having long-term renters are priceless since you gain consistent earnings from your real estate investment. Are you looking for a trusted property management team? Contact House in Order Property Management today!