5 Tips For Attracting Long Term Tenants
The reality of the rental business is tenants come and go, but as a property owner, there are things you can do to reduce the likelihood of your tenants moving on at the end of their lease.
We’ve compiled five tips to help you turn those short-term gypsies into long-term residents.
1. Reasonable and Consistent Rent Adjustments
Property prices often fluctuate and vary from suburb to suburb, but most tenants will understand that rent prices are subject to change. This doesn’t mean you should drastically increase your rent.
That is why it’s vitally important that your property manager has their finger on the pulse in terms of expected rent in your suburb. Too much of an increase and your property becomes vacant resulting in hundreds of dollars in lost rent, or not at all and your missing hundreds of dollars in potential cash flow.
2. A Well Maintained Property Keeps Tenants Happy
In order to keep your property value to a maximum, best practices
By taking care of the property, tenants feel that you are also taking care of them; and a tenant that feels valued and respected is far more likely to sign on for another term. This also keeps your property at maximum value.
3. Jump on Repair Issues
Don’t just put these issues in the ‘too hard basket’ take care of them ASAP. Once again, this is about showing the tenants you care about them just as much as the property.
4. Give Tenant Requests Due Consideration
To feel right at home, some tenants may want to make changes to the property, like interior decorating or planting a small garden. If they are willing to invest a little time and effort into the property, then these are generally the kind of tenants who are in it for the long run. Pets are another popular request that you should consider allowing. Most property owners are against pets, which means good tenants will be encouraged to stay put.
5. Build a Good Relationship
Keeping long-term tenants means building a relationship that is more than just collecting rent and routine inspections. Consider sending them a little thank you card, it’s a simple but effective way of showing the tenant that you value them as more than just a source of income.
To acquire long-term tenants, consider what would make you happy if you were renting the property. Allowing renters to make your house their home may not guarantee you lifetime tenants, but it will at least give them no reason to leave if they don’t have to.