The advantages of having long-term tenants are enough to entice any property owner. Having long-term tenants ensures a steady stream of cash for your rental property. It also saves money by eliminating the need to advertise vacancies and screen tenants after someone moves out.
While acquiring consistent tenants in a competitive marketplace may appear to be a difficult task, there are proven methods you can apply to attract them and then keep them happy. Here are some practical ways for ensuring that your tenants stay for the long haul:
Constantly Market Your Rental Property
Marketing should be consistent and frequent so you’ll generate more interest from prospective tenants. Establish a fair and competitive rental price. From there, design a property listing. To craft a viable property listing, you must establish the best practices for capturing the viewer’s attention.
A property listing should include quality photos and video tours where necessary. The next step would be to make them available to many internet users. Check out popular listing sites and various social media platforms for your distribution. Using conventional methods such as flyers and posting on community boards are also recommended.
Note that rental properties must adhere to strict laws, so before posting your property listing, review it to ensure it’s compliant with the Fair Housing Act.
Upgrade the Rental Unit
Although many property owners avoid renovation projects since it calls for a great deal of money upfront, it’s actually a solid investment. Tenants are attracted to stunning rental spaces and will want to stay longer when they see that you’re conducting improvements to make the place even more habitable.
Besides the appeal of an upgraded rental space, it could also be a technique for gaining a competitive edge in the property market. The fact is, newer rental units have more modern amenities, and if you want to compete at the same level, you should consider doing periodic enhancements.
Conduct Thorough Tenant Screenings
Tenant screening is the most crucial aspect of renting out a property. However, there is a common tendency for property owners to ignore its importance. You are at risk of potential financial and legal pitfalls by ignoring the tenant screening phase.
By screening prospective tenants you’re better able to gauge whether or not they will be the right fit. What should to consider during tenant screening:
- Credit score – A candidate’s credit report informs you of their ability to manage their finances. A satisfactory or high credit score indicates good credit behaviour while a poor credit score may be a red flag for financial irresponsibility.
- Level of Income – Request the tenants' bank statements, W-2s, or pay stubs. Confirm and analyze their earnings carefully. You want to ensure that you select a tenant that can make consistent and timely rental payments.
- Rental history – The referral requirement on the application form is crucial during the tenant screening process. You want to learn more about what they were like a tenant in the past to ensure that they’ll be the right fit.
Be Hospitable to Your Tenants
Change is refreshing but challenging. Some tenants might be new to the area and not yet know their way around. You can help them feel more at ease by:
- Offering your tenants a warm welcome
- Ensuring that the rental unit is tidy before they move in
- Trying to introduce them to the neighbors
- Proving them with information about the area such as how the transformation systems work and where nearby grocery stores and restaurants are.
When a tenant feels welcomed and secure in the area and their rental, they’re more likely to rent the space long-term.
Pay Attention to the the Property’s Maintenance
A well-maintained rental property relieves you of the stress of emergencies and is also a viable measure in avoiding frequent turnovers. Living in a habitable rental space is every tenant’s right. Failure to conduct the necessary maintenance could find you guilty of non-compliance with state law.
The best course of action that would avoid that scenario would be to create a maintenance plan. This will also ensure that your property is always ready to rent. Other steps include scheduling seasonal property inspections and incorporating preventive maintenance to catch problems before they become larger.
Enhance Your Rental’s Security Systems
Your tenant's safety and comfort should be a top priority. Hence, it’s advisable to practice vigilance by employing preventive measures to ensure that robbers and vandals stay away.
As an owner, it’s your responsibility to guarantee that your tenants have peace of mind. Install security alarm systems, surveillance cameras, solid door, and window locks, and motion detection lights to provide them with security.
You may also improve the security of your property by testing your various security systems regularly. For instance, to guarantee fire safety procedures, install fire alarm systems and smoke detectors, and run tests to ensure batteries are working.
Contract a Reputable Property Management Team
You can also work with a reputable property management company to streamline the daily operations of your rental business. Management professionals have a wide range of experience that works to their advantage, which you may use when you partner with them.
In addition, they are the industry's experts in property marketing, tenant screening, and preserving your rental space. Property managers will also be able to guide you on matters relating to property law. For instance, they can help you handle the eviction proceedings legally if you need to evict untrustworthy renters.
The Bottom Line
You can utilize these helpful tactics to lure in long-term tenants and enjoy regular yearly revenues. But not all landlords have the time to implement most of the above strategies. Property owners in Pittsburgh or the neighboring suburbs should contract the expertise of the leading property management company in the region, DeSantis Property Management.
Property marketing, premium tenant screening, rent collecting, maintenance, property inspections, and financial reporting are areas in which we have extensive experience. Our goal is to make your investment properties as profitable as possible. Contact our team at DeSantis Property Management today!
