Every landlord wants a high-quality tenant living in their space, one that pays the rent on time, reasonably maintains the property, respects fellow neighbors, and adheres to the terms of the lease agreement.
But, as a landlord, are you putting in the effort to make your renters stay?
Always remember that a happy tenant is the secret to long-term financial success in rental properties, so let us help you with a few tips!
Address Maintenance and Repair Concerns
If you have some experience in the property industry, you’ll probably agree that tenants care about the appearance and condition of the rental property. Like anyone, they’d prefer that the property always be in its best condition.
By being on top of property requests and concerns, you’re more likely to keep tenants long-term.
A quality tenant will always report an issue when they notice it, so be ready to respond to their maintenance requests. Having a local handyman/contractor on hand to solve the issues that might show up is a good idea.
If the issue cannot be repaired immediately, give your tenant a timeline and adhere to it.
We also recommend carrying out regular inspections on the property. This allows you to find any problems before they become bigger issues. Regular inspections reduce the amount of money spent on repair and replacement costs in the long-run.
Be a Kind Landlord
Since rental income can be a big part of your finances, it’s not unusual for landlords to treat their tenants as a business oportunity on their monthly spreadsheets. Extending a helping hand or being friendly to your tenant goes a long way.
Always have your communication channels open and try to respond to requests as quickly as you can. Be respectful and polite when you meet in the common spaces or during an inspection.
A high-quality tenant may feel like returning your friendly attitude, which creates a better environment for everyone.
Have Amenities That Renters Want
In a competitive market, your space has to meet the market demands in terms of amenities and fixtures. Otherwise, you may have trouble finding a high-quality tenant.
Try looking at other houses in your property’s neighborhood. Are they putting up frameless shower screens? Is an open floor plan the usual layout? What about outdoor spaces?
With information from the market, you can make an informed choice about what changes you may want to make to your property. Properties that follow what’s popular have better luck finding new tenants.
The amenities you consider for your property should also match your target demographic. If your main tenant demographic is made up of of university students, the amenities that you might be consider include Wi-Fi, a bike rack, and a study room.
What a student may want added will be different from the preferences of a young couple or a retired couple. If you foster a good relationship with prospective tenants, they might be willing to tell you what additions are ideal for their needs.
By adding these amenities, you’re also able to offer a higher rental price to cover for the cost of installation or replacements.
Offer Incentives During Renewal
It’s important that you stay on top of your leasing periods. We recommend reaching out to your tenants about 2 to 3 months before the expiry of the lease and discuss their plans moving forward.
This will put you in a good position to implement things that may encourage your current tenant to renew their lease such as reduced rent for a longer lease or a one month free parking offer.
Rewards and incentives may look like an extra cost to you, but they can help you build a good relationship between you and the tenant and save you money down the line.
Be Clear About the Rules
The success of your rental property investment relies on the administration and enforcement of property rules and regulations. Before the tenant moves in, make sure you’ve gone through the rules with them and that they have a copy of these terms.
It’s also important that you go through the penalties, fines and other consequences of breaking the lease terms so that the tenant knows everything before moving in.
If a quality, long-term tenant suddenly breaks a rule or rental policy, sit-down with them before enforcing consequences. This incident might have been a forgivable outlier, and not taking a moment to think it over may result in the loss of a good tenant.
We also recommend that you check the local and federal housing rules on the fair treatment of your tenants.
Property management is not only about the maintenance of your property. Your tenants and their happiness are important if you want them to stay for the long-term. However, not all property owners have the time, experience, and knowledge to meet these needs.
For a comprehensive management solution, rely on the premier property management company in the area, Truhome Property Management. Truhome offers a complete suite of property management services to property owners in Grand Forks, Arvilla, Mayville, East Grand Forks, Hillsboro and Pembina.
With our experienced and professional team, your property can realize its full potential. Not only will we help you attract and retain high quality tenants, but that everything runs as quickly and as smoothly as possible. Contact us today to learn more!