Responsible, long-term tenants are the holy grail of the rental property world. As landlords search for the perfect tenant, they and their properties are being judged by potential renters. Here are a few tips to help you in attracting long-term residents to your rental.
1. People DO Judge a Book by Its Cover
One of the most important things you can do is give potential tenants a great first impression when they drive up to your property. The exterior of any property tells people what to expect when they step inside. Keep things clean and well-maintained. Even better? Take steps to beautify it. If there is a yard, landscape it and make it into a place that tenants can be proud of and enjoy. The same impression that people get when they arrive there as potential renters is the impression that their friends and family members will have when they come to visit. Make it something nice.
2. Investing in Upgrades Pays Off
Just as with the exterior landscaping, investing the time and money to really wow potential tenants with the interior of a property will pay off in the end. Stainless steel kitchen appliances or a remodeled master bathroom may cause you to open your wallet now, but it will help ensure that money flows into it long-term once the property rents out. Advertising these upgrades will provide a larger pool of possible renters for you to choose from. Once they’re in, they’ll be more likely to stay if it’s a place that’s truly nice.
3. Keep Safety in Mind
Long-term tenants need to feel safe when they’re at home, this is something to keep in mind when you’re getting the property ready to rent out. Make sure the property has good quality doors and windows that can’t easily be breached. Invest in deadbolts for every exterior door, as well as window locks. One of the keys to attracting long-term tenants is to make them feel at ease and secure when they head to bed at night, and these are easy, inexpensive fixes to make.
4. Attracting Long-Term Residents with Excellent Customer Service
Unless you’re ready to quit your day job (or come out of retirement) and become a landlord, it’s a good strategy to hire a responsive and experienced property management company to keep track of your rental. This company will be the public face of your property to current and potential renters. They’ll help screen and find tenants, collect rent payments from them, and jump in to assist if any problems arise. Do your homework before settling on just any property management company.
5. Reward Long-Term Tenants
Once you’ve got an excellent long-term tenant, the goal is to keep them and prevent them from shopping around for a new, better place to live. Renovations before they move in and excellent customer service don’t have to be the end of the quest to hold on to great tenants. Offer them rewards for being amazing. Install new ceiling fans or offer to upgrade things like countertops or flooring in areas of the property. Make them feel appreciated and they’ll be more likely to stay.
Any landlord will tell you that the best long-term tenants are ones who take pride in their rental home. If you go the extra mile to make the place nice for your tenants, they’ll go the extra mile to be great tenants for you. Attracting long-term residents is as simple as applying the Golden Rule to your tenants, imagining the kind of place you’d like to live and making it so for them.
Smartland is Northeast Ohio's largest turnkey real estate investment and property management firm. Our team combines financial savvy with expertise in property management to help clients identify and invest in alternative investment vehicles that have strong growth potential.