Landlords typically prefer long-term renters to earn consistent returns from their investment property. Every time a rental unit is empty, the cost of bills and maintenance will still need to be paid out. In addition, you will pay fees for advertising and rental preparation every time a new occupant comes in.
Aside from receiving regular rental income, good renters also care for your rental space. To avoid the stress and expenses of vacant rentals, you must create a safe and habitable rental property so renters will be inspired to stay long-term. There are several things you can do to keep your renters happy.
However, be sure to attract great tenants right from the start by following a comprehensive tenant screening. Evaluate a tenant’s background, rental history, and employment. Make sure to check credit reports, and if they have eviction cases.
Having good renters makes it easy to increase the value of your rental unit. With stable earnings, you can plan for property renovations to ensure your rental remains competitive. It only takes reasonable effort to encourage renters to stick around for the long haul.
Consider the following tips you can apply:
Promptly Respond to Maintenance Issues
With on-time full rental payments, renters expect to live in properly maintained living spaces. As a landlord, make it a point to perform regular property inspections for maintenance and repair. Handling potential maintenance issues proactively limits tenant complaints and leads to lower repair costs in the long run.
When a renter makes a property maintenance request or brings a property issue to your attention, addressing it right away can satisfy renters. It can be inconvenient to stay in a unit with a broken toilet, leaking faucet, or pest-infested one. As a landlord, it is your responsibility to provide a sanitary residential environment and functional rental space for your tenants.
Ignoring maintenance requests or delaying repairs can only cause renters not to renew their leases. You can also consider hiring a professional cleaning service provider from time to time to ensure your rental units stay pristine. This can inspire renters to extend the lease agreement.
Know What Amenities Renters Seek
Having useful and relevant amenities that elevate living in your rental makes renters happy. Convenient features maximize their enjoyment of your property. You may add energy-efficient appliances to reduce utility bills and update the kitchen and bathroom areas as these are two of the most often-used rooms of the rental.
Conduct research on the most desirable amenities for tenants. This not only helps in keeping your current tenants satisfied but also attracts more potential tenants when a vacancy arises.
Offer Rewards for Long-Term Leases
You can offer a discount to a tenant who decides to sign a longer leasing period. If they normally renew at a leasing term of six months, encourage them to sign a yearly lease with a good rate discount. If they renew every year, you can inspire them to sign a two-year lease with a reduced rental fee.
Although this method will prevent you from earning more by raising the rate, it is preferable to have a reliable and regular renter who pays the rent promptly. Run a forecast of earnings before setting a discount fee. Consider flexibility as well, some renters may be incentivized by perks other than rent discounts.
Always Be Fair to Tenants
Treating all of the residents equally is good practice. The Fair Housing Act (FHA) was created to prevent discrimination against specific classes based on national origin, race, sex, color, religion, familial status, and disability.
Maintain professionalism and apply all property policies to all residents. It will not inspire loyalty to play favorites by allowing one group of renters to pay the rent late without penalty while collecting a late fee from another set of renters. This type of behavior can create an environment of distrust.
Focus on Being a Good Landlord
As a landlord, you'll interact with a variety of personalities and diverse needs. Strive to be courteous, friendly, and flexible, as maintaining a positive relationship with your tenants can encourage them to stay longer.
Be attuned to the needs of your tenants and arrange for solutions right away when problems arise. Build an open communication system so tenants feel at ease reporting any property issues. This can also prevent small issues from escalating into larger conflicts.
Be Firm Yet Reasonable
Your lease agreement will guide renters on your property policies. But what happens if a rule is broken? It is encouraged to enforce the policies so everyone follows the procedure. However, consider the situation and have a proper investigation before evicting a tenant.
If it is a first-time offense, you can notify the renter with a warning. Make sure your lease agreement provides clear and specific clauses for easy understanding. Always give your renters a chance to air their side before making a final decision.
Bottom Line
Maintaining a balance between keeping tenants happy and managing the numerous responsibilities of being a landlord can be challenging. Ensuring timely maintenance, effective communication, and a pleasant living environment requires consistent effort and time.
Partnering with a professional property management company can be immensely beneficial, as they handle tasks such as marketing, tenant screening, rent collection, and property upkeep. This allows landlords to focus on other important things while ensuring tenant satisfaction and the overall success of the rental business.
Contact Liberty Real Estate Services today and find out how we can maximize your investment property’s potential!
