When you’ve scored great tenants, it’s your job to keep them for the long haul. Rental spaces that are always filled with high-quality residents generate steady rental income for landlords.
Rental units are also bound to be well-maintained when you have outstanding occupants taking care of your rental place.
If you want to benefit from having long-term tenants in your rental unit, follow these tips to inspire tenant loyalty and nurture a solid landlord-tenant relationship:
Honor the Tenant’s Privacy
State laws protect the privacy of renters by mandating landlords to issue notices prior to entering the rental property.
Even if you own the unit, you can’t come and go as you please. Typically, a notice of 24-48 hours is acceptable to conduct property inspections. Every tenant is given the right to quiet enjoyment.
Landlords can only access the property, provided it’s for the following reasons:
- To perform required renovations
- To conduct property upgrades
- If a tenant showed signs of abandoning the rental property
- To conduct property showings
- To adhere to a court order
- During an emergency
Welcome Your Tenants
Being respectful to renters with simple courtesies can nurture a strong landlord-tenant relationship. First impressions matter, so it’s advisable to schedule time to welcome the new renters on their move-in day.
Moving to a new environment means facing plenty of adjustments. Seeing a friendly face makes a big difference for renters.
Here are ideas you can try:
- Providing thoughtful gifts or offering refreshments on the move-in day
- Informing the renter on the best local places for dining, shopping, and entertainment
- Taking time to introduce the new tenant to neighbors or other renters
- Conducting an orientation and guiding the tenant on how to operate appliances and smart security systems around the unit
- Offering the tenant assistance and leaving your contact information
Be Responsive to Tenant Requests
When you’re quick to attend to the needs of your tenants, they appreciate you more as a landlord. Trust is cultivated, leading them to become loyal residents. If they report a property issue, it’s best to find effective solutions right away.
For example, if they find rodents in the unit, you can arrange an extermination to eliminate the issue. If you delay resolving property concerns of the renter, you can end up facing turnovers and a rental vacancy which can trigger more problems.
Appreciate renters who take the time to inform you of problems, since issues that aren’t fixed right away tend to grow bigger and costlier.
Be a Flexible Landlord
Not all tenants are the same. Some like to make the rental a more personal space. As a landlord, you may receive various requests such as allowing pets or redecorating the unit with another paint color.
Being a flexible landlord has its merits, since it can inspire renters to stick around longer. You can tweak policies in important rental documents but also provide conditions to reach a happy compromise. Some tenant requests are also minor adjustments that you can accommodate.
If you’re open to these requests and offer flexible options, you can succeed in ending up with loyal residents.
Prioritize Rental Safety
Everyone wants to feel secure in their home. Make your tenants feel safe from disasters and trespassers. Prepare exit emergencies for fires, invest in security systems, and solid locks for the doors and windows.
Be sure that you follow the safety requirements such as providing smoke alarms and detectors. Install cameras, house alarms, and motion sensors. The more you promote a safe rental property, the more your unit becomes attractive to the occupants.
Use an Online Rent Collection System
Convenience is something many can appreciate. Provide your tenants with payment channels that make it easy to pay their rental dues on time. Opting for electronic payment channels is preferred so people can pay on the go, skipping bank trips or office visits.
Tracking rental payments is also easier with an online payment setup. Aside from saving time, losing checks is an issue you’ll avoid in this setup.
Offer Incentives for Lease Renewals
Without renters, you’ll be spending more on marketing the rental space, keeping it safe from intruders, maintaining it, and conducting tenant screening. To avoid this, you can instead provide additional benefits to renters that decide to renew the lease agreement.
Consider offering a rent discount or throw in a free month’s stay to sweeten the deal. Though you lose income initially, you can generate steady earnings for the duration of the rental period. Renters will also be motivated to accept the offer since moving fees can be steep.
Aside from rental promos, you can also create a win-win option by engaging the services of professional cleaners or renovating the unit.
Refraining from a rental price increase for a few months is another strategy that works. With a well-maintained rental space, renters will be hard-pressed to find a reason not to renew the lease.
Increase the Rent Within Reason
As a rental property owner, it’s understandable to increase the rental fee, especially when demand escalates or you’ve made better property upgrades. You need to ensure, however, that you accurately set a rental fee increase.
If the rate is far too high, renters will seek other options. A fair rental fee increase can result in keeping your renters around for a long time. Note that retaining quality renters is always better than working to attract new occupants which has time and financial costs.
Attracting long-term tenants means following simple steps, such as respecting their privacy and exercising flexibility and courtesy as a landlord.
It also means focusing on the upkeep of your rental unit. As a landlord, thinking about your tenants’ comfort goes a long way and it can result in tenant loyalty.
Are you seeking a reliable partner to maintain your rental and manage your renters? If yes, contact JTS Property Management today! We’re here to assist you with all your property management needs!