Education and news for smart DIY landlords!
It is every landlord's goal to keep his rental property filled so that money continuously flows. In that case, long-term tenants are very valuable. Not just any long-term tenant, but the kind of tenant who's stable, respectful, honest, and practices cleanliness.
If you have them in your rental, what can you do to make them stay longer? How do you avoid losing them? Read this article to find out more.
Having good long-term tenants makes your life easier. Your interactions and transactions become a breeze. You have a mutual understanding of your expectations. Long-term tenants are also likely to treat the rental property as their own and therefore take good care of it.
Just because you own the rental property, doesn't mean you can enter it anytime you feel like doing so! If you enter your renter's home without letting them know (except when there's an emergency situation), you could be guilty of trespassing.
Even good tenants complain. Complaints are a normal part of landlording. Such complaints can be due to various causes, such as noisy neighbors or a roommate, and maintenance problems. Do not make tenants feel that their complaint is unimportant. Be accessible, listen, and address the complaint in a timely manner.
Encourage your tenants to renew their leases. Give them notice that you want them to remain in the rental for another lease term. If a good tenant plans on moving on, ask them what you can do to make them stay longer.
Take note that before you look for tenants, you need to decide about whether you're going to welcome pets. One of the advantages of a pet-friendly property is that it encourages long-term tenancy. Pet owners love staying in a pet-friendly rental because it would be difficult for them to find other options should they decide to leave. There aren't as many properties available for pet parents.
As a landlord, you are responsible for keeping the rental in good condition. In addition to routine maintenance, there may be unexpected problems that need to be dealt with as soon as possible. These include insect infestations, a damaged heating system during winter, and a broken front door lock.
Seasoned landlords know that property management requires a lot of time and effort. This is especially true if you live far from the rental. Hiring a competent property manager can help you with a lot of things such as finding the right tenants, avoiding legal hassles, and handling routine and emergency maintenance.
To entice the best tenants to stay, you may want to sweeten the deal by providing leasing incentives. When the lease is nearly up, discounts and simple upgrades can be effective. You may also allow your renter to request the incentive as long as it is within reason.
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!