If you are interested in finding and keeping good tenants for your rental houses and multiplexes, you are in the right place. While there are many strategies for success, one of the most successful – in short – is establishing a large pool of tenants that you may choose from. You must first learn some methods of attracting tenants.
The Importance in Finding and Keeping Good Tenants
If you are into the rental market, you have to know exactly how to find and keep good tenants. The overall success of your business depends on it. You will need to do all that is within your power to keep people in your rentals for as long as is possible. You must place communication with your tenants as a highly important goal, engage in efficiently dealing with maintenance issues, and respecting their privacy. If you can do this, you are setting a firm foundation for retaining good tenants on a long-term basis.
Strategies to Attracting Good Tenants
To truly get good, paying tenants, you need to have nice and clean rental properties. It should be your mission to make sure that all of your rentals are in the best condition possible. Those who are interested in renting from you are in search of homes that are comfortable and clean. To offer these types of homes, you should do the following:
If there is carpeting in your rentals, ensure that they are deep cleaned on a regular basis. If it becomes damaged, take it out right away and place another type of flooring down.
Evaluate all of the walls throughout your rental. If you see any damage, have it repaired as quickly as possible. You should also paint the walls, trimming, and ceilings when the need arises in order to keep the property looking fresh, clean, and attractive.
The bathrooms and the kitchen of each of your rental properties should be thoroughly cleaned and disinfected.
All of the windows of your rental properties should be cleaned on both the inside and outside. While cleaning, you should check the weather sealing to ensure there are no drafts or openings. If you find that there are drafts and/or openings, you should repair the windows or – at least – seal them with weatherstripping.
The plumbing and the electrical systems of your rental properties are the main systems of the home. You should have them regularly checked for problems, and if issues are discovered, repairs and/or replacements should be done immediately.
Will Marketing Help in Finding and Retaining Good Tenants?
Yes, if you engage in an aggressive type of marketing that puts your rental houses and multiplexes out in front of a large audience, you will find that you have access to a larger audience that may be interested in moving in your rental. You should take detailed, high-quality photographs of the properties, and get a description that is well written up for each of your properties.
Then, you should list them online on the most popular website platforms. These may include websites that highlight available real estate, social media platforms, and even Craigslist. If you go where the people are, the people are sure to go to you when they have a need for a highly-rated rental.
Show it Off
In order to allow potential tenants to see your property, you should be ready to show it off. Have showings and present yourself as professionally as possible.
You should arrive early as the property, greet the potential tenants that have arrived, and then conduct a tour while outlining the benefits of your available property. At the end, allow the potential tenants to ask questions and allow them time to look around the property on their own.
This will help them in imagining what it could look and feel like if they were to rent the property. If you are uncomfortable in showings, you may may partner with a property management company to deal with these components of the rental properties that you have available.
How Can I Truly Find Good Tenants?
There are several unique ways of discovering good renters that will stay in your rentals for prolonged periods of time. The following outlines some of the most effective strategies that you may put to use in your journey:
Market in an Effective Manner – First, you should commit to using several different channels to market to your potential tenants. These include – but are not at all limited to – online listing websites, real estate websites, rental websites, social media platforms, and other venues. You should make certain that when you are presenting your rentals that you are presenting the rentals in the best possible manner.
Competitive Pricing – You should research the local market and economics where your rental is located in order to come up with the most competitive pricing for your rental houses and multiplexes. If you offer a fair price for your rentals, you are sure to attract a lot more applicants than if you offered rentals at high prices. Additionally, you will also find that you have a drastic reduction in your vacancy rate.
Screening – Before setting out to find tenants for your rental homes and multiplexes, you should establish and implement a comprehensive screening process. When screening tenants, you should check out their credit history, their rental history, and the references that they provide you.
Now that you have an idea of how to find good prospective tenants, it is time to learn how to retain those tenants.
How Do I Retain Good Tenants?
Retaining good tenants is an art and a science. It is either easily done or it is not. The following outlines some strategies that are the secret to success for landlords all around the country:
Make a Comprehensive Lease – when you make the lease for your rental property, include as many details as possible and make sure that you and your tenants sign the lease. This is a legal document that will aid in protecting both you and your tenant.
Lease Renewal – You should give your renters with comprehensive information on what will happen when it comes time to renew their lease. Then, when it gets close to time to renew the lease, contact your clients and inform them that you would like them to stay and inquire as to when it is convenient for you to get with them and get the papers signed.
The Rent Collection Process – You should explain to your tenants what the rent will cost and how you will collect is. It is also important to include a policy in the rent process that may be put into place should you need to increase the amount of rent that they pay. Part of this policy should include a time expectation. For example, if you have to raise rent, you will provide a month’s notice.
Stay in Touch – You should check in with the people that rent from you on a regular basis. This will allow you to inquire about the property and you should address any type of maintenance that may needed tended to.
Provide Fast Service that is Friendly – When a problem arises, you should provide both fast service that is friendly. Make certain that you are an approachable person. This will help in developing trust and will help in maintaining the strength of the communication of the relationship.
Respect Privacy – You should be certain that the lease outlines under what circumstances that you will enter the property while the tenants are residing in that rental house or that multiplex. Generally, the only time that you should enter the rental property that you own is during an emergency, inspections, when maintenance is needed, or when you are showing the property. Just remember to give your tenants plenty of notice that you will be entering the premises. The minimum should be 48 hours.
Well-Kept Property – You should always make sure that the inside and outside of the property is cleaned, well-kept, and looks nice. This comfort will help increase the satisfaction of your tenants.
Hire a Property Management Company – If you want to automate your rental business, you should hire a property management company. For example, we here at Pioneer Property Management offer many services – including screening for renters, retention, legal documents, maintenance 24/7, and numerous other aspects of your rental business.
Finding and keeping good tenants is a task that should be approached in a professional manner. By marketing, ensuring you are friendly, and maintaining the property, contact us here at Pioneer Property Management today. Our management team will put your business as our top priority. We have several service packages that you may choose from. We can take your rental business to a whole new level. We will help you in building your reputation as a landlord in your area. To learn more, you may contact us today by calling the following number: 720-839-7482
