Long-term tenants are key to running a successful real estate investment business.
A long-term tenant will ensure you maximize your income because you’ll be getting consistent rental payment and won’t have to spend money on marketing vacancies.
However, when renting out a property in a competitive area, acquiring a long-term tenant may seem challenging.
In this post, we are going over 8 proven tips to help you attract and retain long-term tenants.
Tip #1: Market your property on a regular basis.
Market your rental property on an on-going basis and not just when it is vacant. This way, your property will always be able to generate interest from prospects.
Craft enticing rental ads that grab prospects’ attention to improve the click through rates. You can do that by doing the following:
- Determine the right rental price.
- Include quality pictures in the ad.
- Compose a click worthy headline.
- Write a proper description of the property.
- Have a professional proof read it for compliance with the Fair Housing Act.
- Distribute the ad extensively for maximum reach.
Tip #2: Make necessary improvements to the rental premises.
Making upgrades to your rental property will cost you some money, but the right rental upgrades are a solid investment. They can help you attract prospects quickly, retain them longer, and even help you charge more rent.
The following are some of the best upgrades you can make to boost your rental’s appeal:
- Upgrade the exterior lighting.
- Invest in landscaping.
- Repaint the exterior walls.
- Replace outdated appliances with new ones.
- Pressure wash the exterior.
- Replace cabinet doors.
- Install new flooring.
This will give your property a competitive edge and help you maximize your return on investment.
Tip #3: Screen tenants thoroughly.
This is one of the most important skills to have as a landlord. Ignoring its importance is the worst mistake you can make. When you don’t screen tenants, you risk renting your unit to a problem tenant who won’t pay their rent on time and who will cause property damage.
Screening tenants enables you to be selective with the tenant you rent to. As a savvy landlord, your #1 goal is to find tenants that pay rent on time, care for your rental property, notify you of maintenance issues, and abide by all the terms of the lease.
As such, you should have a screening process that guarantees landing such a tenant. For starters, you should screen prospects on the basis of their income level, credit score, and rental and employment history.
Tip #4. Be a hospitable landlord.
When a tenant first moves in, you want to make them feel at ease by doing a few simple things.
Here are some ideas to get you started:
- Offer them a warm welcome.
- Tidy up the premises before they arrive.
- Introduce them to neighbors.
- Provide them with information about the area.
- Provide them some refreshments.
- Answer any questions they might have.
Not only will this help them feel welcomed and secure, it will also help you kick off the journey to building a strong relationship with them.
Tip #5: Respond to maintenance issues on time.
At some point, a tenant will notice that a repair needs to be done. And it’s during such times that a tenant will turn to you for a solution. After all, as a landlord, it’s your responsibility to maintain your property. In fact, the law requires it through the warranty of habitability.
Failing to comply with the law can have some consequences. Your tenant may have a right to move out without further responsibilities to the lease, sue you for negligence, or even withhold future rent payments until you fix the problem.
The best way to handle maintenance issues is to have a maintenance plan. In addition, you’ll want to inspect the property regularly in order to catch issues early.
Tip #6: Ensure your tenant is safe.
As a landlord, you have a responsibility to ensure your tenant is safe and comfortable. As such, you should take preventative measures to keep away potential robbers and vandals.
Here are some of the things you should consider installing to ensure your tenant is safe:
- Surveillance cameras.
- Alarm systems.
- Smoke and carbon detection devices.
- Motion detection lights.
- Solid doors and windows.
In addition to this, you’ll also want to regularly test these systems to ensure they are functioning as they should.
Tip #7: Respect your tenant’s privacy.
Always notify your tenants in advance when looking to enter their premises. It’s not only a legal requirement, but it’s a common courtesy as well.
Landlord entry laws state that landlords can only enter rented units for legitimate reasons, including to inspect the unit, under court orders, in case of an emergency, or to show the unit to prospective tenants, buyers, or lenders.
If a tenant feels like you don’t respect their privacy, odds are that they won’t renew the lease with you.
Tip #8: Hire a reputable property management company.
This can be an incredibly solid option to help you streamline the day-to-day running of your rental property. A good property management company will have the skills, experience and the resources to help you overcome any challenge you may be experiencing.
They can help you market your property extensively, screen tenants thoroughly, collect rent on time, care for your property, and more. In addition, they will help keep you and your property compliant with the law.
Bottom Line
Attracting and retaining long-term tenants is a tried-and-tested recipe to run a successful rental investment business. With a long-term tenant, you’ll be able to minimize your expenses and maximize your return on investment.
If you need expert help in attracting a long-term tenant for your East Bay home, East Bay Property Management can help. Our property management services are designed to save you money every step of the way.
Get in touch today to find out more!
