Savvy landlords know that long-term tenants are beneficial to a successful rental business, as they can help reduce vacancies and improve one’s return on investment.
Admittedly, attracting long-term tenants isn’t always as straightforward as it seems. However, landlords can utilize proven methods, such as targeted marketing and thorough tenant screening, to find and retain quality tenants for maximum profits.
In this article, we’ll go over some tips on how to successfully attract long-term tenants to your rental property.
Market Your Rental Property on a Consistent Basis
Start the marketing process as soon as your current tenant confirms they’ll be moving out. Be consistent with your advertising to generate as much interest in your property as possible.
Create an eye-catching rental ad that contains all the important elements. It should include high-quality photos, a clear headline, and an engaging property description. Once the ad is ready, start the distribution process. Find out where local renters search for their next apartment, be it physically or online, and align your distribution methods strategically for maximum reach.
Screen Prospective Tenants Thoroughly
Once your rental property is on the market, you should start hearing from interested applicants. Respond to every inquiry respectfully, but be selective in your decision-making. It’s important to avoid renting to just any tenant that shows interest in the rental, as a problematic tenant could lead to issues down the line.
Screen applicants thoroughly to find the best fit for your property. An ideal tenant is one who pays their rent on time, has a high credit score, and has a solid employment and background record.
Start by requiring all prospective tenants to fill out a rental application form. Use the form to learn about more about the applicants and inquire after important information, such as:
- Employment status
- Rental history
- Credit score
- Recent references
Once a prospective tenant submits their application form, verify that the information provided is true. Confirm their credit information with credit reference bureaus. Call the applicant’s references and ask relevant questions. If the references include previous landlords, make sure to ask if the tenant has any history of property damage or noise complaints.
Give Tenants a Warm Reception
Moving can be a really stressful and tiring process. That’s why it’s important to be patient and do everything you can to help the tenant feel more at ease in your rental property. You can make a tenant feel welcome in your property in a multitude of ways, including:
- Ensuring the property is rent-ready when the tenant moves in.
- Giving the tenant a welcome package. This could be anything from a basket of welcome gifts to a letter welcoming them to the property.
- Providing them with your contact information so they can reach you when necessary.
- Providing them with information about the area, such as where restaurants and grocery stores are located.
- Being friendly and approachable.
These simple acts of kindness can go a long way. Making a tenant feel welcome in your property can help you establish a solid and positive relationship with them, which can consequently lead to a long-term tenancy.
Make Important Upgrades to Your Rental Property
Upgrading your rental property can provide you with a great return on investment (ROI). Quality tenants are usually attracted to esthetic rental spaces. If you’re able to keep your property new and in good condition, then tenants will want to stay longer.
Consider the following tips to upgrade your rental property and help you gain an edge over the competition:
- Turn your kitchen into a modern and contemporary space by upgrading the appliances, flooring, countertops, and backsplash.
- Upgrade the flooring, fixtures, and vanity in the bathroom.
- Install new flooring in the bedrooms and common spaces. Consider options such as laminate, hardwood, or tile flooring.
- Install energy-efficient upgrades, such as LED light bulbs.
- Add extra storage spaces, such as built-in storage, closet organizers, or a storage shed.
- Improve your property’s curb appeal. Keep the area clean, removing weeds and clutter. If your property has a front lawn, consider planting low-maintenance plants or flowers.
Maintain Your Property
Property maintenance is one of the most important factors of running a successful rental business, as state laws require that rental properties meet certain minimum health, safety, and building codes.
Additionally, regularly maintaining your property can help prevent costly repairs. Conducting regular maintenance allows you to identify and resolve issues quickly. For instance, regularly cleaning gutters can help prevent water damage from occurring.
Tenants are more likely to stay in a well-maintained property due to the good living experience.
Boost the Property’s Security Systems
Everyone wants to feel safe and secure where they live—and, as a landlord, you have a responsibility to ensure your property meets certain minimum safety requirements.
Install preventative measures to protect your property and your tenant, including surveillance cameras, alarm systems, motion detection lights, and solid doors, windows and locks.
Respect Your Tenant’s Privacy
As a landlord, you have a responsibility to ensure your tenant has access to peace, quiet, and privacy in their rental space.
Always notify your tenant before entering the rented property, even if it’s to conduct necessary maintenance. Explain why you require access to the property, and provide the estimated time and length of the intended entry. A 24-hour notice is usually the standard.
Hire a Property Management Company
This is arguably the best way to attract long-term tenants. A reputable property management company will help streamline all your operations.
A professional property manager can help you market the property, screen prospective tenants, respond to maintenance requests, and collect rent, among a number of other property management services. They may also be able to guide you on certain legal issues, such as lease violations or tenant evictions, if and when necessary.
Bottom Line
Follow these tried-and-tested tips to attract long-term tenants, earn a consistent income, reduce stress, and maximize your ROI.
For expert help in attracting quality tenants to your Baltimore rental property, consider partnering with American Dream Realty and Management. Get in touch to learn more!