How to Attract Long-Term Tenants

As a landlord, one of the issues that may cause sleepless nights is a high tenant turnover rate. With a vacant property, it can be hard to meet your financial goals. To add, you will also incur some property expenses.

All things considered, it’s important to identify a number of ways in which you can attract and retain your current tenants for the long run. Having long-term tenants enables you to have a high return on investment (ROI). It’s also been proven that long-term tenants tend to be more responsible and are able to take better care of their units.

In this article, we’ve compiled a few tips on how you can attract long-term tenants to your property!

Tips on How to Attract Long-Term Tenants

So, how exactly can you get long-term tenants for your rental? The following are some effective strategies you can implement:

Be Welcoming to Your New Tenants

First impressions matter, and this definitely applies to the leasing of your rental property. It’s important that you start off your interactions on the right foot. You don’t have to be overly friendly with the tenants. Just ensure that you are polite and courteous towards them.

You can also incorporate some gifts as part of a welcome package! This can include a fruit hamper, baked goods, or a written recommendation of great places to go in the neighborhood. People always appreciate a nice gesture. A warm welcome goes a long way.

Remember to Always Respond to Your Tenants

Whenever tenants reach out to you regarding an issue, be sure to respond promptly. This provides assurance that their grievances are taken seriously and that you care about their comfort and safety.

responding to tenants

Make sure that you have a clear channel of communication where tenants are able to reach you. These contact details should be provided when they first move in.

Prioritize Safety in Your Property

Every tenant wants to live on a property that prioritizes their safety. Once tenants feel that a property is safe, needs are met, their issues are resolved, and there is proper communication, then your chances of retaining a tenant skyrocket.

If a property is unsafe, regardless of the rates or proximity to utilities, there will be a high tenant turnover rate. As such, you should implement all safety precautions in your property. Some of the recommended safety protocols include the installation of security cameras and automatic lock doors.

Also, check that you meet all the safety requirements by the state. These may include fire and flood safety regulations, for example.

Respect Your Tenant’s Privacy

As a landlord, you should always respect your tenant’s privacy. Invading their spaces may lead them to feel uncomfortable or even harassed. Under such circumstances, they will not think twice about moving out. State landlord-tenant laws guarantee a tenant’s privacy through the right to quiet enjoyment of space. If you are not careful, you might find yourself in legal trouble.

tenant privacy

Always provide your tenants with ample notice before showing up at their door for any reason other than emergencies. The more considerate you are to their schedule and respectful of their space, the more likely they are to become long-term tenants.

Charge Reasonable Rent for Your Property

Before setting the rental price for your property, conduct a thorough market study on the comparable rent of similar properties in the neighborhood. This will help you determine the optimal rental price. Properties that have a high rental charge often have high tenant turnover rates. Fair rent can also be an added advantage against your competitors.

Promptly Attend to Maintenance and Repair Issues

One way to secure a long-term relationship with your tenant is to maintain the property. This includes quickly responding to their maintenance and repair issues. Once a tenant has reported a maintenance issue, try to resolve the problem in the shortest time possible.

To minimize the amount of time taken on repairs, we recommend regular inspection of your property. Putting in place an inspection schedule is a proactive measure that allows you to detect defects before they spiral.

Responding to property repair needs can take quite a toll on a property owner. It’s easy to become overwhelmed due to a lack of experience. For the maintenance needs of your rental property, rely on the property experts like those at Southern Realm Property Management!

Conduct a Thorough Screening of Your Tenants

A comprehensive tenant screening process serves as a defense against problematic tenants. Tenant screening helps you weed out tenants who are not suitable for your property.

thorough tenant screening

Using a set of qualifications, you are able to identify high-quality tenants who will pay their rent on time, maintain the property in a reasonable manner, and be more likely to stay long-term.

Ensure that all prospective tenants fill out an application that will help you determine their suitability. We also recommend you look into the requirements set by the Fair Housing Act.

Bottom Line

Finding long-term tenants is something every landlord longs for. Even though carrying out proper marketing and screening could help in attracting tenants, it’s also important to learn how to treat tenants to encourage them to stay longer. Even the act of accepting pets can make a big difference!

The tips above are just a few of the many tips you can implement in your property to reduce your tenant turnovers. For a low turnover rate and more, get in touch with the experienced team at Southern Realm Property Management!

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