Landlords are often seeking a low turnover rate and a stable stream of income from their properties. Long-term tenants are one of the best ways to meet these goals. But how exactly can you attract and keep a long-term tenant?
Tips for Attracting Long-Term Tenants
Upgrade your property
You remember the adage, “First impressions matter?” This is where you put it to practice. Whether you have a young professional or a public officer in their early 40s as your tenant, neither wants to rent a space that looks faded and washed out.
Making renovations to your property requires substantial funding. You will need to save for that! Renovations and upgrades to your property must also meet the tastes and preferences of your target demographics.
As you plan to make those significant changes, consider affordable upgrades. Paint is not only inexpensive, but it can be the difference that you need for your property. For the exterior, consider hiring the services of a local landscaping team.
By keeping your property appeal high, tenants feel proud renting out your space.
Screen your tenants
This is one recommendation that you should highly consider. With the proper tenant screening and selection procedure, you can siphon out the bad weeds and lock down a high-quality tenant.
What exactly defines a high-quality tenant? We are talking about a client who pays their rent on time, adheres to the provisions and regulations of the lease agreement, and maintains the property in a reasonable manner. As a landlord, a potential tenant needs to tick all the boxes of your tenant screening checklist.
At Cory Real Estate Services, we have a comprehensive tenant process that considers quite a few items; income level, credit history, landlord references, criminal background checks, and sex offender checks. We also ensure that our tenant screening process adheres to the provision of the Fair Housing Act.
Be welcoming to new tenants
Moving to a new house in a different neighborhood is not easy. It is a very stressful and chaotic time for most tenants. They are not sure whether they will blend well with the other neighbors and have loads of new questions to consider. Where are they going to buy groceries? Where is the nearest bank? Ease the burden of your tenant by offering a helping hand on move-in day.
First, make sure the property is super clean before they move in. Hire a cleaning service to do a thorough job the day prior. Secondly, go the extra mile of introducing them to the neighbors, or offering a list of nearby services to help them get situated in the neighborhood. And if you can, help carry the luggage from the U-Haul trucks.
These tips may look insignificant by they are the seeds of a long-lasting relationship between you and the tenant.
Keep up with maintenance
It is the responsibility of the landlord to maintain the property in a good condition. A well-maintained property paints the picture of a concerned property owner who is looking out for the welfare of their tenants. Is there a tenant who would not like to rent space in such a property?
While it is one of the tips recommended by our team, you should also be aware that landlords are mandated by law to ensure their property is habitable. In the situation of a poorly maintained property, the tenant is legally allowed to exercise certain rights, including withholding rent.
There will be times when tenants make unforeseen maintenance requests. Make sure you respond to them promptly and make arrangements with experienced and qualified local contractors.
Provide a safe and secure environment
There is no single person, tenant or landlord, who would want to feel insecure at home. If you feel your property might be lacking in security, now would be the time to bolster your existing systems!
All windows and doors should be burglar-proofed. Installing an alarm system is also highly recommended. In common areas such as balconies, stairwells, and driveways, make sure to install proper lighting, as well as security cameras.
Value the right to privacy
If your tenant has rented out your premises, he or she has the right to quiet enjoyment of the space under Tennessee landlord-tenant law. This means that even though you are the owner, you can’t simply barge in without prior notice. A notice must be issued out in writing to the tenant and clearly outline the reasons for entry.
The only circumstance that allows you to enter the premises without notice is in the occurrence of an emergency. Anything contrary to that and you might find yourself slapped with a lawsuit and in a court of law.
We recommend that you get acquainted with all federal, state, and county statutes that govern property.
The Bottom Line
As you read the above tips, you might be wondering how you are going to keep tabs on all these small tips and tricks. To be honest, without prior knowledge and experience, it is going to be a hassle for you. Why burden yourself with all the stress and frustration? Contact the experts at Cory Real Estate Services.
We are the premier real estate service company in the Clarksville area. With a portfolio of hundreds of properties, our team has the experience, qualifications, and industry knowledge to maintain your property in a good condition. We are committed to offering customized services to our clients. Each client is guaranteed a tailor-made solution guaranteed to meet the needs of their property and that of their tenants.Posted by Justin Cory on