Every year, over half of rented units experience vacancies. That means investing in effective marketing to reach more tenants is essential for some landlords. However, such expenses can drain your profits, not to mention the lost income on empty units that don’t generate rent. Instead, finding ways to keep your renters is a better financial decision in the long run.
Are you a property owner looking for new techniques to reduce turnover rates? If so, you’re in the right place. This article highlights the top 5 landlord strategies to secure long-term tenants.
Top 5 Landlord Strategies to Secure Long-Term Tenants
- Prioritize a Thorough Screening Process
One of the best ways to secure long-term tenants is to prioritize a thorough screening process. It’s a no-brainer that renters with a good track record tend to be more responsible and last longer. Thus, it would be wise not to skip the proper screening procedure when looking for a new renter. Always consider factors like their income, criminal background, rental history, and credit report. Such documents can give you an idea of their financial stability. Finally, don’t forget to follow up with past landlord references to get a feel of their character.
- Leave a Good First Impression
As the saying goes, first impressions matter. Thus, you should do your best to leave a good one with your tenants. One of the best ways to do this is by maintaining a polite and professional demeanor with all potential candidates. Give them a reassuring smile, and be upfront with any questions they might have. Since no one wants a problematic landlord, your charm could even sway some people to apply. After thoroughly screening and selecting the right applicant, you should make them feel welcome. You can create a tenant welcome basket for them with toiletries, some provisions, and essential contact information. These will go a long way in making renters feel welcome and make them more inclined to stay.
- Attend to Maintenance Issues Promptly
Poor management is often one of the reasons tenants decide to look for a new place. Thus, if you want your renters to stick around, you need to be on top of their maintenance needs. If you’re a long-distance landlord or too busy to oversee repairs, you can hire a highly skilled professional to manage your investment property. Tenants also appreciate the communication, so if you can let them know when and how long it would take to fix the issue. If you keep your renters in the dark about recent developments, you could alienate them. For example, if a tenant complains about a leaking pipe, assure them you’ll fix the problem soon and call a plumber.
- Treat Tenants Fairly
While it might be your property, tenants have rights too, and you must respect them. As a landlord, you should uphold your end of the lease and not try to pull a fast one on your renters. For example, some property owners make promises to repair the damage before the tenant move in but ignore all their requests after receiving a check. Establishing such a rapport might mean a few dollars in your pocket in the short term, but you could look at several vacancies in the future. If you treat your tenants fairly, they’ll respect you and most likely stay longer. However, if you’re not going to be around much or need help managing your property, enlist professional assistance. Since whoever oversees your tenants in your absence would be your representative, review these expert tips for selecting a property manager.
- Encourage a Longer Lease
Finally, you can secure a longer tenancy by putting it in writing. In other words, instead of opting for the standard year-long lease, try extending it to two or three years. Understandably many tenants would hesitate to commit to such an extended rental arrangement. But if you can sell it to them, you wouldn’t have to worry about vacancies for years. As long as you prioritize proper screening and treat your tenants fairly, both parties should be happy.Content Provided By RentSimple – property management resources
Frequent tenant turnovers can be a hindrance to your rental business. Thus, learning how to make current renters stick around longer could be beneficial. With these top five landlord strategies to secure long-term tenants, regular vacancies should be a thing of the past. Emphasizing thorough screening will help you identify high-quality tenants. Also, leaving a good first impression, treating your tenants fairly, and attending to maintenance issues promptly will make them want to stick around. Finally, you can try tying them down with a longer lease.