After investing in a rental property, landlords want to receive a steady income. But to have a consistent income stream, your property must be occupied.
Having long-term renters allows you to reduce vacancy rates while saving money on cleaning, marketing, and maintenance costs during turnover. Keeping a tenant for a long time lets you build a good relationship with them and as a consequence your ROI improves.
Enticing quality tenants starts with preparing the unit and making it comfortable to live in. But at Level Property Management we believe there are other effective ways to catch the attention of a long-term tenant and eventually sign the lease agreement:
Market the Property Consistently
Be innovative and use new marketing strategies that persuade possible tenants into signing the lease. You can give out flyers, advertise on billboards, use online listing platforms, post in community boards, and leverage both social media and digital marketing to find the right tenant.
When creating your listings include all necessary information such as amenities, or restrictions. Let your prospects see themselves living in the home by investing in quality photos and videos.
its a good idea to have the home cleaned and prepare it for your photoshoot. If possible, add a tour video, this will allow interested tenants to get a feel for the home - albeit virtually. Applicants are more likely to reach out when they have enough information about the property and can easily decide to sign the lease.
Renovate the Space
Add value to your property by making a few renovations on your rental home. Repaint the walls, invest in energy efficient fixtures and appliances, and work on your curb appeal. During maintenance, address any minor issues, as these could lead to major and expensive ones if ignored.
Upgrades shouldn’t be expensive. You can settle for mid-priced brands that can do the job perfectly. If you plan on tearing down a wall, always assess the situation and consult a professional. Newly remodeled houses attract renters more effectively and caneasily compete with other, newer, properties.
Conduct a Thorough Tenant Screening
A thorough tenant screening is a crucial step that you must take before renting your property to an interested applicant. You can consider the below items during tenant screening:
Income level: When potential renters have a steady income, this suggests that they have the ability to pay your rent. This is also an assurance that they can stay on top of their rent payments even if they occupy the property for a long time. So, request a copy of their pay slips, bank statements and W-2’s to go over this information.
Credit Score: Credit scores go a long way to showing you how a person manages their finances. The higher the credit score, the better they are at controlling their finances. A bad credit score means unstable finance management and can indicate potential rent collection problems in the long run.
Rental History: As a landlord, you have to look into the reasons why tenants are looking for a new home. You can get to know more about the potential tenant through another landlord’s standpoint. Request for their previous landlords' contact information as reference. Their previous landlords can easily let you know if they pay rent on time or were a nuisance to the neighbors.
Criminal records: Renting the property to someone with a criminal record may put you in a difficult situation and could cause a legal headache later. Standardize your screening process and make sure to base your rejection on legally justifiable reasons.
Enhance the Property’s Security
Assure your tenants that your rental property is a safe place for them to live in. You can do this by replacing doorknobs with a coded lock or electronic keypad door lock. Install modern security systems such as motion detection lights, alarm systems, and smoke detectors.
When security is guaranteed, renters feel safe and are more likely renew their lease to stay long-term.
Maintain the Property
A property that is well-maintained promotes a worry-free tenancy. Conducting regular inspections and preventive maintenance can DIY landlords you fix what’s broken and repair anything damaged due to wear and tear.
In cases where repairs are needed during tenancy, be sure to address these issues within a reasonable timeframe. Choose energy-efficient and quality replacements to avoid the issue from happening again.
It is the tenant’s right to live in a habitable environment so the property should be ready for occupancy before bringing in a tenant.
Manage your relationship well with your tenants to encourage them to sign a lease for the long-term. Respect their privacy and be ready to help them when you need to. Putting together a property manual that includes recommended or nearby grocery stores, malls, and fun activities to do in the area is a great way to connect with your tenant.
Hire a Property Management Company
Property management companies can help you manage your landlord responsibilities so you can focus on your other activities. They can handle responsibilities from rigorous tenant screening to the challenging process of evicting a problematic tenant.
A property management company's experience is important to note, especially if you are a new landlord. They can help in attracting long-term tenants and keeping them happy.
Long term tenants can be great for your bottom line. The continuous and expected stream of income they provide can help you prepare for further investments and manage your financial situation better. But finding a long-term tenant can be a challenge, which is why you should consider hiring a property management company.
At the Level Property Management Group we are a seasoned rental property management company that can take care of marketing your property, enticing long-term renters, collecting rent, and keeping your tenants happy. Contact us today!