10 Ways To Have A Steady And Guaranteed Renters For Your Property

Rental property

When you own a rental property, it’s always a risk when you’re unsure if you can keep tenants continuing their lease. If you can’t find renters for a few months, it can lead to a significant amount of loss. Fortunately, there are a few ways to have steady and guaranteed renters for your property with a few techniques used.

1. Don’t Create Too Many Rules

Most tenants will expect you to enforce a few rules but won’t be happy if you go overboard with the guidelines and rental guarantee. Some of the most common rules include not allowing pets on the property or not permitting waterbeds to be moved in the house. Put everything in writing and communicate the consequences to ensure you protect your property. However, don’t get too strict, or it can be difficult to find long-term tenants.

2. Don’t Wait to Address Maintenance Issues

One of the main reasons most tenants don’t renew their lease is if they’re constantly dealing with maintenance issues on the property. They may report the problem to you but have to wait several weeks or months for it to get repaired. Make it a point to respond quickly to maintenance issues, whether the toilet is leaking or the shower drain backs up. If you aren’t going to do the repairs yourself, find a reliable handyman in the area that will arrive in a few days to fix the problem.

3. Be a Good Landlord

It can be hard for tenants to find a rental property that has a good landlord, which will make it easier to attract long-term tenants if you’re easy to work with while renting out the home. Always be friendly, cooperative, and courteous.

4. Include Amenities That are in Demand

Understanding the top amenities tenants are looking for can make it easier to attract tenants quickly. This includes good parking, security, outdoor space, appliances that come with the house, renovations and upgrades, and storage options.

5. Communicate Lease Renewals

Don’t hesitate to be upfront and proactive when it comes to reminding your tenants that their lease is ending. Communicate that you’d be interested in continuing to have them as tenants and give them at least three months’ notice to ensure they can consider it. This can allow them to give you more notice if they don’t plan on staying to ensure you can look elsewhere.

6. Remain Fair

Treating tenants fairly is the secret to having steady renters. Don’t make them feel targeted, and stay consistent with how you treat the renters, despite their age, race, or religion. Keep the rent at a fair price that is still competitive. Although it’s normal to increase it each year, it shouldn’t be anything higher than what other homes are renting for in the neighborhood.

7. Perform Routine Maintenance

Don’t fail to schedule routine maintenance on the property to keep up with the house and allow it to stay in good condition. This includes cleaning the rain gutters, replacing HVAC filters, and maintaining the landscaping.

8. Screen the Tenants

Screening your tenants can make it easier to find the right people to rent out the home. Look for tenants who tend to stay longer than a year at each place they rent. Be proactive about checking the credit scores and looking at any history of arrests.

9. Set the Right Rental Price

You’ll need to find the sweet spot when it comes to setting the price of your rent to ensure it’s competitive. Check out similar rental properties in the local area to prevent the house from sitting unoccupied for too long.

10. Offer Gifts

Incentivize your renters by offering a free gift when they sign a year lease to make them feel rewarded. You can offer a good gift card or even a discount on the first month of their rent, which can allow you to attract more applicants without spending a lot of money.

Getting a good tenant retention strategy can increase your profits and help you to avoid headaches. Following the right tips will prove to be helpful and more efficient as a landlord

By: Raymond James

About the Author:

Ray is a sought-after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.