As a property owner, there are many advantages to having long-term tenants in your property. These tenants offer more stability, consistent income and less hassle. But how can you find these types of renters, and how can you keep them?
In this article, we will illustrate the main reasons that tenants leave a property. In doing so, you will understand what to do differently, and how to attract and retain some of the highest quality long-term tenants for your Nampa, Caldwell or other Idaho property.
How to Attract Long-Term Tenants
1. Competitive Pricing
Often, a tenant will leave a property because a similar one is lower in cost. After all, even the most affluent renters will appreciate paying a lower price. By pricing your unit 2-3% lower than similar ones, you make it more attractive for renters.
2. A Well-Maintained Property
Ensuring that your property is well-maintained before move-in assures potential renters that they are getting a quality living space. A long-term renter will likely desire a property that is in good condition. Not to mention, if the tenant moves into a well-maintained unit, they will likely try to keep it that way.
3. Professional and Personable Behavior
By showing your potential renter that you are a competent and professional owner, it will assure them that they can trust you. In addition, by treating your prospective tenants with courtesy and consideration, they will feel comfortable around you. A long-term renter will seek this type of tenant-landlord relationship.
4. A Comprehensive Screening Strategy
As you screen prospective tenants, you want to find a tenant who is desiring to rent long-term. More often than not, families tend to stay in a property for a long time. On the contrary, younger individuals are usually looking to move around more frequently. But, the best way to know a potential tenant’s intentions is to ask them during the screening process.
How to Retain Long-Term Tenants
1. Clear Lease Agreement
A main reason tenants leave a property is because they feel that the terms of the lease agreement have changed. However, oftentimes, the problem is that the tenant didn’t fully understand the lease when he signed it. As a property owner, you should sit down with the tenant before move-in to explain the lease and offer clarity.
2. Attention to Tenant Requests
Giving tenants the flexibility to make small changes to the property allows them to feel more at home. And, a tenant who feels comfortable in the property will be more likely to stay. If a tenant asks to make minor changes to the unit, you should view this as an indication that the renter isn’t looking to move out anytime soon.
3. Fair and Reasonable Rent Adjustments
If you chose to make adjustments to the rent, you should do so carefully. Renters should expect rent to increase over time, but you should still speak with them about it. Openly communicating with your tenants will always be beneficial to you. Also, the increase in rent must be fair and reasonable.
4. An Established Maintenance Routine
If a tenant feels as though they are living in a property that is not adequately maintained, they will not want to stay. Setting up a maintenance schedule is a good idea to keep you on track. Continuously maintaining your unit will ensure it is livable for the tenant.
5. Prompt Attention to Repair Requests
It’s important that a tenant knows how and when to raise repair requests. Establishing a procedure and a time frame for responding to these requests will ensure that minor or major repairs get fixed.
6. Safety and Security Concerns
Making a property safe for your tenants is extremely vital. To create a safe environment, you can install:
- Advanced locks
- Good outdoor lighting
- Security cameras
- Functional smoke & CO detectors
- Doorbells with accompanying Smartphone applications (this allows tenants to view who is at the door from their mobile devices)
These are just some ideas. You should consider asking the tenants what would help them feel more safe in the property.
7. Maintain a Healthy Relationship
Maintaining a good relationship with tenants is the foundation to securing them in your property long-term. Here are 2 ways to do so:
- See them as valuable partners and show them you care – this can be done by offering them small gifts on Holidays or doing small acts of kindness
- Give them their personal space – this means allowing them to occupy your space without violating their boundaries
By maintaining a good relationship with your tenant, practicing open communication and being considerate, you will discover that attracting and retaining long-term tenants is not so challenging. If you do this, you will likely see that tenant won’t want to leave your property and will stay long-term. These points all help if you’re a first-time landlord, as well.
For further inquiries, reach out to Realty Management Associates.