6 Ways To Find and Retain Great Tenants
Being a landlord can be very rewarding. It can also be a headache when you don’t have respectful people living in your properties. The good news is that you can make a difference in the type of people who sign the lease. Take these proactive steps to find the right tenants and keep them for as long as possible.
1. Market Your Property Correctly
The type of property you have influenced the people it will attract. Keep it well maintained and set it at a moderate price. These factors are likely to appeal to tenants who are clean and can afford to pay the rent.
Advertise the property online on several sites. Share as much information as possible to help potential applicants decide if the unit is right for them. Include tenant expectations, such as rules about pets, smoking, and length of the lease. Being thorough will save you time on wasted phone calls and tours.
Additionally, be careful in how you word the ad to avoid discriminatory practices. Therefore, review local laws and utilize legal assistance to be safe.
2. Fully Screen Applicants
Find out important facts about candidates through credit reports, criminal records, and rental history. In some states, you have to cover the cost of a background check, but in others, you can charge applicants. Also, call their previous landlords to learn what kind of tenants they were. The more information you have, the better decision you can make. Again, be sure to follow regulations to avoid accusations of discrimination.
3. Have a Clear Agreement
Many landlord-tenant issues arise over matters of policy. Make sure your rental agreement is clear, up to date, and legally valid to prevent confusion and contention. Go over the agreement with the tenant at the time of signing and ask if there are any questions. As a result, this will avoid issues later on creating happier tenants.
4. Fulfill Your Responsibilities
Once you’ve secured good tenants, you need to do your part to retain them. The most important step is staying on top of property management. Be easily reachable and willing to help with repairs and other problems. When working on maintenance, be respectful of renters’ time and space.
5. Make Tenants Feel Valued
It’s easy to take good tenants for granted. Remember to treat them as a business would its customers to ensure loyalty:
- Get to know their names.
- Send them holiday cards.
- Say thank you when they pay their rent.
- Throw a neighborhood party.
Hence, a little courtesy and appreciation can go a long way in creating a mutually beneficial relationship.
6. Offer Incentives To Stay
When the lease starts coming to an end, give the people a reason to stay. Offer perks for renewing, such as a rental discount, upgraded appliances, cash bonuses, or gifts. Find out if there is a reason why they won’t stay and if you can do something about it. If they do move on, stay civil and gracious. As a result, you want them to leave you a positive review and refer you to friends.
The competition for tenants of high value is fierce. It’s worth taking the time and effort to research and prepare properly. You’ll reap the rewards of a good reputation. You can boost it even more with the professional help of Opiniion. Find out how we can improve your property ratings.