There are a lot of advantages to having long-term tenants that appeal to property owners. Having a consistent flow of rental income, reducing vacancy rates, and not having to worry about regular property marketing are some that are worth mentioning.
Even if there is a highly competitive market when looking for long-term renters, there are practical ways to entice them. Keep reading for some useful tips for attracting long-term tenants!
Have a Consistent and Effective Marketing Strategy
Start with identifying a reasonable rate to charge based on your property’s location and market value. Once this is established, create your listing. Having a consistent and effective marketing strategy can easily pique the interest of prospective long-term renters. An effective advertisement pushes possible tenants to make the first move in communicating with you.
You should have a listing that includes high-quality photos of each room with descriptive captions. You may also want to include a video tour and a few recommended activities in the area to allow prospects an opportunity to envision themselves living there.
Make sure to publish these listings on different platforms to cover all your bases. Add them to social media sites and popular rental listing platforms. Handing out flyers, using word-of-mouth marketing, and using community boards are also encouraged.
Make Any Necessary Property Improvements
Before your start investing in changes to your property consider your target tenant's demographics wants and needs. You must also look at what you can afford as you don’t want to risk over-investing in a project.
Beautifying the place and making it livable will definitely catch prospective tenants’ attention. Making any necessary upgrades will help potential renters visiting the property picture themselves living there. Possible improvements include:
- Adding granite kitchen counters
- Repainting the space
- Adding more modern fixtures
- Installing energy-efficient appliances
- Adding more storage space
By making changes and upgrades to the property, you can stay competitive in the market by either encouraging current tenants to renew their leases or attracting new ones.
Screen Your Tenants Thoroughly
The most important step that is often overlooked by property owners is conducting a thorough tenant screening. This is an essential factor when renting out a property. Screening applicants is needed to avoid possible legal and financial situations in the future.
Choosing the perfect tenant can save you from late payments, property damage, and misunderstandings between renters. You want a tenant who will pay their rent on time, respect the terms of the lease agreement, and reasonably care of the rental.
Having a checklist of your negotiable and non-negotiable criteria is key when measuring what kind of tenant is perfect for you.
Here are some of the things that you can include in your list:
- Proof of income. This includes but is not limited to pay slips, bank statements, and W-2 forms. You want to make sure that they’re capable of paying their rent consistently.
- Credit check. Analyze how well they manage their finances. Looking at their credit score is a good way to gauge this. The higher the credit score the more likely it is that they’re financially responsible.
- Rental history. Aside from checking their credit score, request your candidate’s rental history to verify income, employment history, and rental history.
Note that even once you land a great tenant, if you're planning on renewing their lease, you should conduct a renewal screening check.
Keep Your Tenants Satisfied
One of your duties as a landlord is to respect your tenant’s peaceful enjoyment of the property. Some tenants might be moving from different states and are not familiar with your area. Make them comfortable and help them settle in nicely by:
- Keeping all communication channels open
- Letting them know to find grocery shops, nearby restaurants, malls, and community activities
- Provide them with information about the neighborhood
- Have the property deep-cleaned
- Offer to introduce them to other long-term tenants or next-door neighbors
Take the time to build a solid landlord-tenant relationship. When a tenant feels valued and respected they’re likely to take care of the rental and renew their lease.
Maintain the Property Regularly
Creating an inspection maintenance plan can save you from receiving surprise calls about damaged areas that need to be addressed immediately. Keeping your properties well-maintained also helps you stay compliant with state law. It’s, after all, your tenant’s right to live in a comfortable, habitable space.
Scheduled maintenance is key in making sure that your renters have working amenities and utilities. Creating a habitable home can assure that your renters are safe within the rental space without having to worry about emergency maintenance issues. What’s more, when they know you prioritize their safety and comfort, they’re more likely to stay long-term.
Keep Your Property Secured
It’s your responsibility as a landlord to ensure that the rental is secure and that tenants feel safe. Installing smart door and window locks, alarm systems, and surveillance cameras can help your property and its residence safe.
Also, scheduling tests to ensure you are compliant with safety procedures. In doing so, you can check if batteries are still working on your existing alarm systems, smoke detectors, and fire alarms.
Work with a Professional Property Manager
Property managers can give you back your personal time by taking care of the property’s management on your behalf. Property managers can market vacant rentals, screen tenants, schedule property checkups, and so much more.
They can add value to your investment and free you of the day-to-day responsibilities of being a landlord. Hiring a property manager is a business decision that can benefit you in the long run.
Conclusion
Reducing vacancy rates, not having to worry about regular property upkeep, and having a consistent flow of income are just some advantages of having a long-term renter. If you would like help finding long-term tenants and managing your rentals, consider working with a professional property manager.
If you feel the daily responsibilities of being a landlord weighing on you, reach out to Suncastle Properties today! We will take care of your property as if it were our own. Contact us today to learn more about our services.