Finding a great tenant is only half the battle. To be a successful landlord, you’ll need to know how to retain a tenant long-term. A long-term tenant will ensure you’re able to keep earning steady profits. That’s because you won’t have to spend money advertising the property or screening new tenants.
Attracting long-term tenants isn’t, however, a walk in the park, especially in a competitive marketplace. Luckily for you, today’s article will walk you through 7 tips to help you do just that!
Market Your Property Quickly
Don’t just market your property after a tenant vacates the unit, do it as soon as you receive notice. This will ensure that your property can generate interest from prospective tenants. This way, when a tenant moves out, you can be sure to fill up the vacancy quickly.
It goes without saying that an effective marketing process must be preceded by a viable property listing. Create a proper ad that includes a catchy headline, an engaging description, and high-quality photos.
Once the ad is ready, post it to top rental listings and social media sites, and create yard signs, posters, and flyers to spread the word.
Make Important Upgrades to the Unit
While upgrading your property may mean spending money, it can actually be a solid investment. As a result, you may be able to attract quality tenants and charge more for rent.
Quality tenants find well-maintained rental spaces stunning and will want to rent the unit for as long as possible. That said, rental upgrades aren’t created equal. Some provide a better return on investment than others.
The following are some examples of rental upgrades that provide the best return on investment:
- Updating the bathroom
- Refreshing the walls with a new coat of paint
- Adding new countertops
- Replacing dated appliances with energy-efficient ones
- Sprucing up the curb appeal
- Installing modern flooring
- Installing water-saving fixtures
- Upgrading the lighting
Screen Tenants Thoroughly
This is inarguably an important aspect of renting out a rental property. Get it wrong and you are more likely to face challenges throughout the tenancy. And, worst case scenario, you may even find yourself dealing with legal issues and court fees.
When you have a meticulous tenant screening process in place, you’ll be able to maximize your chances of landing the right tenant. A great tenant will benefit your bottom line in a variety of ways, including:
- Paying rent on time
- Caring for your rental property
- Reporting issues as soon as they occur
- Being easy to manage
- Renting your unit long-term
So, what exactly should you consider when screening prospective tenants? The following are important considerations to make:
- Credit Score – This is an indicator of the financial situation of a person. A high credit score shows that the tenant has good credit behavior and vice versa.
- Income Level – Ask for a prospective tenant’s bank statements, pay stubs, or W-2s. This will help you confirm whether the tenant is in good financial standing to afford timely rent payments.
- Rental History – Call prior landlords and find out how reliable the tenant was previously. Find out of they paid rent on time, caused negligent property damage, or regularly have noise complaints waged against them.
Make sure that your screening process aligns with the provisions of the Fair Housing Act. The act requires that landlords treat tenants fairly based on their protected classes. The classes are race, color, religion, sex, nationality, disability, and familial status.
Give New Tenants a Warm Welcome
Moving can be stressful. As a savvy landlord, you’ll want to be as hospitable to your tenants as possible. This can help you start your relationship on the right foot and set it up for a long-term engagement.
The following are some of the things you could do to make your tenant feel more at ease:
- Deep clean the property before they move in
- Introduce them to a couple of neighbors
- Provide them with helpful information about the neighborhood
Maintain the Property
One of the top reasons for tenant turnover is the unresponsiveness of landlords. If you take weeks to respond to your tenant’s maintenance request, chances are that they will be looking to leave the moment their lease is up.
As a landlord, it’s your responsibility to provide your tenant with livable conditions. The following are a couple of things that you must provide your tenant with:
- Hot and cold running water
- A heating, cooling, and ventilating system
- Proper plumbing and sanitation
- A pest-free dwelling
- Working electricity
Furthermore, you must respond to maintenance requests within a reasonable period of time. If you fail to do so, tenants may have several options available to them including withholding rent and/or repairing the issue and then deducting the costs from future rent payments.
Boost the Security of Your Property
As a landlord, the safety and comfort of your tenant should be a top priority. It may be best to install the following security features:
- Surveillance cameras
- Security alarm systems
- Motion detection lights
- Window locks
- Solid doors
You’ll also want to regularly inspect such systems to ensure they are working as they should.
Hire a Reputable Property Management Company
Another option you have to attract long-term tenants is by hiring a property management company. A good property management company will have the skills, experience, and market knowledge to help you find and retain a dream tenant.
What’s more, a good company will also be an industry expert when it comes to filling vacancies, screening tenants, maintaining your unit, and more!
Attracting long-term tenants is key to running a successful investment. These proven tips should help you get started in that regard. If you need expert help, turn to the team at Draper Realty. We provide quality property management services to property owners in Oklahoma. Get in touch today to learn how we can help you maximize your ROI!