Have you managed to lock down a tenant? While that’s a great accomplishment, it’s just the tip of the iceberg! As a landlord, you need to put in the effort so that tenant will want to keep renting your property.
With long-term tenants, you will have a low turnover rate and are guaranteed consistent rental income. You’ll get the best return on your investment. To achieve such a scenario, there are certain actions you must implement.
With years of experience handling different types of clients, Realevate Specialists can tell you how exactly you can attract long-term tenants to your rental properties!
A Warm Welcome
Moving into a new space can be quite the experience for a renter. They might have moved from a different state and may be a bit disoriented. We recommend that landlords take this opportunity to make a great first impression.
If you have the energy, you can help out with the move-in process. You can also arrive with a welcome package. A few recommendations of things to do in the neighborhood will also work wonders.
Flexibility with Rental Policies
Considering the value of your rental property, we understand that you would want your property to be used in a certain manner. That’s why there’s a strict application and the enforcement of rental policies to each and every tenant. But these rigid rules can make a quality tenant move somewhere else where they can feel more accommodated.
One of the common rental policies that landlords can be more lenient with is pets. Locals love their pets and having a no pet policy may chase away a significant number of tenants. For such a policy, consider implementing safeguards like a pet fee or pet rent. This will make both parties more at ease.
Your Tenants’ Privacy
Before you enter the rented space, you must give prior notice. It’s not only a sign of courtesy and respect, but it’s also a legal obligation. We recommend that you read up on the implied covenant of quiet enjoyment. Being conversant with this law will save you a day in court.
The law recognizes that you might need to enter the space for property inspections and maintenance. That’s where the proper notices come into play. You can only enter the premises unannounced in certain circumstances like an emergency, such as a fire.
Safety and Security
Whether a tenant is single or lives together with their family, their safety and wellbeing and that of their loved ones is a priority. Some renters would argue that safety is one of the most important features when identifying a potential rental space. It’s on landlords to beef up security amenities.
We recommend that you consider adding a security system, CCTV cameras to the common areas and outdoors, security locks, and heavy burglar-proofed entry doors. With these upgrades, a tenant will feel more at ease and will think twice about leaving your rental property.
Competitive Rent Reviews
Rent reviews are an important factor in any rental agreement, provided that you have included them in the lease. It allows landlords to increase the rent based on the development of the neighborhood. For example, the planned construction of a mixed-use development a few blocks away will alter the market price. But the question is, how much should the rent be reviewed upwards?
In such a vibrant market as California, there is a significant demand for rental space. However, investors and developers are also providing new housing to meet this need. This means that a landlord should not charge higher than the market. Charge too high a rental price and your tenants will move out to cheaper rentals offering the same amenities. Naturally, this is the last thing you want when trying to keep long-term tenants.
The team at Realevate Specialists can help you with this by offering our market assessment and evaluation service.
Payment of Rent and Other Dues
Collection of rent is what determines the viability of your investment property. While you might wish for every dollar to be collected promptly, you must make the first move. From our experience in the California property market, one of the best solutions is having an online payment solution.
An online payment solution is a convenient option for rent collection and payment of other dues. From wherever the tenant is, they can make their payment. It also reduces the risk of handling hard cash.
Tenants will appreciate the ease of this system and are less likely to be upset by the hassle and conflicts that sometimes come from rent payments, therefore staying longer.
Even after trying out some of the advice mentioned above, you might be worried about a good tenant leaving your property. Consider offering an incentive to your tenants. You might want to make it coincide with a celebration like the Fourth of July or the Christmas/New Years’ season. Offer a rent discount or free Wi-Fi service for the month.
Short term, this might seem like a significant hit on your income, but look at it from a wider perspective. By convincing your tenant to renew the lease, you are maintaining your rental income and also cutting on the advertisement and upkeep costs of a vacant unit.
As discussed above, there are many intentional and deliberate efforts that landlords can make to keep a long-term tenant and make them happy. However, not all landlords have the time, experience, or knowledge to keep a tenant long-term. In such cases, you can reach out to a property management company with expertise that can act in your place.
For professional, reliable, and expert property management services in Temecula, Mission Valley, and other areas in California, there is no better company to rely on than Realevate Specialists. We’re the leading property company in the area, thanks to our commitment to offering quality and reliable services.
Reach out today and let us help you reach your financial goals!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.