As an investor, you need to understand that your tenants are the life force of your real estate venture. Without your tenants, you wouldn’t be able to maintain your property and invest in more homes. That’s precisely why it’s so important to appeal to your potential tenants’ needs and wants. Not only does it let you avoid vacancies, but it’s also one of the best ways to lower tenant turnover. To do this, you’ll need to invest your time and money into your property, and provide your tenants with an experience that’s so worthwhile that they’ll never want to move away.
In this post, we’ve put together a few ways you and your professional property management firm can find and retain tenants. Practice these tips so you won’t have to worry about tenant turnover, and so that you can boost your cash flow.
#1 Provide Them With a Rent-Ready Unit
If your rental isn’t “rent-ready” or isn’t in the condition to receive tenants, no one will want to rent it. No tenant wants to waste their time (and money) on a unit that needs a ton of work. Instead, they want to be able to move in immediately.
With that said, be sure that your property is in its best shape before showing it to potential tenants. Clean the carpets, mow the lawn, wipe down the windows, and so on. By presenting your would-be tenants with a well-maintained property, you’ll be able to show them that you do care about its appearance. Plus, you’ll be able to prove that they can count on you to keep the property in tip-top shape.
#2 Improve the Property
Tenants don’t expect a lot, but a couple of property improvements from time to time should be fine and relatively inexpensive. Whether it’s using smart systems or building a brand-new room, upgrades will go a long way. When tenants see that the property owner truly cares about their experience, they’ll be more likely to renew their rental contract.
One thing you can do is get your tenants involved. It’s best to get their thoughts on what upgrades to invest in – after all, they’ve been living there for a longer time. In other words, they know what does and doesn’t work. If a tenant tells you that the bathroom tiles are too slippery, it would be best to listen to them. You could also allow them to improve the residence themselves to make them feel more at home.
Pro Tip: Property management firms know what your tenant market wants in terms of amenities. It would be wise to sit down with them to discuss what property improvements have the best return on investment (ROI).
#3 Commit to Maintenance and Repairs
What do tenants want? The answer: landlords who always stay on top of repairs. Tenants will have responsibilities when they move in, but that doesn’t mean you no longer need to care for your rental. Remember, as a rule of thumb, tenants are responsible for minor maintenance tasks – the rest of it is up to you.
When tenants tell you that something is wrong, go to the property or send someone to your rental home, such as a property management agent. In this way, you can show your tenants that you’re truly concerned about their well-being. It also shows your tenants that you understand your role as their landlord, and that you’re aware that you’re bound to maintain the rental by law. By following through with your obligations, you’ll be able to encourage your tenants to sign as well as renew their lease agreements.
Besides, maintaining your property is one of the best ways to improve its value, so you might as well do it for a win-win situation!
#4 Consider Offering Incentives
One of the best ways to encourage your tenants to renew their lease agreements is by rewarding them. When tenants know that there’s a reward waiting for them with every renewal, they’ll be more willing to rent with you for the long term. Not only that, but they’ll be more motivated to be responsible tenants – ones who pay their rent on time, maintain the property, be good neighbors, and more.
For instance, if a tenant has not once failed to pay their rent on time, you can offer to cover one month’s worth of rent if they renew. To entice tenants to rent, you can cover the cost of electricity, gas, etc. for a year. You could also offer free cleaning services (ones that aren’t already included in your building property management company’s plan) to long-term tenants.
#5 Focus on Convenience
It shouldn’t take your tenants too many steps to perform the most basic tasks, like paying rent, submitting a repair request, and so on. To attract tenants (particularly modern tenants), you need to invest in tenant portals and apps that make their lives a lot easier. Provide your tenants with the convenience of being able to pay their rent from their mobile phones, review their payments from anywhere and any time, be reminded when their rent is due, and so on.
These tools may be an additional expense, but bear in mind that they benefit you, too. Tenant portals make it easy for you to track important transactions, work orders, communications, and more.
#6 Respect Your Tenants’ Privacy
Your tenants deserve to live in a home where they won’t be disturbed by their landlord. You need to understand that your tenants expect privacy, so don’t use “I own this property” as an excuse to visit whenever you want. If you need to enter your rental, you need to provide your tenants with advance notice (typically 24 hours) so your tenants have time to prepare. The only exception is when there’s an emergency.
Attract and Retain the Best Tenants With Luxury Property Care
If you’re struggling to attract tenants to your South Florida rental, partner with the pros at Luxury Property Care. As experts in property management, our goal is to get your units rented out fast and keep them occupied for the long term. We follow the industry’s best marketing and tenant screening practices to get your property rented out to responsible tenants in no time.