Long-term tenants are on the wish list of every landlord. It means you have a reliable stream of income and less trouble.
Knowing how to attract such tenants, however, tends to be an uphill task for many landlords especially if you are just starting. Luckily for you, that no longer needs to be the case!
Here are 8 tips to help you attract a long-term tenant to your rental.
1. Respect your tenant’s privacy
As a landlord, you have a responsibility to respect your tenant’s right to privacy. They have a right to the peaceful and quiet enjoyment of their rented premises. Infringing on this fundamental right can have some repercussions, including giving your tenant the right to terminate their lease.
That said, you have a right to enter your tenant’s rented premises under certain circumstances. You may have to enter to:
- Make needed or required repairs
- Inspect the unit for damage
- Under court orders
- To show the unit to prospective tenants, buyers, or lenders
But even if you have the right to do so, you have a responsibility to notify your tenant first. In the state of Missouri, landlords must give their tenants a notice of at least 24 hours before entering their units.
2. Be flexible with your rental policies
You have to have flexible rental policies. Tenants tend to appreciate such landlords, especially in regards to having pets and painting the unit.
Allowing a tenant to keep their furry friend, for instance, can help a tenant feel happy and at home. Admittedly, though, allowing pets has its fair share of risks. However, you may be able to minimize such risks by having a solid pet policy in place.
In the policy, you can enforce breed restrictions and other regulations, as well as charge pet rent, pet deposit, or pet fee.
3. Refresh the look of your rental property
Tenants will want to live in quality homes. So, if your Missouri property looks like it has seen better days, consider refreshing it.
There are many areas around your property where improvements may be necessary. The walls may some paintwork, the landscaping may not look its best. For instance, there may be overgrown shrubs that need some pruning.
Be observant to make changes when necessary. Remember that small changes can make a world of difference to tenants.
4. Screen prospective tenants
Some tenants are every landlord’s dream while others won’t be. A good screening process should be able to eliminate less ideal prospective tenants from your tenant pool.
The goal of your screening process should be to land desirable tenants. The following are some of the qualities of a desirable tenant:
- Pays rent on time.
- Cares for their rented premises.
- Looks to renew their lease at least once.
- Has a history of abiding by the terms of the lease agreement.
Screening a tenant is a great way to ensure you land a trustworthy tenant. So, among other things, make sure to check and verify the tenant’s income, creditworthiness, as well as their rental, criminal, and employment history.
5. Price your rental property appropriately
Being a landlord isn’t a road to quick riches. Overpricing your rental will only drive away prospective tenants from your rental. And if you already have one, they will consider moving out to find better prices.
Much like overcharging your rental unit, you’ll also want to avoid undercharging it. Yes, this can mean fewer vacancies for you, however, it’ll mean leaving money on the table. In other words, you won’t be able to maximize your rental income.
To find the sweet spot compare your rental listing to others in the area to ensure that your precess stay fair and competitive.
6. Simplify things for your tenant
Specifically, simplify your tenant’s maintenance responsibilities. To do this make sure they can contact you easily if maintenance issues arise and ensure that you respond promptly.
You should also make it clear in the lease agreement who is responsible for which repairs. This will save you and the tenant time because there will be less need for a back and forth.
7. Incentivize existing tenants
Do you have a great tenant but the end of their lease is fast approaching? If so, consider incentivizing them to renew their lease. The following are a couple of things you can offer them:
- A fresh coat of paint. Alternatively, consider allowing them to paint using their favorite color pallet. To avoid issues, make sure to have a policy in place.
- A rent discount.
- Allow pets. If you don’t allow pets, consider doing so. But make sure to have a pet policy in place.
- Better appliances. You can also try to lure the tenant into renewing their lease by offering them newer appliances.
8. Hire a good property management company
This can be an effective way to help attract a long-term tenant. You see, an experienced property manager knows what to look for during tenant selection and placement. Additionally, a good property manager will help you with advertising the unit, maintaining and inspecting it, and taking care of all legal aspects.
Attracting a long-term tenant is key to running a profitable rental property. With a little bit of luck, these 8 tips should help you get started.
If you still require expert help, then don’t hesitate to get in touch with a reputable property management company like Young Management!