As a new or even experienced landlord, you’re looking forward to enjoying a stable income every month. That’s what sets apart rental property from other forms of investment options. But the key to a stable rental income is long-term tenants.
Here, we’re talking about the tenants who will pay their rent on time together with other financial dues, maintain the property well and also comply with the terms of the lease agreement. But what can you do to attract such a tenant to your premises?
This article goes over some top ways you can secure reliable, long-term tenants for your rental property.
Marketing Your Property
When you decide to rent out your home, a large part of your success will depend on the marketing of your property. We recommend that you implement a robust marketing campaign that makes the tenant pool aware of the availability for your property. The key to marketing is in using quality graphics and visual aids and in the pricing of your property.
The property advertisement is the first interaction a potential renter will have with your property. Always use high-quality photos to capture and maintain the viewer’s attention from the onset. Using social media platforms such as Facebook will also help spread the word. But remember to also use community boards and flyers to cover all your bases.
Before you advertise any property, make sure that you read the Florida Fair Housing Act. This federal law protects classes of society against discrimination. Going over it will help make sure your listings and interactions with potential tenants are always in accordance with the law.
Renovations and Upgrades
Renters want a space that is in the best condition possible with contemporary amenities. For you as the property owner, this might mean carrying out some renovations.
Before making any changes to your property, take your time to peruse the market. What are new residential options in the neighborhood offering? What kind of appliances are sought after? Also make sure to look up similar properties in local listings. This will help you get a feel of what you should renovate to stand out among your competition.
Not to mention, with upgrades to your property, you can revise the rent upwards and charge more than the average rental property in the neighborhood. Most importantly, a quality tenant will be looking for a quality space — your renovations are even likely to make them want to stay longer.
From our experience managing properties in the area, we cannot overemphasize the importance of tenant screening. Most property owners lack the experience, expertise, and resources to carry out a thorough screening. There are some who forego the matter altogether, which can cost you in the end.
A thorough screening solution should have the following:
- A credit score check: this check informs you on how the potential tenant manages their money. Do they pay their loans on time? A good credit score means that they should probably pay their rent on time.
- Rental history: ask past and current landlords about the behavior of the tenant. Do they comply with the rules of the property? How do they behave with other tenants? Have they ever been evicted from a property?
- Employment and income history: the rule of thumb is that the amount of rent you pay should not be more than a third of one’s income. You can check on this by requesting income information from your potential tenant.
- Criminal background check: you wouldn’t want a renter who may conduct illegal activities on your premises.
These days, more and more tenants are pet owners. Should you decide to open your property to pet owners, don’t forget to screen their pets as well.
To make your tenants feel welcome in their new residence, make sure you’re a hospitable landlord. Moving and putting down roots somewhere new can be stressful, and you can make your tenants feel more at home with the following tips:
- If the tenant is new to the area, offer to show them the main amenities in the area.
- Introduce them to the neighbors.
- Give them a welcome present.
When a tenant feels welcome and well-received in a new property or a community, it makes them appreciative of their new home and gives them a reason to want to stay longer. It’s important for you to build good relationships with your renters, and first impressions matter.
A well-maintained property benefits both you and your tenants. On your side, you’re assured of reduced replacement costs in the long-term. On the other hand, your tenants are assured of a quality space that is well-maintained and managed.
You want to make sure your tenants have little stress from property issues popping up unexpectedly. This will reduce tenant turnover in the long run and improve the financial performance of your rental property.
We understand that keeping up with property maintenance issues can be overwhelming. Some of the appliances and systems in the house might be too technical. This is why we recommend that you search for reputable and reliable contractors and handymen who will see to the different needs of your property.
Alternatively, you can outsource the management of your property to a professional property management company in your area. Among other things, they’ll take care of that searching process for you, and even manage the repairs and maintenance associated with your property.
There you have it! In such a competitive landscape with a limited amount of quality, long-term tenants, you must be willing to put in the work to make sure your tenants have the best experience throughout the term of their lease.
Do you feel you lack the time, experience, or expertise to implement the advice listed above? If so, you can rely on the expertise of the Keyrenter Broward property management team. We manage dozens of properties in the area for a wide range of clients. We can successfully handle any issue that arises from your property.
Get in touch with us today and receive a quote for our property solutions!