You’ve probably heard about the cringe-worthy stories- about tenants who ignore eviction notices after failing to pay their rent for months on end. And what about the seemingly pleasant tenant who ultimately skips town, leaving a trail of destruction in their wake?
So, how do you attract and retain the right tenant to your property and hopefully keep away the bad apples? Or perhaps you’re unafraid of jumping in at the deep end by venturing into business. Well, in that case, you can check out a property management franchise for sale at iTrip.
Finding the right tenants doesn’t happen by chance. And while getting great tenants is every landlord’s dream, it requires some effort on your part. Here are a few ways to attract and retain quality tenants.
1. Market Your Units
Marketing your rental property is a critical step in attracting renters. By taking the time to advertise your property, you can ensure it stands out from the competition and attracts the right tenants. You may use various marketing channels to reach potential renters, including online listings, print ads, and word-of-mouth. If need be, rope in a letting agent to help you with the process.
You’ll also want to ensure you’re pricing your rental competitively. If your rental rates are too high, you might have difficulty finding tenants. Thus, consider researching your market to find out the rental prices in your area to ensure your rates are within that range. All the same, marketing makes it easier to find suitable tenants.
2. Be Responsive
As a landlord, be responsive to retain tenants and attract new ones. Responsiveness is all about attending to your tenant’s needs as or when they arise. For instance, if they have a time-sensitive request, it helps to have a system that ensures you can handle them in time. Plus, you need to follow up to ensure their issues are resolved. When their needs are met, you can rest assured that they will keep renting your property.
Some landlords and even property managers like to pull a disappearing act on their tenants. Imagine having a situation you must resolve in your rental apartment and dealing with an unresponsive landlord. That means your issue may take time to deal with it at all they get around to handling it.
3. Communicate Clearly
As a landlord or property manager, keeping the lines of communication open with your existing tenants is essential. Not only will this help resolve any issues that may arise, but it will also make your tenants feel valued and appreciated. In turn, this can help attract and retain existing tenants, as they’ll know you’re committed to ensuring they have a positive rental experience.
To this end, when communicating with tenants, you need to keep a few aspects in mind. For starters, be clear and concise in your communication. Tenants should be able to understand your messages without difficulty. Also, be respectful and professional in your interactions. This helps create a positive relationship built on mutual trust and respect.
Lastly, keep your promises. If you say you’re going to do something, follow through on your word. By so doing, you can effectively communicate with your tenants and create a conducive environment for all parties involved.
4. Improve Your Property
Take some time to think of ways to make your property more attractive to potential tenants. And while at it, make any necessary repairs to your rental unit. Even minor fixes like repairing a leaky faucet or patching holes in the walls can make a big difference. Generally, well-maintained property is more likely to attract high-quality tenants who’re likely to take care of your investment.
Plus, consider making some cosmetic updates, such as painting the walls or installing new flooring. These updates can help your unit feel fresh and new, making it more inviting to potential tenants. And remember to keep your rental units clean and tidy at all times.
You may also let your tenants personalize their space – within reason, of course. That way, they can feel like their rental space is all their own, making it more likely for them to stay put.
5. Simplify Rent Collection
To keep your renters happy, simplify rent collection. Tenants have a lot on their plates, and making rental payments need not be a hassle. To this end, consider offering multiple payment options. Some renters prefer to pay by check, while others don’t mind using a credit card or an online service like PayPal.
By giving your renters a choice, you can make it easy for them to pay on time. Along the same lines, set up automatic payments. This way, your renters can choose to have their rent automatically deducted from their bank account each month. This can take the hassle out of remembering to write a check or log in to an online system each month.
In addition, provide clear instructions on how and when rent is due. Some landlords include this information in the lease agreement, while others post it in a common area of the rental property. By making the process as straightforward as possible, you can help ensure your tenants can pay on time each month.
All things considered, these tips are just a few pointers intended to streamline your tenants’ rental experience. While it requires some upfront work, attracting and retaining quality tenants can help safeguard your investment and help you forge good and long-term relationships with your renters.