11 Feb Long Term Renters
Long Term Renters
Anyone in the property management business knows, that long term renters are better for business. In fact, the ROI in your property is never higher than when you can retain the same tenant year after year. That’s because long term renters stay longer, giving you fewer vacancies to fill and thus, providing less turnover. But more than this, long term renters (good tenants) provide consistent income. Something you won’t find if you have people moving in and out all the time.
In fact, the costs associated with turning over a rental property (advertising, repairs, vacancy costs, finding new tenants) far exceeds what it costs to find and keep good long term renters. For any landlord who wants to put thousands of dollars back in your pocket. Your best strategy is to attract and retain good long term renters. With this in mind, we offer some insight on how to do that.
How To Attract Long Term Renters
Two of the most important factors for attracting long term renters, is price and condition. Long-term renters, the type you want are those who have good credit, a great rental history, and solid income. Obviously you want to find long term renters that will pay the rent without causing damage or creating problems. But, you need to make sure you do so while staying within the Fair Housing Laws. Keeping this in mind and assuming you are doing so, getting long term renters into your properties is crucial. The best way to attract high quality tenants is to have a high quality rental property in an ideal location at an ideal price point.
Retaining Your Long Term Renters
One of the best ways to keep long term renters, is by being proactive with property maintenance. By addressing maintenance requests quickly, you show your renters you want to give them a nice place to live. In fact, performing regular property maintenance not only shows your renters you care. It is also the least expensive and most effective way to ensure small problems never become larger ones. If you want to keep good tenants, make sure your property is well-maintained and respond to requests or complaints promptly and efficiently.
When Renewing Their Lease: Offer Incentives and/or Do Some Upgrades
Have a good tenant coming up for a lease renewal? Offer them incentives like carpet cleaning or a fresh coat of paint. It’s surprising how little things like a different wall color can make a tenant feel more at home. A fresh coat of paint can revive walls, brighten up dim areas, and highlight architectural features. All of which can make most surfaces look brand new again.
Additionally, upgrades like stainless steel appliances and nice flooring can help you ensure you keep your long term renters even longer. That said, renovations in the kitchen and bathroom are especially appealing to people. Remember, the more your rental property feels like home, the higher your chances of keeping your renters.
It’s no surprise that keeping long-term tenants is good for business. Although finding and keeping long-term renters is hard work, it is exponentially cheaper to keep them then it is to find new ones. For this reason, you may want to consider hiring a property management company to help you. Whether you are interested in changing property managers, or simply looking to hire a property management company for the first time, we can help. We take care of all types of residential properties including homes, condos, multi-family properties and even small apartment buildings. It’s time to let us manage your rental properties so you can enjoy your life! Call us today at (858) 576-2176 to get started.