Every landlord wants to have a successful rental business. For this to be possible, you need to attract reliable tenants who pay their rent on time, take care of your property and are considerate of their neighbors. You can also avoid the added costs and energy associated with tenant turnover by attracting long-term tenants.
Having long-term tenants can be much more profitable than having multiple short-term tenants rent your property. With long-term tenants, your property is less exposed to vandalism, theft and intrusion, and insurance costs can be reduced.
Thoroughly Screen Your Tenants
Before renting out your property to a tenant, we suggest doing a thorough background check to determine if they’re an ideal tenant. Otherwise, you might end up with a problematic tenant who will cost you time and money. We suggest contacting former landlords to verify an applicant’s rental history, as well as evaluating their credit score, employment history and criminal record.
During the tenant screening process, you can also find out if a tenant intends to rent your unit long-term.
A reliable tenant with a steady income is likely to stay for a longer period of time. Since they have a stable income, they’re also likely to pay rent on time. This will positively affect your return on investment as there will be no delays with your passive income.
Maintain Your Rental Property
As a property owner, it’s a good idea to budget for maintenance and repairs from normal wear and tear. If your property is in good condition, tenants will be more likely to renew their lease. Doing small renovations ever so often in your rental property is a small investment that will appeal to your tenants.
Repairs to leaking ceilings or other safety hazards also need to be prioritized and addressed quickly to maintain a habitable home for your tenants. Addressing these issues early on can also help you avoid overwhelming costs later on.
General maintenance will go a long way in ensuring the good condition of your property. Overall, tenants prefer to live in a unit where maintenance is carried out regularly.
Foster Good Relationships with Your Tenants
Fostering great professional relationships with your tenants can also help with tenant turnover. Check in with your tenants from time to time and ask if there’s any concerns they’d like to see addressed. If a tenant does have a concern, address it as quickly as possible. This attentiveness shows your renters you care and helps them feel more comfortable in their space.
We suggest you be always easily reachable in case of emergency. When dealing with tenants, concise messages are ideal.
If an emergency or dispute ever occurs on the property, maintain a calm disposition when dealing with tenants. By demonstrating good communication and compassion, tenants will be encouraged to lease your property for a longer time.
Respect Your Tenants’ Opinions and Space
Most tenants love being asked for feedback, however, there’s a difference between being friendly and being intrusive. All dealings with tenants should be in a relatively formal and regulated way.
For instance, you might ask your tenants for feedback every six months when you’re visiting to check the condition of your property. If you have a website, you might ask them to share their reviews online. By doing this, you’re able to discover any areas you need to work on so as to improve your tenant retention.
On move-out day, you might also ask your tenants why they’re leaving and the type of house they’re moving into. Their response might go a long way in helping you retain your future tenant.
Offer Upgrades to the Rental Unit
Not only will upgrades go a long way in improving your property’s value, but they’ll also help you retain your tenants. Most renters would rather live in a place whose appearance is appealing than one whose appearance is unattractive.
Renewing the paint on your property’s walls for example, will improve the appearance of your property by getting rid of the dents and marks that might cover your walls. This will modernize your home and encourage your tenants to consider staying in your rental home longer.
Be Flexible with Your Policies
There are some policies you might consider being flexible with to keep great tenants around. For example, you might change your pet policies by charging extra or simply setting out clear instructions on how to handle pets in your property. If your tenants are animal lovers, they’ll likely want to extend their period of stay in your rentals.
Being too rigid might frustrate your tenants and motivate them to move out. You should have this at the back of your mind if you are considering retaining your tenant. Even offering to hear your tenant out on certain policies can go a long way.
In a Nutshell: Retaining Tenants for Your Rental Property
As a landlord, you need to find the best ways for you to retain your tenants. Retaining good tenants for long periods of time will help with security, profitability and tenant turnover. Evolve Nevada suggests paying close attention to tenant screening, property maintenance, tenant relations, renovations and rental policies.
The assistance from a property manager will ease all the effort that comes with retaining a tenant. Here at Evolve Nevada, our property management services will help you retain long-term tenants. If you have questions about tenant retention or our other property management services, feel free to contact us today by dialing (775) 398-2700.