Building Rental Relationships
Long-term tenants are a great way to keep your cash flow positive, and your rental property vacancies down. When dealing with rental properties, a low turnover rate significantly eliminates the work needed to be done as a landlord. Take a look at these three simple ways to attract tenants to stay for the long-haul.
Be willing to negotiate
One way to attract long-term tenants is to compromise. We aren’t saying you need to come down on the rent price, but rather listen to what the tenant wants in a rental home and take the time to make sure everyone feels heard. It is critical to work with a qualified applicant and make a good first impression by being flexible where it matters. For example: If you have a highly qualified tenant that would love an updated bathroom, take the time to talk about the issue, and try to come to an agreement (i.e.- after six months of consistent rent payments, you can start the renovation process on your terms).
Make your rental property inviting
Another way to attract long-term tenants is to update what matters. Neglect (and a dirty rental property) is one way to run off any tenant. Spend a little more time, money, and energy to provide your tenant with
- Updated kitchen appliances
- Updated bathroom features
- An open and inviting floor plan
- Responding to repairs in a timely manner
If you take the time to maintain your rental property and create an inviting environment, you are more likely to attract a tenant that wants to live in your rental for the long haul.
Make your tenant feel welcome and safe
This is a two-part suggestion: make sure your tenant feels comfortable and safe at all times.
From being welcoming and friendly with your tenant to updating your security system, let your renter know you are here to help and want them to feel comfortable. A few ways to make your tenant feel safe is to:
- Have technology available to modernize safety choices
- Think about placing security cameras on the exterior of your rental property
- Change exterior locks when needed and have extra security available
Make sure to respect the privacy of the tenant when supplying these items. Only install items they feel comfortable with and will benefit both you and the tenant.
Respect is the number one priority when it comes to building a lasting relationship with a tenant. From making them feel safe to small gestures that go a long way, creating a positive relationship with your tenant is key.
Need help? Check-in with a Property Management Company
At Oak City Properties, we have been taking care of rental properties for years! Our full-service property management company will help you find and buy new rental properties to grow and diversify your portfolio. We will also market the property, locate prospective tenants, and show the home to qualified applicants. Once a tenant is placed in your rental property, we will: collect rent payments, assess and collect late payment fees, provide 24/7 maintenance, help with accounting/tax services, and deal with any court appearances in the event of an eviction.
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