As a landlord you want your rental units to be occupied by long-term tenants. They guarantee you a constant stream of rental income and they are known for their good character. You can expect long term tenants to keep your unit in good condition throughout the term of the lease agreement.
Having a long term tenant also limits expenses. Since there will be no need to advertise the unit, or go through the tenant screening process, you can keep expenses low.
The question is: How do you attract long-term tenants to your rental unit? The team from Embark PM has put together a few practical strategies that you can implement.
Continuous Marketing of Your Property
Before finding a long-term tenant, you have to properly market your property. We recommend that you consistently advertise your rental to attract the attention of potential renters.
To get the best attention, begin by creating a quality property ad that can generate enough interest with the current pool of tenants. An ad should have clear photos of the property, an optimized description of the property, and a call to action.
Distribution of your ad should be in tandem with your target group of renters. For example, if you are looking to attract more young professionals and singles, you should focus more on digital sites and social media platforms.
There is no harm in advertising on both traditional and new media platforms. This will help show your property to the greatest number of people.
Tenant Screening and Selection
One guaranteed solution that we have proved effective for our clients over the years is our tenant screening solution. It involves interviewing potential renters, assessing their character, financial capability, and other key factors.
A tenant screening solution has several checks. Some of them include rental history check, employment, credit check, eviction history, social security verification, and criminal background.
By implementing a detailed tenant screening solution, you are protecting your interests and also ensuring that you don’t incur high maintenance costs. It helps ensure that you are leasing your space to the best tenant available in the region.
However, you should be warned of the provisions of the Fair Housing Act. While advertising the property and screening potential tenants, be sure not to discriminate against any renter or you might find yourself in a court of law.
Upgrade and Renovate the Unit
Renters want a unit that is clean, renovated, and up to date. They want to live in a quality space that they can proudly call home. If you want to attract a long-term tenant, you must keep your rental unit up to date.
The renovations that you consider should match the needs of your tenants. If you rent primarily to students, we recommend that you upgrade the Wi-Fi speed and possibly have a bike rack. For those renting to families and young couples, you could upgrade the kitchen or the bathrooms. Your renters will greatly appreciate it and will keep these updates in mind when the lease is expiring.
When you make renovations, you are making an investment and placing your property a level higher than the competition. You can charge more rent in order to recoup the costs. And, with good advertising, you are assured of high demand for the rental unit.
The team from Embark PM can advise you on how to go about the rental pricing of your rental unit. Give us a call today.
Having a good landlord tenant relationship is an important part of keeping tenants long term. When a tenant is moving into your rental unit be friendly and accommodating to them. This will help build the foundation for a good relationship.
Here are some practical suggestions:
- Introduce the new tenant to the neighbors
- Make sure the property is clean
- Be clear that the tenant can come to you with questions or problems
Letting your tenants keep pets in the rental unit is a great way to ensure tenants stay long term. People with pets don’t tend to move as often as people without pets. Companion animals allow tenants to feel safe and comfortable.
Landlords who allow pets in the unit, often charge a pet deposit. This fee is used to cover damages and expenses that are associated with pets. However, more often than not, pets do not incur damages every month. This money will go straight to your pocket.
Upgrade the Security
For the time your tenant is living in your unit, it is their home. They need to feel safe in the unit and know that their possessions are safe when they aren’t home.
The installation of an alarm system, a sturdy front door, surveillance cameras, smart home system, and motion detector sensors in the front and back yard not only helps your tenant feel safe, but it also increases the amount you can charge for the unit.
Consider a Property Management Expert
The secret to gaining all the benefits that come with long-term tenants lies in the management of your rental property. Tenants who feel comfortable and happy in the rental unit are more likely to stay longer and pay more rent. The common areas should be well maintained, the landscaping in good condition, and you should be ready to respond to tenant requests.
However, few landlords can keep up with the demands of rental property management. Most don’t have the resources and experience required. That’s why you should consider hiring an expert property management company.
Embark Property Management is the leading service provider in the area, known for its comprehensive solutions and quality customer service. Our clients can testify to our professionalism, integrity, and accountability. We have a large portfolio that consists of properties of all kinds, from single-family residences to condominiums to luxury homes.