Attracting long-term tenants requires rental property management companies to think beyond offering a neat and well presented place to stay.
The best tenants look for much more than basic amenities when deciding which property is most suited to their needs, so they feel as comfortable in the rental property as they would in their own home.
Here are five ways to make a property more attractive to tenants and how to retain perfect tenants for the long term:
Identify Tenants Needs
Before renting out a property, identify what tenants look for the most when renting a property.
For instance, tenants who look for convenience may find stainless steel appliances, central air-conditioning, tiled flooring and other amenities appealing.
Upgrading your property with such appliances and replacing worn out furniture with new ones will add to the appeal and give renters the feeling the rental property has everything they would expect if they were living in a house of their own.
Budget permitting, remodelling the kitchen by adding a backsplash or new cabinets not only adds appeal to a rental property but improves living conditions for tenants.
Although there is an investment required to buy new appliances and carry out renovations, it is worthwhile compared to the high cost of tenant turnover.
Attracting and Retaining reliable, long-term tenants requires some effort on the part of rental property management companies and landlords but they payoff is worthwhile. Aside from avoiding the costs associated with keeping properties vacant, there’s the peace-of-mind which comes with knowing that happy tenants will pay their rental dues promptly and exercise care in maintaining the property.
Allow Pets in the Rental Property
Many rental property management companies are apprehensive about allowing pets into their property, fearing they might cause damage which could be expensive to repair. Pets, such as large dogs can also be a nuisance to other residents with their constant barking,
especially during the night.
However, most pets are well trained and there are plenty of pet-owning tenants who are willing to pay a little extra to find a place that accepts their furry family member.
It is still important for rental property management companies to run checks and make sure the pet is tidy and well behaved. It’s also worth asking if the owner has any training certificates to show that the animal behaves well.
Lower Rents a Percent or Two
Most people in the workforce are faced with rising costs of utilities, food and groceries, which makes it difficult to afford high rents.
Tenants who may be compelled to pay higher rents for a property because of its proximity to their place of work or any other reasons are quite likely to move to a place that’s more affordable, within a short time.
Rental property management businesses should look for tenants who want to make a house their home. People who just want a place to stay for a while don’t offer consistency.
While it is tempting to ask for the maximum rent based on what the market demands, quality tenants don’t jump on a property with a high rent simply because it is well presented.
Dropping the rent by a percent or two below market value helps in getting a property tenanted faster without creating a major impact on rental income. It also helps in attracting tenants who are more likely to stay for the long term.
Harness the Power of Technology
Even in today’s modern era, tenants have to rely on the archaic system of communicating matters that require attention to a property manager in the hope these are brought to the landlord’s attention.
Nowadays, technology allows tenants to cut out the middleman.
Tenants use technology to handle every other aspect of their lives and using it to manage important aspects of their rented property shouldn’t be any different.
Technologies like Yabonza offer rental property occupants a higher level of transparency in
communications, ensuring rental property managers attend to maintenance issues promptly
and the property is well looked after.
This results in happier tenants who are more likely to stay longer.
Offer Incentives When It’s Time to Renew the Lease
Finding a new tenant at the end of a lease can be costly, time-consuming and add more work for property managers overburdened with the demands of their job. It’s why rental property management businesses should pay attention to retaining tenants when it’s time to renew a lease.
Property managers should make the effort to find out about the tenant’s plans before the rental property lease expires and offer compelling reasons to stay if they show signs of leaving.
Incentives such as gift vouchers, a holiday cruise, electronic products or household appliances help in making tenants feel appreciated and settled in the property, so they are less likely to leave.
Sign Extended Leases
Offering tenants the option of signing extended leases for periods of 6 months to a year, takes the worry out of finding new tenants every few months.
Although this could mean accepting a lower rent and missing out on higher rents if the market improves, it may be still worthwhile to retain a long-term tenant who pays rent on time and maintains the property in great shape.
Make Tenants Feel Appreciated
A loyal tenant is more than just a source of income. Property managers and landlords should treat them as such.
Making tenants feel appreciated requires little time and effort. Sending them a birthday gift or a Christmas card are simple ways for a landlord or rental property management business to demonstrate care and appreciation.
Just like anyone else, an unexpected turn of events such as a job loss can result in tenants having a difficulty in meeting their rental payment obligations in the short-term.
Care and understanding should be extended to tenants during difficult times by allowing them an extra week or two to make payments when faced with financial difficulties which are beyond their control. It’s a lot better than finding a new tenant who could end up breaking rules, constantly complaining or is a nuisance to neighbours.
Despite the best efforts of property management businesses, eventually, a tenant may choose to leave. When the time comes, a well-managed property owned by an understanding landlord is most likely to get rented quickly to a tenant as good as the one that departed.
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