- \n
- Finding Tenants with Superior Value<\/a><\/strong><\/li>\n
- The Power of Marketing<\/a><\/strong><\/li>\n
- The Importance of Meticulous Screening<\/a><\/strong><\/li>\n<\/ul>\n
Keeping Good Tenants<\/h2>\n
- \n
- Provide Incentives<\/a><\/strong><\/li>\n
- Communication is Key<\/a><\/strong><\/li>\n
- Stay Organized<\/a><\/strong><\/li>\n
- Ensure Tenant Safety<\/a><\/strong><\/li>\n
- Keep Your Properties Up to Date<\/a><\/strong><\/li>\n<\/ul>\n
Finding Tenants with Superior Value<\/h3>\n
When you\u2019re trying to figure out what a renter wants, put yourself in their shoes. When you do, you\u2019ll realize there\u00a0are a few things they typically want in a home:<\/p>\n
- \n
- Cleanliness<\/strong> – a fresh carpet, pristine landscaping, and a new coat of paint are always welcome<\/li>\n
- Style<\/strong> \u2013 that snot green paint in the living room may not work in your favor!<\/li>\n
- Safety<\/strong> \u2013 if the area is known petty crimes, you\u2019ll struggle to attract great tenants<\/li>\n
- Good schools<\/strong> \u2013 obviously this doesn\u2019t apply to\u00a0everyone<\/em>, but it\u2019s important to families with children<\/li>\n
- Great condition<\/strong>– if the air conditioner breaks every other week in the summer, you\u2019ll have\u00a0 one unhappy, sweaty tenant!<\/li>\n
- Customer service<\/strong>\u00a0\u2013 when your tenant calls with a question or needs help with something, how do you respond?<\/li>\n<\/ul>\n
At the end of the day, great tenants will live (and stay) in a home where you\u2019d also want to live. Not all\u00a0<\/em>of your properties have to be in tip-top shape, but it certainly doesn\u2019t hurt.<\/p>\n
But there\u2019s more to getting good tenants than just having a favorable property. After all, if nobody ever hears about it, you can\u2019t expect to rent it out very often! That\u2019s why the next section is so important.<\/p>\n
The Power of Marketing<\/h3>\n
Some business professionals will argue that great marketing is the most important business skill to learn. Even if a product is only mediocre in quality, or customer service isn\u2019t great, marketing can carry a business or product to profitability.<\/p>\n
The minimum level of marketing you should do is to verify that your property is found on various sites used by tenants to find a place to rent. A few examples are Zillow, Homes.com, and Rent.com. You can also put a sign in the property yard, and one at the entrance of the neighborhood (if applicable).<\/p>\n
Just keep in mind that these methods are considered\u00a0fairly reactive, because you\u2019re counting on the tenants finding you. While it can work, taking a more proactive approach will help you find a good tenant faster.<\/p>\n
Here are a few ideas to help you get started:<\/p>\n
- \n
- Talk to colleagues in the industry- <\/strong>Other property managers, landlords, and realtors may know of some great potential tenants.<\/li>\n
- Talk to friends and family- <\/strong>Don\u2019t take these connections for granted. Chances are someone in your network knows someone looking for a place to rent.<\/li>\n
- Consider paid ads<\/strong>\u2013 Advertising companies can help you target the exact audience you\u2019re looking for. Whether it\u2019s a single young professional, a family with children or empty nesters, they can help you get in front of the right people.<\/li>\n<\/ol>\n
If you have a great property and your marketing is in place, you\u2019ll have tenants knocking at your door in no time. The last (but perhaps most important) step is the screening process.<\/p>\n
![\"credit](\"https:\/\/s3.amazonaws.com\/assets.resources.rentpost.com\/wp-content\/uploads\/2018\/12\/09000230\/credit-check.jpg\")
<\/p>\nThe Importance of Meticulous Screening<\/h3>\n
While it\u2019s possible to kick out a bad tenant, it\u2019s\u00a0much\u00a0<\/em>easier to avoid having to deal with that situation. The best way to do that is to screen your tenants vigorously. At the minimum, here are a few things you should aim for:<\/p>\n
- \n
- Credit and Background Checks-<\/strong> These don\u2019t tell the entire story about someone, but it certainly tells a lot! If they have a history of not paying bills on time, you can almost guarantee it will happen again with you.<\/li>\n
- Meet in Person-\u00a0<\/b>This isn\u2019t about finding out what they look like\u2014appearance doesn\u2019t matter. A guy with tons of tattoos may be a perfect tenant. But you can get \u201cvibes\u201d from people in person that you just can\u2019t feel over the phone.<\/li>\n
