How to Attract Long-Term Tenants
Long-term tenants are key to your success as a landlord. Long-term tenants not only assure a constant flow of cash for you every month, but also help minimize your leasing expenses.
Attracting long-term tenants should therefore be your ultimate aim. But, how exactly do you do that? The following are proven tips to help you attract long-term tenants even in a competitive marketplace.
Market Your Rental Property
You should continuously market your property so you can keep prospective tenants interested. For your marketing process to be effective, you’ll need to be aware of key items.
Firstly, you’ll need to charge the right rental price. Conduct a comparative market analysis to know how much exactly you should be charging for rent. As a rule of thumb, the right price should be able to both attract the tenants and also keep your investment profitable.
Secondly, you must create a proper rental ad and syndicate it as extensively as possible. The ad should have a catchy headline, an engaging description of the property, and high-quality photos. Make sure you syndicate the ad for both online and offline platforms for maximum reach.
Make Necessary Upgrades
Walk through your property and check what needs to be upgraded. Look at the appliances, if they are old consider updating them. The flooring and paint should be in good condition as well. Anything that needs to be updated in the interior should be renovated before renting out the unit.
Once you’ve assessed the inside, check the outside of the property. Mow the lawn or hire a landscaping service to keep it in good condition. At the same time check the doors and windows, they might also need replacing or repairs.
Keeping the outside of your property in good condition is not only appreciated by quality tenants, but it also improves curb appeal. Quality tenants only rent quality homes, and will want to stay longer when they see you’re proactive when it comes to improvements.
Aside from making your property pop out, upgrading your rental space can also help you gain a competitive edge in the property market.
Screen Tenants Thoroughly
Don’t take any chances when it comes to choosing a tenant for your rental property. Have a proven process in place to help you maximize your chances of landing a dream tenant. Being prepared for tenant screening interviews can help you avoid possible disastrous renters.
An effective tenant screening process is one that examines a prospective tenant on the basis of the following criteria.
- Their monthly income
- Their credit rating
- Their rental background
Be sure that the screening process abides by the Fair Housing Act. The act requires that landlords treat prospective tenants equally and fairly regardless of their race, color, nationality, religion, sex, disability, and familial status.
For instance, it is unlawful for you to ask any questions in regards to a person’s race.
Help Tenants Feel At Ease
Moving is one of life’s most stressful events. That is especially true for tenants moving into a new area where they don’t know their way around. As a landlord, you can help such a tenant ease their stress by doing some of the following things.
- Clean their unit before they arrive.
- Provide them with an information packet that gives them basic information about the neighborhood.
- Buy them some snacks and drinks.
- Introduce them to a few neighbors.
- Answer any questions they may have about the area.
Starting off right with your tenant can be the foundation stone for a solid landlord-tenant relationship. This will help the tenant see that you care for their well-being and don’t just see them as a paycheck.
Stay On Top of Maintenance Issues
The best way to attract and retain a great tenant is by being proactive when it comes to maintenance issues. As a landlord, you have a responsibility under state law to meet certain health, safety, and building codes.
In California, landlords are required by the state’s warranty of habitability to provide the following to tenants.
- A working HVAC unit
- Proper plumbing and sanitation facilities
- Proper fire exits
- A working smoke detector
- A pest-free dwelling
- A locking mailbox
- Proper stairs and railings
Furthermore, you must perform any requested repairs within 30 days. Failure of which can cause your tenant to withhold rent, abandon the unit, or repair the issue themselves and deduct the costs from future rent payments.
Make Safety a Priority
Safety in the unit should be a priority for both you and your tenants. Quality tenants will want to feel safe in their homes.
As a landlord, you want to employ preventative measures in order to deter robberies and vandalism. You can do this by installing the following security systems.
- Motion detection lights
- Solid doors and window locks
- Surveillance cameras
- Alarm systems
After the installation process, continue to monitor these systems to make sure they are working as they should. Don’t also forget to change the locks in the unit once a tenant moves out.
Hire a Property Management Company
Hiring a property manager is arguably the best way to attract and retain long-term tenants. A good property management company can help you streamline all your property management operations. They can help you:
- Market your property
- Screen prospective tenants
- Address maintenance issues promptly
- Handle possible evictions
In other words, you won’t have anything to worry about the running of the day-to-day operations of your property.
Bottom Line
These tips are tried and tested when it comes to attracting and retaining long-term tenants. Begin implementing them today for a successful landlording experience.
Should you need expert help, First & Main Property Management is here. We’re a trusted property management company in Napa, CA. Get in touch to learn more about our range of property management services!
