As a landlord, you want to attract long-term tenants. That’s because having a low turnover rate is great for your cash flow and ultimately your return on investment.
Building good relationships is a great way to make your existing tenants want to stay longer.
Low turnover rate isn’t the only benefit. When you improve your tenants’ quality of life, it will be easier to rent or even sell the property in the future.
In order to keep good tenants, we have outlined solutions in this article that will help make them want to stay.
Keep on reading to learn about our strategies for successful tenant retention. You can also use these approaches to attract long-term tenants to your Snohomish County, Washington property:
#1: Regular Maintenance
Regular maintenance keeps your property’s value high while increasing tenant satisfaction.
When you care for your property, tenants feel valued. This means that they are more likely to rent your property long-term.
#2: Pet Policies
Many pet owners have trouble finding pet-friendly homes as they are hard to come by. Generous pet policies can often help attract long-term tenancy.
Another concern for pet-owners is the number of pets allowed at the property. To differentiate your property from the competition, you could allow more than 1 pet.
To avoid an increase in repair expenses, request a pet security-deposit. Should the pets create any damage, you can use the deposit for repairs.
#3: Build Relationships
Rent collection and drive-by inspections won’t provide enough basis for a relationship. Make sure to ask whether they’re having any problems at the property. You need to find the right balance between approachable and business.
Always be genuine when building these tenant-landlord relationships. You can make an effort to show an interest in their lives and respond promptly to their questions and concerns about the property so they feel well taken care of.
#4: Transparent Rent Adjustments
It’s normal for rent prices to change. Rent price should reflect the wider trends in real estate market.
Be transparent when adjusting the rent. Some people might consider a typical price hike of about 2-3% a year as unreasonable. You can change their opinion by showing how the expenses have changed or the rental market price has increased.
#5: Lift the Property’s Value
Many details affect your property’s perceived value. Try to maximize the potential by making upgrades:
- Renters love beautiful kitchens. Most people focus on the kitchen’s look and feel. An old kitchen should be upgraded.
- Professional cleaning is worth it. Although it may be more expensive than doing it yourself, professional cleaning is a perk that is appreciated by tenants. Before placing a new tenant make sure the property is spotless. First impressions are important!
- Fresh paint works like magic. It’s a low-cost solution that can make a property look newer and more modern. It also makes the renters appreciate their home.
#6: Respect Their Privacy
As a landlord, aside from an emergency, you shouldn’t unexpectedly show up to the property. Always provide notice before conducting inspections.
Building tenant-landlord relationships is important. Respecting their privacy can go a long way.
#7: Safety First
Everyone wants to feel safe in their home, whether it’s rented or not. That’s why you should make sure that your tenant feels secure in their rental.
There are many solutions available for you to accomplish this. Security cameras, smart locks, and motion detectors provide additional security to the unit.
To be sure, you can also ask your tenants what they think would make them feel safer if ever the topic comes up.
If ever you take it upon yourself to make these changes, you need to notify them about how the new security measures work. They need to understand how everything operates. For example, to help lower the risk of triggering false alarms and late-night emergency calls.
The bottom line: how to attract long-term tenants?
A long-term tenancy is ideal for most landlords. Vacant rental units create expenses without generating monthly income.
Building relationships with your tenants is an important part of long-term tenancy. Regular maintenance along with necessary upgrades lowers the turnover rate as it makes tenants happier with the property.
If you follow these tips you’ll see a huge improvement in the relationship you have with your tenants.
If you would like professional help managing your rental property in Snohomish or King County don’t hesitate to reach out to us at T-Square Properties. You can call us at 425-485-1800 or send us an email at info@tsquaremanagement.com.