It’s every rental property owner’s wish to attract quality long-term tenants. The benefits are rewarding and a leeway to meet your property investment goals. Long-term tenants guarantee a steady flow of rental income and save you on recurring marketing when you have a vacancy and tenant screening expenses.
Sadly, it’s not always possible to get long-term occupants for your rental home. But, at the same time, practical methods of attracting lasting leaseholders exist.
Several reasons inform a lease holder’s decision to stay or vacate their rental unit. Understanding these reasons can give you a heads up on how to attract long-term lessees. This article explores several proven ways to attract and retain tenants for the long term. Read on for some helpful insight.
Extensive Marketing
The goal here is to reach as many prospective tenants as you can. The higher the audience your marketing campaign gets to, the better the chances of landing high-quality tenants. With so many marketing channels available today, coming up with the right strategy can be the difference between success and failure.
Create a listing of your rental property and include as many attractive photos as possible and short videos where necessary. These will help acquire the attention of the caliber of occupants you are targeting.
As a first-timer and unsure about the ad, get a professional to go through it and get their opinion. They should also assist you to comply with property laws governing property investments in the area.
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The plan for distributing your listing becomes very crucial too. Exhaust all available channels, both online plus offline to broaden the breach. Social media platforms and property listing websites form a good starting point.
Tenant Screening
The occupant screening process helps you weed out problematic renters before you hand over those keys to your property. Such leaseholders have little to zero care about your unit and often rent on a short-term basis. Below are three critical things to ponder as you screen prospective occupants.
• Income Level
The last mistake you should make is leasing out a rental unit to someone who will struggle to pay rent. To better manage your rental units plus reach your financial goals, it’s vital that rent payments are collected consistently and by the due date.
Ask the prospective occupiers for bank statements to ascertain whether they can afford a lease on your property. If their monthly income is inconsistent, you are also likely to receive inconsistent rent payments. Lease out to those individuals whose income is up to three times or more the amount of rent you charge.
• Creditworthiness
A person’s credit ratings show their ability to manage their finances. A high rating shows an ability to manage credit, whereas a low score shows their vulnerability and inability to manage their finances.
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Avoid renting out to people with a low credit score. It shows that they may struggle to pay their rent if they fall behind for some months in case of an emergency or other unforeseen circumstances.
• Rental History
Ask for referees from prospective leaseholders during the application. This enables you to carry out a background check on their rental history. Find out if they upheld their tenancy end of the pact and whether they had any problems with the landlord and the neighbors.
Tenants with a problematic history with other landlords are likely to extend those behaviors to your tenancy spell. Thus, only lease to those lessees with a clean record.
Be Hospitable
You won’t get a second chance for a first impression, so you want to show your new tenants what a good landlord you are. How you treat your renters during your first meeting creates a lasting impression. Be warm and welcoming, especially to those occupants who are not from around and may need help settling down.
This can help build strong relationships with tenants, a recipe for lasting occupation. Having a good rapport with the landlord is enough motivation to renew a lease agreement. Therefore, always endeavor to create and build warm interactions with your leaseholder during their lease period.
You can make your tenants feel welcome by:
• Offering them and their pets a warm welcome
• Make sure their rental unit is clean and in perfect condition
• Showing them around by giving helpful directions
• Helping them get acquainted with neighbors
• Answering their queries and reassuring them of your support and availability when needed
Property Maintenance
If you want to build a lasting relationship or tenancy with your tenants, always ensure that their rental units are well-maintained at all times. Property maintenance is not only a requirement under the law but also your primary responsibility as a landlord.
Make sure you respond to maintenance requests immediately and arrest any situations that may lead to bigger repair problems.
A poorly maintained property is one of the top reasons tenants do not stay for long. You should schedule periodic maintenance and cleaning services to keep your property in peak condition. This can also help fix some minor issues before they become costly full-blown maintenance and repair.
Safety
Everybody wants to keep their families and belongings safe and comfortable. Most tenants will interrogate the security of your property before they look into other details. Therefore, it’s your duty as the landlord to ensure the rental property is well-secured from internal and external threats. That can be achieved through:
• Installation of security cameras
• Setting up an alarm system
• Having sturdy doors and windows in place
• Enough lighting, including motion sensor lights
• Have security locks that are not easy to compromise
• Employ security guards to guard your property
Hiring a Property Management Company
Well-established property managers can help you attract long-term leaseholders to your property. They can also help you manage the day-to-day obligations of your rental business.
Their skills and expertise in property management, marketing, and property maintenance give them a better chance of getting high-caliber tenants within a short period. Through their experience, they also have a better understanding of the property laws and markets in the area.
Bottom Line
The above tips can help you attract high-quality and long-term tenants to your rental building. However, if you do not have the time, hiring experienced property managers such as Alliance Property Management in Ogden, Utah, and its surrounding areas may be a good decision.
As a leading property management company in the region with more than twenty years of service, we have the expertise to help you realize your rental property investment goals. Call us today for all your property marketing, inspection, tenant screening, and property maintenance needs.
