As a landlord, you should strive to attract long-term tenants for your rental home.
Long-term renters will allow you to generate consistent rental income and save additional costs for remarketing the property and rescreening new tenants.
So how can you attract high-quality, long-term tenants?
In this post, we’ll answer just that!
Here is a list of things you should consider to maximize the chances of having your tenant re-sign the lease agreement:
#1. First Impressions Matter
No tenant would want to live in an unattractive property. Before marketing your property, make sure that you have made the essential renovations and repairs. It is critical to create an impressive first impression.
You will only get one chance, be sure to get it right!
Before bringing in any tenants, appoint a professional cleaning company for a thorough clean-up or restoration.
Also, make sure everything is working perfectly. Fix the window treatments, paint the walls in attractive but neutral colors and install a new carpet.
Lastly, don’t forget about the curb appeal. Your yard should look inviting. Take care of your lawn and add some front door decorations.
#2. Offer Your Tenants a Warm Welcome
As a property owner, you can build a good relationship with your tenant by offering them a warm welcome. Tenants who have a solid relationship with their landlord are more likely to re-sign their lease.
You can create a welcoming environment by:
- Introducing new tenants to the neighbors
- Ensuring that the property is clean
- Answering their questions
- Providing them with snacks and drinks
- Assuring your assistance
- Recommending local places and pointing out convenient spots
#3. Screen Your Tenants Thoroughly
If you want to attract long-term tenants, the screening process is essential.
A detailed screening process will help avoid renting to tenants who may cause disturbances for others, damage your property, or be unable to pay the rent.
The following are some screening factors to consider:
Determine whether the prospective tenant’s income is sufficient to pay the rent without any issues.
As a general rule, you should select a tenant who earns at least three times the amount of total rent.
You would want to stay away from a tenant with a poor credit rating. The rating mainly designates if the tenant is financially responsible.
Do ask for their permission before running their credit reports through any credit reporting agencies.
You should always ask prospective tenants to provide references from their previous landlords.
Prepare a set of questions when reaching out to the landlords. Some good questions would be:
- Did the tenant ever have a problem paying rent?
- Were there any complaints from neighbors?
- Did the tenant violate the lease agreement?
If they don’t want to provide references, this may be a red flag.
#4. Treat Tenants Fairly and Equally
Another way to attract and retain tenants is to ensure quality service and care. Treat all your tenants equally and with respect. By establishing a reliable and professional relationship, you can make them feel at home.
It will benefit you as well since you’ll be getting a long-term tenant.
#5. Build a Good Relationship
Every landlord should try to build a better relationship with their tenants. Tenants want to feel at ease and be comfortable in their new environment.
If you are unapproachable or intimidating, tenants will naturally start looking for another rental.
You can improve your relationship with tenants by:
- Respecting their privacy
- Not conducting property inspections without notice
- Remaining professional when dealing with them
- Communicating with them openly
This will increase the likelihood of tenants re-signing their lease agreement.
#6. Pet-Friendly Rental
Many pet owners find it tough to find a pet-friendly rental. Some landlords allow pet ownership, but they have strict rules and standards. Another issue for pet owners is the number of pets allowed at the property.
It is a good idea to welcome pets and have generous pet policies. Doing so will help you attract many long-term renters.
#7. Prioritize Safety in the Premises
As a landlord, you should be prioritizing safety. No tenant will want to renew their lease if they feel unsafe or uncomfortable in your rental.
Here are some of the things you can do to help tenants feel more safe and secure:
- Install an alarm system
- Set up security cameras
- Remove obstructions from entrances
- Install sturdy doors and windows
- Add security locks
- Put up motion sensor lights
This way, both you and the renters will feel safe at home.
#8. Keep the Rental Unit Well-Maintained
If a tenant believes you are not taking proper care of their wellbeing, they will move out of your unit.
As a landlord, property maintenance is one of your crucial responsibilities and is also a requirement under landlord-tenant laws.
Be proactive when responding to tenant maintenance requests. No matter how modern your property is, it requires cleaning and maintenance regularly.
You should also engage the services of professional cleaners once or twice a year. Proper cleaning can also prevent longer-term maintenance issues, such as mold infestations. You can also save replacement expenses by ensuring that your property is kept clean and in good condition.
All of this will help retain long-term renters.
As a landlord, your goal should be to attract long-term renters.
As an overview, here are 8 things you can do to attract tenants and encourage them to renew their lease:
- Make a good first impression
- Offer them a warm welcome
- Screen the prospective tenants
- Treat them fairly and equally
- Foster a good landlord-tenant relationship
- Accept tenants with pets
- Prioritize safety
- Keep the rental well-maintained
If you have any questions, feel free to reach out to Property Hunters today!