Attracting long-term tenants is harder than it looks- many landlords experience high levels of turnover due to changing trends in the market. Need some help to attract renters that plan to stay awhile? Here’s 7 ways you can attract long-term renters to your property.
Promptly Attend to Maintenance and Repair Issues
When you promptly attend to maintenance and repair issues, your tenants will be incentivized to rent for the long-term at your property. Tenants want to know that their issues and concerns are heard, so don’t leave them waiting for repairs. The faster you attend to tenant repair issues, the better your relationship will be. Tenants are more inclined to stay at a property where their concerns are heard.
Consider Safety Features and Amenities
With any rental property, you should always consider the available amenities and safety features that you have to offer. Long-term renters will prefer properties that have useful amenities and adequate safety features. Many tenants would consider these factors some of the most important determinants when choosing a property to rent. The safer your tenants feel at your property, the longer they will be incentivized to stay.
Offer a Reasonable Yearly Rent Increase
When necessary, offer your tenants a reasonable yearly rent increase to stay competitive in the market. The price of rent will be the final say in if the tenant should rent your property or not, so adhere to your tenant’s price sensitivities. Offering a reasonable increase will build trust between you and your tenants, leaving them more inclined to stay longer at your rental.
Collect Rent and Other Payments Online
Digitalization is here, so why are your tenants still paying you with paper checks? By offering tenants the option to pay rent online or with other digital payments, you’re able to keep up with new digital trends and attract tenants for longer. The old days of paper payment are gone, tenants would rather use digital payment to pay landlords. We expect this trend to grow as we progress with new generations of tenants.
First Impressions Matter
You’ve probably heard this saying before, but first impressions matter, especially in real estate. Tenants do not want to live at an unattractive property. Before marketing your property, make sure to do a thorough clean up and restoration. Look around, is there paint chipping in any places? Is the driveway clean and presentable? Your yard should be inviting to your tenants; take care of your lawn and add some outside décor to really “wow” them on the first impression.
Screen Your Tenants Thoroughly
One way to attract long-term tenants is to have a proper screening procedure. An excellent screening procedure allows you to avoid costly tenant turnovers. Your goal is to filter out the tenants who would most likely fail to take care of your property or pay rent in a timely fashion. Note, your screenings must comply with the Fair Housing Act.
Build a Good Relationship
Like any business deal, you should aim to build a good relationship with your tenants to encourage open communication between both parties. Your landlord shouldn’t be a sour subject, the purpose is to make the renting experience joyful by having a good relationship throughout the rental experience. Be sure to respect their privacy and always remain professional when communicating with tenants; you should aim to make them feel at ease and comfortable in their new environment.
RCN Capital offers short-term and long-term financing options for real estate investors. Whether you are looking to fix & flip properties or hold properties for rental income, RCN has flexible options that are suited to your needs. Connect with us today to discuss your next real estate investment