- Look at Their Car \u2013\u00a0<\/strong>When you\u2019re done showing the property, take a glance inside the potential tenant\u2019s car. If it\u2019s a mess, they\u2019ll probably trash where they live- a.k.a. YOUR property!<\/li>\n
- Talk to the Previous Landlords \u2013\u00a0<\/strong>Hopefully the current landlord is honest and gives you an idea of what a potential tenant is really like. Just keep in mind that if it\u2019s a bad tenant, the landlord may say anything they can to get the tenant out of their property!<\/li>\n<\/ul>\n
Keeping Good Tenants<\/h2>\n
Finding occupants for your property is one process, but what about keeping them? Tenant retention is not only an indication of your success as a property owner; it also shows that you\u2019re able to respect and maintain your tenants\u2019 safety and comfort. Beyond that, it\u2019s within your interests to protect your bottom line and avoid vacancy cycles that could end up costing you. Here are some things to keep in mind that\u2019ll show your residents they are valued and keep them signing your lease.<\/p>\n
Provide Incentives<\/h3>\n
The most straightforward way to show a renter your appreciation is to provide them with perks. Offer welcome packages to new tenants and renewal gifts for those you\u2019d like to keep. Cash and discounts are popular motivators to renew a lease among surveyed lessees, and gift cards, vouchers, and other small tokens are often welcomed incentives.<\/p>\n
But it\u2019s not enough to just offer them. Your timing matters. Incentives are shown to be the most effective during the first signing or toward the end of the lease. In contrast, offering incentives months into the rental term returned fewer responses and fewer lease renewals.<\/p>\n
Another simple motivation: added amenities and space upgrades! A fresh coat of paint or new flooring perks up a tenant\u2019s space and might just be the gesture helping them decide to stay. Outshining the aforementioned enhancements, free covered parking is the most effective and appreciated encouragement to renew a lease among those surveyed.<\/p>\n
![\"\"](\"https:\/\/s3.amazonaws.com\/assets.resources.rentpost.com\/wp-content\/uploads\/2018\/12\/27163300\/french-bulldog-enjoying-time-with-owner-park_7502-8303.jpg\")
<\/p>\nFor apartments and townhomes, pools and gyms have become a standard fixture. However, if your complex allows pets, why not put up a dog park? This gives your tenants a way to connect with each other, enjoy time with their pups and celebrate great weather. Plus it consolidates all of the poop in one spot. Win-win-win.<\/p>\n
How about a shared movie theater or coffee bar? Maybe some nice gas fire pits to sit around? Don\u2019t get me wrong \u2013 I know that not all of your tenants will use these things. In fact, most won\u2019t, even if they initially think they will. But simply by having these types of benefits you\u2019re more likely to both attract and keep tenants.<\/p>\n
Communication is Key<\/h3>\n
Just like in any healthy relationship, communication is crucial. This starts at the very beginning of your professional relationship with the lease term agreement<\/strong><\/a> for you and your tenants. It also helps prevent any potential misunderstandings, miscommunications, or tensions between you and your tenants.<\/p>\n
Here are a few more great communication strategies that can provide your tenants the best rental experience.<\/p>\n
List of Local Services<\/h4>\n
You\u2019d be amazed at how far simple additions to renting a home can impact a tenant. For instance, providing a list of local services upon move-in is a nice gesture your tenants will appreciate. Having phone numbers on hand for emergency cases or even just to help them turn on utilities has never failed to impress new tenants.<\/p>\n
Some landlords will go so far as to include prices and fees for these services to help the new tenants budget their needs. This can be a quick and easy printout or something you could host on your own website should you have one. This allows the tenants to save time looking for numbers of what\u2019s available in the area.<\/p>\n
Roommate Agreements (where applicable)<\/h4>\n
Roommate debacles are also significant threats to your tenant retention<\/a>, and while you are not legally obligated to involve yourself in such conflicts, you can prevent major fallouts by making sure communication is clear and encouraged. You can provide a sample roommate agreement, make sure that payment terms and violations are understood, and be upfront with how a security deposit<\/a> will be handled at the end of the lease.<\/p>\n
