If your main goal as a landlord is to keep earning a steady income, attracting long-term tenants is a necessity. Vacant rentals can lead to extra maintenance and marketing expenses, so it is critical to have loyal residents in your rental unit.
Elevating the value of your rental space is also a breeze when you have a reliable set of renters. You can allocate a budget for renovations which leads to more satisfied tenants and consistent investment returns.
Here are 5 great tips to draw more constant and reliable renters:
1. Persist With Marketing
When marketing your property, learn how to craft eye-catching ads by showcasing attractive images, interesting property descriptions, and complete headlines. To engage prospective tenants, focus on delivering excellent photos, video tours , marketing copy, and the right distribution channels to increase your ad exposure.
Assigning the rental rate should not be done at random. Research how much competitors are charging in your area and check multiple factors. Scout for property types that are similar to yours in terms of amenities.
2. Consider Upgrading Your Property
Consider property renovations as valuable investments that can significantly boost your rental unit's appeal and value. Renters are more likely to choose and stay in a property that is well-maintained and regularly updated.
By making your property more livable and incorporating upgrades that align with the needs of your target market, your unit will stand out from others in the area. These improvements also give you the opportunity to set and increase the rental rate , reflecting the added value.
The more you address your tenants' needs and preferences, the more likely they are to remain long-term, reducing vacancies. Satisfied tenants contribute to a thriving rental business, and even if your property isn't brand new, strategic upgrades can keep you competitive in the market.
3. Design a Comprehensive Tenant Screening Process
To attract long-term tenants, you need to perform detailed tenant screening to lower your risk exposure. Screening renters helps you assess whether they will be a good match and align with the criteria you have created.
Tenant screening also alerts you for potential issues, such as delinquency in paying the rent or the likelihood of property negligence or abuse. When screening tenants check the factors below:
Credit Score
If a candidate displays a high credit score then they are more likely to have healthy finances. You can rely on them so you can collect rent regularly.
Employment and Income Level
You need to verify whether the renter has a stable source of income to meet their rental payment obligation.
If a renter has a low income, there may not be a buffer for sudden financial emergencies. Request renters to submit bank statements and pay stubs to assess their financial capability.
Rental history
Knowing if a renter is responsible for paying the rent in the past can provide you with a good picture of their sense of responsibility. You must contact previous landlords to learn more about the candidate and whether they caused property damage in their former rental spaces.
4. Create a Hospitable Environment
Moving into a new place can feel overwhelming. Knowing this, it will be good for landlords to show hospitality to their new renters. Make the adjustment as easy as possible by providing a welcoming atmosphere.
Showing Hospitality to New Tenants
- Welcome new tenants on their first day of moving in maybe present a welcome gift
- Keep the rental space clean before the renter arrives
- Make introductions around the neighborhood to increase familiarity
- Offer help anytime and recommend the hotspots in town
Good impressions create lasting relationships. When it is time to renew the lease, renters will often remember the kindness and hospitality you showed them through their tenancy period and most especially, during their first day of move-in.
5. Beef Up The Security System of Your Property
Safety is a top priority, and renters will feel more at ease in a secure living environment. To reduce the risk of trespassers and burglaries, regularly invest in and maintain your property's security system .
Installing alarms and CCTVs is a worthwhile investment, as a well-secured property deters burglars. Use durable locks, doors, and windows to further protect your rental unit and ensure peace of mind for your tenants.
Bottom Line
Attracting long-term tenants is essential for maximizing your rental income and minimizing vacancies. By consistently marketing your property, upgrading it, thoroughly screening tenants, creating a welcoming environment, and enhancing security, you can significantly increase the likelihood of retaining reliable, long-term renters.
Tending to your property and tenants as your rental property portfolio increases can be challenging. At Legacy Realty & Management we have a team of professionals who have the best practices to maintain and market your property, collect rent, create financial reports, and run tenant screening.
Contact us today, and start attracting long-term tenants now!
