If you want to rent out an apartment, or any property in general, the most important thing is finding the right tenants. And this does not simply refer to someone willing to pay the most money! You want to be able to trust the people living within your walls. And you want to form a long-term relationship with them. Because that way, you know your tenants well and can ensure no sudden issues, misbehavior, or property damage would occur. However, it is not always easy to form such a relationship. You need to balance your own needs with those of your tenants and plan carefully for the future. To help you do this, we have written this guide on how to attract long-term tenants.
Offer good amenities
Amenities are one of the most important draws for tenants. People are a lot more likely to rent from you if they are assured of having good conditions. Included in this are quality appliances, parking, air conditioning, stable and fast internet, and more. The most necessary amenities right now, interestingly enough, are those that allow a comfortable work-from-home experience. There are, of course, concerns about dealing with difficult tenants. Many landlords are afraid that providing better amenities would only result in higher losses when those amenities are damaged or ruined entirely. However, if you provide them, you would both be more likely to find good long-term tenants and discourage bad ones from damaging what benefits them.
Keep your property in good condition
Upkeep is essential. You cannot assume that you can set everything up and never bother to renovate or update your property. A key component needed to get along well in a landlord/tenant relationship is support and understanding. And you need to show them through continuing to care about your property. Organize occasional minor renovations. Replace appliances when they break down or start to develop issues. Check in occasionally with your tenants to see if they need any repairs done. Of course, you do not need to take this to an excessive level and start losing money. Some tenants will do the repairs and upkeep themselves. However, they sometimes do not have the resources and means to do it on their own. And the support of their landlord will go a long way toward convincing them to keep renewing their lease.
Negotiate on the rules and policies
The rules of your property and your stance on certain topics are one of the main issues to address before new tenants move in. Firstly, and perhaps most importantly, you need to make how you feel about pets very clear. A lot of tenant-landlord conflicts happens because of this one topic. And many landlords have found themselves in shock over finding out their tenants own a pet without bothering to inform them. Additional issues you should discuss regard the remodeling, renovations, and similar things you are willing to let your tenants do on their own. If your property is furnished already, you should also make it clear whether you are okay with your tenants replacing some of the furniture or using exclusively their own.
Charge a reasonable price and avoid sudden rent increases
This is one of the best ways to build a better relationship with your tenants. It is only natural that you want to earn money from your property. That is why you are renting it out in the first place! However, you must remember to keep the price affordable and check whether you are raising it significantly over or under other rentals in your neighborhood. It is beneficial to coordinate with other landlords, just so none of you run into awkward situations. In addition, it is only natural that your tenants would appreciate a timely warning if you decide to increase their rent. Typically speaking, you want to inform them at least one or two months in advance. This way, they have time to plan their budgets or even move out if they decide they cannot afford it.
If you are determined to hang onto your tenants, you might want to offer them incentives to stay. Renegotiate your property policies. Offer them a lower rent. Or even offer a flat rate for the price of their utilities. Of course, doing so might cut into your profit margins a little. And you might not like the idea of allowing pets onto your property. However, if you are confident that your current tenants are good people who treat your property with care and respect, it is probably worth it. Nightmarish tenants who ruin properties are surprisingly rare. But so are tenants who do their best to take good care of them!
Show proper respect and support
This can be both easy and difficult. The support part is relatively simple. You need to do what is expected from you as a landlord: organize the repairs and similar. However, ‘respect’ can be challenging to put into words. The simplest way to put it is: Do not hover. Some landlords feel the need to constantly check on their tenants, to the point of showing up unannounced at their door for surprise inspections. Tenants have their own lives and timetables, which means this behavior is disrespectful and shows an utter lack of trust. Such behavior is likely to quickly drive your tenants away, no matter how good the renting conditions and price are.
The topic of how to attract long-term tenants can be an exhaustive one. However, we can sum things up by saying that you just need to treat your tenants the way you would want to be treated. Offer them understanding and support. Do not overstep boundaries in your desire to assure the safety of your property. And do not spring sudden rent changes on them. If you follow this advice, you will be just fine!
Article courtesy of: Betty White