Long-term tenants are an incredible asset to property owners. In such a competitive market, finding a reliable renter who provides a steady source of income for you is a huge advantage. Additionally, they can save you time and money you would otherwise be spending on marketing, screening, and the overall task of finding new tenants.
But how do you find someone who is the right fit for your property? How do you attract reliable tenants, and how do you ensure that they will want to continue renting from you? The task can seem daunting. Luckily, there are many ways to increase your chances of finding and maintaining a long-term tenant!
Marketing
The first step to finding a good tenant is showing off your property with a consistent marketing plan. Start by designing an appealing property listing that can easily capture the attention of any possible future tenants. Be sure to use high-quality, well lit photos. Video tours are another great addition that give prospective tenants a better feel for the space.
Next, make the listing available on popular listing sites and as many social media platforms as possible. Distributing flyers and posting on local community boards can also be effective. However, it’s important to note the strict laws that rental properties must adhere to. Make sure your property and your ads are compliant with the Fair Housing Act before posting them!
Upgrade Your Unit
While modernizing units and their amenities can be expensive, it’s proven to be a worthwhile investment! Renovations can be a daunting task, and it’s understandable why property owners might shy away from them. However, periodic upgrades to your property can give it a competitive edge against other rental units on the market.
What’s more, your current tenant is more likely to stay long-term if they know you are invested in maintaining and updating the quality of their living space.
Tenant Screenings
Choosing the right tenants is imperative to maintaining a successful rental unit. If proper tenant screening is ignored, you could put yourself at risk of financial and legal consequences. But what information do you need to collect during a thorough screening?
- Credit score - Seeing a potential candidate’s credit report is a great start. Their score helps you understand how reliable they are with their personal finances. If a credit score is higher, that’s often a great sign that they can make regular, on time rental payments. On the other hand, a low credit score is something to watch out for, and may indicate a bad financial track record.
- Rental History - It’s important to ask for references from a potential tenant’s past landlords. Having someone to vouch for a candidate’s reliability and gain more information on their lifestyle can be a solid way to assess if they are the right person for your unit.
- Income - Check bank statements, W-2s, and paystubs. Analyzing their income is the best way to confirm that your potential new tenant can afford to make their necessary payments regularly and on time.
- Criminal History - It's best to conduct a search of public records to see whether an applicant has been convicted of, or pled guilty to, or no contest to, any crime. Do this while abiding by the principles of equal opportunity.
Property Maintenance
When it comes to your rental property, regular upkeep and maintenance is crucial. If your property is not well maintained, you could find yourself guilty of breaking state law and losing your tenants.
Creating a maintenance plan is the most effective way to keep up with your properties repairs, and can also relieve a lot of stress on your end. You can also schedule seasonal inspections and include preventative maintenance measures to be proactive about potential problems in the future.
Hospitality
It's important to try and make your tenants feel welcome, and to keep them happy while renting from you. A warm welcome to your tenants can go a long way, especially if they are new to the area. Providing a clean space for someone to move into can also help them feel right at home.
In some cases, it may be helpful to give some information about the area. For example, you can explain how the nearby public transportation works, or give personal recommendations on local restaurants.
If you can, it may also be nice to introduce them to their neighbors! Finally remind them of the best ways to contact you. If they feel secure and welcomed by you, they are more likely to stay in the unit long-term.
Enhanced Security Systems
A reliable security system brings peace of mind to both you and your tenants. It’s your responsibility to ensure your renters feel safe from anything that can put them in danger.
Having solid doors and window locks are a great start, but you can provide extra security by adding alarm systems, surveillance cameras and motion sensor lights. Testing these systems regularly will also improve the safety of your unit , making your renters feel secure and more likely to stay there long-term.
Hire a Reliable Property Management Team
A property management team can help you streamline many of your tasks and daily operations. They are experts in the field, and have lots of experience to help you reach your investment goals and maintain your properties.
They can help you market your rentals, screen tenants and maintain your units. They will also likely have local connections with various vendors that they’ve vetted so you can ensure that repairs and maintenance are being conducted by trusted professionals.
Bottom Line
The steps listed above are all great ways to attract and retain excellent tenants for your property. However, it can be a lot of work. Not every landlord has enough time to keep up with the daily operations and tasks surrounding their properties. This is why it’s helpful to hire a reputable property management company like Rollingwood Management and use their expertise as an asset to your business.
Things like marketing, tenant screening, collecting rent and regular maintenance can all be delegated to us, leaving you with more time and less stress. Contact us today to learn more about our property management services !