How to Attract Long-Term Tenants

Each landlord’s ultimate goal is to earn a consistent return on their real estate investment. To achieve this, it’s essential to attract long-term tenants. Long-term tenants will allow you to have a steady stream of rental income for your property and reduce tenant turnover, ultimately saving you time and money.

Another good reason to have renters for the long haul is that you can cultivate a positive landlord-tenant relationship and have trustworthy tenants.
This article discusses the ways to attract more long-term renters into your rental space.

Offer Privacy to Your Tenants

Before dropping by for rental property inspections, ensure that you send out a prior notice to your tenants.

You want to avoid infringing on the privacy of your renters. Always notify your renters at least 24 hours before you enter the property, even if the property inspection schedule is on the lease agreement.

Renters are also protected under the covenant of quiet enjoyment, so refrain from spot property checks.

Landlords can legally access their rental property for the following reasons:

• Perform essential repairs
• Upgrade the unit
• Handle a rental abandoned by a renter
• Conduct property showings
• Comply with a court order
• Manage an emergency situation. This reason does not require a notice.

Nurture a Solid Relationship With Your Tenants

Normally, people want to interact or do business with people they like and this also applies in a landlord-tenant relationship. Renters who are comfortable in their rental and have good communication with their landlord are more likely to extend their lease.

You can start creating a good rapport with your renter by:

• Extending Hospitality: Personally welcome them on the first day of moving in, bring a thoughtful gift, introduce them to neighbors, and conduct an orientation to show them how appliances and home systems work.
• Having Good Communication: Give your contact information and update renters if it changes, return phone calls, and take time to reply to messages. If you’re unable to deal with a message or call right away, inform them that you’ll get back at a specific time.
• Adopting a Responsive Attitude: Tenants value landlords who address concerns right away. It saves them time from doing follow-ups or facing maintenance issues, such as a broken toilet. Make sure to ask for feedback after repairs and resolutions are done to ensure that the problem has been fixed.

Practice Flexibility

Being too rigid can deter renters. Some tenants may request to make changes to the space, such as painting the walls, or they may ask to keep a pet on the property. As a landlord, you need to be prepared to handle these types of requests.

Providing options can land you loyal and long-term renters. For example, you may want to rent to tenants with pets as this will expand your pool of potential tenants.

Go over your lease agreement and ensure your property policies are clear and legally compliant. You can set out specific conditions whether you permit a tenant to sublet or paint a wall to their liking. This flexibility is often appreciated by renters and helps them decide to renew the lease when the tenancy ends.

Make Safety a Top Priority

Keeping your rental property safe and habitable is your legal responsibility as a landlord. Safeguarding your tenants in your rental space also keeps them loyal and happy. Landlords can do several things to enhance tenant security.

They can:

• Set up a security camera to identify trespassers.
• Install smoke alarms and carbon dioxide detectors.
• Ensure the electrical system passes the current safety standards.
• Place motion sensor lights in dim areas of the unit.
• Purchase sturdy locks.
• Invest in doors with durable materials.

Design a Fail-Proof Tenant Screening Process

To reduce tenant turnover rates and find a long-term renter, you will want to have a thorough tenant screening process. To ensure you end up with high-quality tenants, create a solid set of criteria and stick by them when you interview potential candidates.

You should also consider these major factors when conducting a tenant screening:

• Income and Employment: Verify how much the renter is earning and whether they are steadily employed. You want to make sure they’re able to afford the monthly rental fees and have a stable job that provides a regular income.
• Credit Score: A tenant must have a good credit score to show they are financially responsible. Ask the applicant for authorization first before running a credit report.
• Past Rental References: Aside from the income and employment verification and credit score checks, you also need to contact former landlords to gain more information about the renter. You need to find out whether the tenant paid their rent on time, contributed to property damage, and didn’t have any complaints raised against them by other renters or neighbors in their previous rental property.

Conclusion

Attracting long-term tenants leads to consistent rental income, minimal stress, and better connections. Simple things from greeting your renters when they first move-in and sending notices prior to inspecting the property can be great ways to keep them year after year as residents.

Keeping your tenants happy is crucial for any landlord. If you need assistance with managing your property, contact Redsail Property Management today! We can help you with everything from tenant screening to regular upkeep and maintenance.