This is especially useful among younger tenants who may be in the first years of living independently and may still be unclear about their responsibilities as tenants and what liabilities to be aware of. Don\u2019t assume that what is common knowledge to you is also common knowledge to your tenants.<\/p>\n
![\"tenancy](\"https:\/\/s3.amazonaws.com\/assets.resources.rentpost.com\/wp-content\/uploads\/2018\/12\/30214155\/joint-tenancy-agreement-property-renting-estate-concept_53876-134013.jpg\")
<\/p>\nTenant Manuals & Newsletters<\/h4>\n
Effective communication extends your relationship’s duration, especially if you want to keep good tenants around. You can encourage ongoing communication through weekly or monthly newsletters, welcome letters with resources and an outlining of the services you do and don\u2019t provide, and tenant manuals full of troubleshooting tips for common complaints. Make sure that your contact information is always available, and respond promptly to their requests or complaints.<\/p>\n
Maintenance Notices<\/h4>\n
You should also go the extra mile for your tenants and give adequate notice in the event of repairs, maintenance, or any other scheduled inconvenience you\u2019re aware of. Tenants will also appreciate their input being considered at any point, and it\u2019s a simple way to show that you\u2019re looking out for your residents.<\/p>\n
Stay Organized<\/h3>\n
Closely tied to communication, good organization bolsters tenants\u2019 confidence in your abilities as a landlord. A primary component of being organized is simply advanced notice. Respect tenants\u2019 time by starting the lease renewal process early. This way, no one is surprised and rushed, the process can be much more streamlined, and if your tenants decide not to renew, you have months\u2019 head start on filling the vacancy. A reasonable time frame is to start three months before the end of the lease.<\/p>\n
Also, schedule repairs and maintenance promptly, and bear your tenants\u2019 preferences in mind when possible. For example, some tenants prefer scheduled repairs to occur when they aren\u2019t home, while others prefer to be present for any repairs. Always follow up, follow through, and respond promptly.<\/p>\n
It\u2019s said that punctuality is the expression of commitment. Arriving on time and being aware and considerate of others\u2019 schedules illustrates your professionalism, respect, and thoughtfulness, which your tenants will love. Inconsistency and tardiness reflect poorly on your character, business, expertise, and ability to be mindful of others\u2019 safety and comfort and are likely to chase away good respectable tenants.<\/p>\n
Ultimately, staying organized is the foundation of effective communication and a positive relationship with your tenants. Many renters are renting because they want to and prefer someone else to handle payment agreements, repairs, and maintenance. Therefore, it\u2019s of tantamount importance that you protect tenants\u2019 trust in you by maintaining professionalism and working to protect the quality of life you agreed to provide your renters.<\/p>\n
Ensure Tenant Safety<\/h3>\n
Tenants aren\u2019t as willing to renew a lease in a home where they feel unsafe. Especially if they rely on you to maintain their sense of security<\/strong><\/a>. Make sure neighborhoods are well-lit, plants and foliage are kept neat, and fences are low. If you provide parking, it is also your job to enforce parking rules and appropriately handle any violations.<\/p>\n
![\"tenant](\"https:\/\/s3.amazonaws.com\/assets.resources.rentpost.com\/wp-content\/uploads\/2018\/12\/30214819\/man-with-glass-listening-conversation-through-wall_653183-2776.jpg\")
<\/p>\n - Meet in Person-\u00a0<\/b>This isn\u2019t about finding out what they look like\u2014appearance doesn\u2019t matter. A guy with tons of tattoos may be a perfect tenant. But you can get \u201cvibes\u201d from people in person that you just can\u2019t feel over the phone.<\/li>\n
- Talk to friends and family- <\/strong>Don\u2019t take these connections for granted. Chances are someone in your network knows someone looking for a place to rent.<\/li>\n
- Style<\/strong> \u2013 that snot green paint in the living room may not work in your favor!<\/li>\n
- Communication is Key<\/a><\/strong><\/li>\n
- The Power of Marketing<\/a><\/strong><\/li>\n
![\"rent](\"https:\/\/s3.amazonaws.com\/assets.resources.rentpost.com\/wp-content\/uploads\/2018\/12\/27173024\/applications-be-connected.jpg\")
<\/p>\n