As a landlord, one of your primary goals is to find suitable tenants for your properties. However, if you don't have a good property manager working on your behalf, you may have difficulty getting those tenants to stay. Here are a few ideas for how you and your property manager can attract and retain high-quality tenants at all of your rental properties.
One of the easiest ways to get your tenants to stay long-term is to provide them with incentives for doing so. For example, you could give tenants $100 off their next month's rent for making six on-time payments. You could also reach out to the local community for discounts for your residents. Local businesses may be willing to offer incentives for your residents to encourage them to support the local economy. Some places to try include:
Your residents will appreciate the savings and they'll get more involved in the community at the same time. Having a community sense of belonging will encourage your tenants to stay in your rental property, too.
A key factor in retaining quality tenants is providing them with a quality place to live. Think about the areas where your residents are likely to spend their time. This could include:
These areas will allow your residents to get to know their neighbours, which will encourage them to put down roots. Even when they are not socialising, your residents will enjoy having nice areas in which to spend their time.
A community blog or newsletter is a great way to let your tenants know what is going on in your community. This can include things like:
Be sure to include contact information for your property manager so that tenants can get in touch with questions, comments or concerns. Your residents will be more comfortable renting from you when you keep them informed of what is going on with the property.
Customisation of your rental property is one area that many landlords shy away from, but this is another factor that tenants really appreciate. Allowing them to make minor modifications, like changing the curtains or putting up picture hooks, gives residents a sense of ownership of the property, even though they are just renting. The closer they are able to make your rental property to their dream home, the longer they are likely to live there.
You'll need to set guidelines with regards to which modifications you allow and which you don't. This will ensure you'll still be able to rent to a new tenant without having to make major changes to get your rental property back to normal.
At the end of the day, it's all about striking the perfect balance between the needs of your rental property as a business and the needs of your tenants. The better you are able to accommodate your resident's needs, the more likely they are to want to continue renting your property in the long run. However, don't go so overboard with catering to your tenants that you forget that your property is an investment. It may take a bit of trial and error to get it exactly right, but a high-quality property manager should be able to help you in this regard.