If you want to earn consistent rental income for the years to come, you’ll need to find high-quality tenants and keep them long-term! In addition to the steady returns you’ll make from your investment property, having long-term tenants will also reduce the amount you spend on maintenance and marketing fees. You can even increase your rental’s value by making property upgrades that inspire your tenants to renew their lease.
Here are some useful tips to inspire renters to stay for the long haul!
If you advertise your rental you’ll increase your property’s market presence. Just be sure that the rent price you assign matches your neighborhood’s current economic environment and rental demand. Above all else, it’s important to create a property listing that draws prospective renters to your rental home!
For higher view rates, include clear images and videos highlighting the property’s best features. You can advertise on various online platforms to acquire a wider reach. However, advertising offline using flyers, community boards and newspaper classified ads is also crucial. Remember to follow the Fair Housing Act and refrain from discriminating against anyone based on their religion, color, or race.
Upgrade Your Property
Some landlords choose to refrain from conducting renovations, given their initial costs. However, we believe that strategic property upgrades are an investment. Many renters look for specific amenities or features when looking for a rental home. Families often want additional storage, whereas single renters look for homes with character or amenities like designated parking.
To motivate your tenants to stick around, we suggest making a few upgrades to make staying in your rental space more comfortable. You can enhance your rental from time to time for a low cost with a new coat of paint, adding built-in shelving units, or other simple updates.
Screen Tenants Thoroughly
Landlords who prioritize having qualified renters in their rental know the importance of an effective tenant screening process. Skipping this crucial step can expose you to more risks in terms of financial loss, as unreliable renters may miss rent payments or cause negligent property damage.
When you screen renters before welcoming them to your unit, you’ll learn if they meet your needs. Below are areas you want to check out when evaluating a prospective tenant:
If a prospective tenant has a satisfactory credit score, it means that they can manage their finances well.
If you want to analyze whether a tenant can pay rent each month, you can ask them to submit bank statements, W-2s, or their pay stubs. Based on their earnings, you can gauge if they can afford to meet the costs associated with renting your unit.
While it takes time to contact former landlords, reaching out to them is vital. Contacting former landlords will allow you to learn what a renter is like before you sign a lease with them.
Welcome Your Renters on Move-in Day
When a new tenant moves into your unit, they may not know about the great amenities in the neighborhood. You can make your renter feel more at home by:
- Give them a warm welcome on move-in day
- Make sure the rental is renter ready before the start of the tenant’s lease
- If possible, introduce your tenants to your other renters or close neighbors
- Show new tenants how the home systems and appliances work
- Provide them with a list of nearby shops, restaurants, community centres, and public transport hubs
How you treat renters on their first day will have a long-term impression. If you give your tenants a great experience from the start, they’re bound to keep renewing their lease!
Perform Proactive Maintenance
If you care for your investment property, your tenants will be inspired to do the same. One of a landlord’s main responsibilities is keeping their rentals in top-notch condition. So, it’s important to be proactive when conducting regular property inspections and maintenance.
If you prioritize your rental’s upkeep, you can minimize tenant turnover and prevent emergency maintenance situations. If your tenant reports a property issue, be prompt in dealing with it. If you delay essential property repairs, your tenants may move out or withhold rent payments.
We recommend creating a routine maintenance plan. This will help ensure you don’t overlook anything during property inspections and will give your tenants an idea of what issues to keep an eye out for during their tenancy.
Hire a Trusted Property Management Company
While being a self-managing landlord lets you save on management fees, you will have to dedicate a lot of time to managing your rental home. A good property manager will be a supportive partner you can rely on to take care of property marketing, tenant screening, and maintenance issues for you.
Property managers are also knowledgeable regarding property laws which means you won’t have to face legal disputes or issues. For example, if you need to evict a tenant, you must follow the legally mandated eviction process. Professional property managers are well-versed in this process and will ensure your eviction goes as smoothly as possible.
Hiring a great property manager will give you more peace of mind and save you time while maximizing your ROI!
Drawing in long-term tenants isn’t difficult when you apply these simple strategies! However, self-managing your property can be taxing. If you’re short on time, or just looking to reduce your stress, get in touch with the experts at Nest Finders Property Management! Our team is ready to help you land and retain high-quality renters.