Reducing vacancy rates, not having to worry about regular property upkeep, and having a consistent flow of income are just some of the advantages of having long-term tenants. When you find a tenant who pays rent consistently, abides by the terms of the lease, and reasonably maintains the rental, you want them to stay long-term.
That said, long-term tenants are hard to find. The good news is that even in a highly competitive market, there are effective ways to entice long-term renters. We at Keyrenter Property Management Hampton Roads have listed some useful tips to attract tenants and keep them for the long term.
Advertise Your Property Effectively and Consistently
To have an effective advertising strategy means piquing the curiosity of prospective long-term tenants. An excellent way to do this is to create compelling listings. First, identify a reasonable rental rate depending on your property’s market value and location. Once the pricing has been set, create your listing.
Your listings should have high-quality photos of all the rooms and the best features in the rental. You’ll also need to write up a description of the space. Sprucing up the listing with a few pictures of the neighborhood and recommended activities is also a good idea. If you have the time and budget, you can take it a step future by adding a virtual tour of the property.
These listings are most effective when published on different platforms to cover all your bases. Add them to all social media sites and popular real estate platforms. Handing out flyers and advertising the rental property in your local newspaper can also help spread the word.
Screen Prospective Tenants Thoroughly
Property owners often overlook the significance of thoroughly screening prospective tenants. This is an essential factor when renting out your property. Conducting thorough screening can save you from legal and financial hiccups.
Having a checklist of your requirements can come in handy during the process. Below are some of the crucial things that you can include in your list:
- Credit Check – Analyze how well your prospective renter manages their finances by looking at their credit score. The higher the credit score the more likely that they can pay their rent in a timely manner.
- Proof of Income – This includes but is not limited to pay slips, bank statements, and W-2 form. It will be advantageous to ensure that they are capable of paying their rent regularly.
- Rental History – Looking into your candidate’s rental history to verify income, employment history and past rental rates is also crucial in the tenant-selection process.
Secure Your Property and Conduct Testing Periodically
Maintaining the peaceful enjoyment of the space the tenant calls home is vital. It’s your responsibility as the owner to provide safety and comfort to your renters for the duration of their stay in your rental property.
Installing smart locks, alarm systems, and surveillance cameras are some of the most effective ways to keep the property and your tenants safe. You should also test the systems regularly to ensure that everything working well.
You should also check if batteries need to be replaced in your existing systems like smoke detectors and fire alarms. This gives your tenants the assurance that they are safe and that their landlord prioritizes their comfort.
Upgrade or Improve Your Property Occasionally
Knowing your budget and sticking to it can save you when shopping for furniture and some basic household appliances if you’re trying to raise your property’s market value.
Beautifying your place and making it more efficient to live in will help to attract long-term tenants. Making the necessary upgrades will tell them that the property is well-maintained. Keeping up with the times by acquiring pieces with the latest designs can also help keep you competitive in the market.
Maintain the Property Regularly
Aside from carrying out property updates, creating your maintenance schedule can save you from surprise calls about damages that need to be addressed right away. It’s your tenant’s right to live in a comfortable, functional space. So, keeping your properties well-maintained helps you in being compliant with state law and maintaining a good relationship with renters.
Scheduled maintenance is key in making sure that you have working utilities and amenities. Creating a habitable home assures your renters that they are safe within your property.
Keep Your Tenants Happy
One of your duties as a rental property owner is to let your tenant enjoy their stay on your property. If your tenants are not familiar with the area or the neighborhood, you can help them settle in nicely by:
- Providing recommendations on where to grocery shop, eat, and enjoy some leisure activities
- Preparing the property by keep it clean
- Introducing them to other long-term tenants or next-door neighbors
- Keeping all communication channels open
Giving them a warm welcome and putting them at ease can make them extend their stay or better yet consider living there long-term.
Work with a Professional Property Manager
Doing everything listed above to attract long-term renters while effectively can also be very time-consuming. Property managers can give you this time back by streamlining the steps above and addressing any issues that may arise in the duration of your renter’s stay on your behalf.
Having a consistent flow of income, reducing vacancy rates, and not having to worry about regular property maintenance are some advantages of having a long-term renter. Hiring a professional property manager can take away the burden of choosing the perfect long-term renter for you.
If you feel the day-to-day responsibilities of being a landlord weighing on you, contact Keyrenter Property Management Hampton Roads at (757) 346-4000 today! We will take care of everything from finding you the perfect tenants to maintaining your rentals so that you can have the time and energy to do other things that you love.