When you invest in a rental property, you want to ensure that you have value and care for your investment. This is why you should know the qualities to look for in a good tenant to avoid non-payments, forceful evictions, and potential property damage. By looking at your tenants’ rental history, you can determine their ability to make on-time rental payments and the possibility of them becoming long-term leaseholders.
It also helps know whether your potential tenant has been a good tenant. With the help of a tenant screening company, you can perform a criminal background check to ensure the safety of your property and other renters. After acquiring great tenants, it becomes your responsibility to work hard to retain them. In this article, we’ll outline tips for retaining great tenants
Be careful with rental increments
You don’t want to lose a great tenant for the sake of a few dollars then struggle to find a new one. Consider having reasonable increments each year or during lease renewals. Keep an eye on the rental market within your locality to ensure you don’t overprice your rentals.
Consider using rental estimate software to ascertain that your rates are within the required minimum. To avoid problems, include rent review details in the lease agreement so the tenant is always prepared. If you are not sure how to compose this contract, there are plenty of free templates online to go from.
However, for increments prompted by inflation, increased mortgage rates, and high repair and maintenance costs, notify your tenants and give them some time to adjust.
Fast handling of maintenance concerns
Addressing maintenance issues as soon as they arise assures your tenants that you care for their satisfaction and well-being. This makes them feel valued, and they may want to stay longer. To address maintenance issues as they arise, set up proper communication channels where your tenants can reach you.
Build a positive personal relationship with your tenants
When you foster a good personal relationship with your good renters, they are more likely to renew their lease-term, reducing vacancy rates and turnover costs. To build a good relationship with your tenants, always listen to their concerns and handle them from a customer care approach. Let them know what you expect of them and give them room to make their space without damaging your property.
Find out what tenants look for in a long-term rental
What tenants look for in long-term leases differs among different demographics. For example, a family may be looking for open floor plans, great outdoor spaces, and upgraded appliances. Having an idea of what renters want helps you groom your rental property in a way that makes them want to stay longer.
Encourage longer lease terms
When you identify great tenants, propose that they sign up for longer leases; instead of a one-year lease, suggest a two-year lease. Consider offering an incentive like lower rental rates or adding an amenity like a gym or a children’s play area. This guarantees you a good tenant for a longer period, and the tenant is happy as they are assured of a specific rent rate over a longer period.
Retaining great tenants can be difficult but beneficial. Good long-term renters ensure a consistent income flow and low turn-over costs, promoting stability. These tips will help you retain good renters longer.