19 Dec Attracting Tenants for the Long Haul
Depending on your renter preferences, most landlords are in the market to find reliable tenants who can stay a respectable length of time. No landlord enjoys having a new vacancy every month, and hosting people you trust on your property is vital to a peaceful state of mind, not to mention a healthy professional relationship for collecting timely payments and effective communication. But trustworthy, long-term tenants do not always grow on trees, and when you find one – you certainly want to hang onto them. So, here are some tips on how to maintain a harmonious living environment for your favorite tenants, and avoid frequent vacancies.
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Be flexible and build trust
If you have yet to fill the space, a welcoming and flexible approach will be sure to serve you well. Renting can be a high-pressure process, and most tenants on the hunt for a new place are viewing multiple listings before settling on their top choice. By offering a reasonably relaxed policy, you can encourage the tenant to view all of their options while developing a positive relationship from the get-go. Consider offering a grace period to pay the deposit after their application is approved, in which you will not rent the space while the tenant weighs their wants and needs, eliminates other potential listings, and makes their decision. Providing 24 hours in which the tenant can comfortably think through each decision allows them to build trust in you from the start – and you are only out a day.
If a tenant would like to circle back to the unit to do a second walkthrough, consider offering them the permission to self-view. After all, you’ve hopefully already background screened them at this point so if you can’t trust them to go in the unit alone, why would you have approved them? This helps to build trust with the potential renter, as you are giving them access for some alone time in the unit while they make their final decisions.
Welcome them home
So, you’ve filled the vacancy and collected a new tenant’s security deposit. Congratulations! Now, we move onto the maintenance stage of your professional relationship – and the longer you can maintain a healthy line of communication with the new tenant, the more likely they are to pay in full on time, communicate effectively about the unit, and stay long-term.
Offering a welcome basket is an affordable way to show your gratitude for new tenancy, and is sure to make the new renter feel at home. Gift baskets can be constructed on any budget, and can include small gifts such as laundry supplies, a gift card to a local coffee shop, and a handwritten note welcoming them home. There is nothing more exciting than receiving a surprise gift, and your new tenant is sure to begin their stay fondly.
Be sure to provide the new tenant with information they may need down the road, such as your direct phone number for texts or calls, information on parking enforcement in the area, and even local recommendations if they are new to the city. Renters feel much more at ease when they can contact their landlord at any time, and having someone to fill them in on a new area takes much of the anxiety out of living somewhere new.
Text or call them back
Communication is the most important element of maintaining a healthy relationship with renters. Make yourself accessible via phone call or text at all times, so tenants know they can reach out should they have any questions or need assistance; especially in emergency situations. If you miss their contact, reach back out at your earliest convenience. Response makes you reputable, and will assure tenants that you care for their quality of living.
Additionally, many renters have horror stories when it comes to maintenance requests. Set yourself apart by taking all maintenance requests seriously, even if it means you simply have to see the unit and let them show you an issue they’ve been experiencing. Most of the time, maintenance requests are quick fixes that can be handled in a timely manner and even done yourself. This assures your building remains in good shape, allows you a glimpse into the quality of the unit while tenants are still occupying it, and lets the renter know you care about promptly addressing any issues.
Safety first
Nothing drives a tenant away from a living space like safety concerns, and as cities continue to grow and spread out, it’s important to update your building and install necessary security measures. In the case of multi-family apartment style properties, installing cameras in the common areas of the building is an important security measure for both the tenants and the building, and most camera systems can store film for weeks – meaning you can refer back to the tapes, should you ever need to.
A secure entry is a must-have in major cities, and call boxes are another great addition to the community entrances of a building. A quick installation allows you to set up a permission code for each individual tenant, granting them secure access without having to have a key. This also provides a safe way for you to buzz in any non-tenants, such as mailmen or dog walkers.
Give them some space
At the end of the day, your tenants are all living their own lives, and most of them would prefer to interact with the landlord as little as possible. Allow tenants the space to go amongst their lives, with respect to their privacy. Limit pop-in visits as much as possible, and always provide ample notice before entering a tenant’s unit. Striking a good balance between privacy and inspections always leads back to proper communication – so be sure you’re practicing it.
Keep your tenants for the long-haul
Sometimes life changes and tenants have to move on elsewhere, but as a landlord, it should be your priority to keep them feeling harmonious in their living spaces. Fostering a positive renter-landlord relationship provides peace of mind for both yourself and the tenant, and offers a sense of security that your property is cared for while you’re not around. Communication will help to build trust with each tenant, not to mention it will encourage them to renew leases and stay even longer. These suggestions may seem small, but they all add up in the long run and certainly do not go unnoticed. Throw a little extra effort into making each tenant feel welcome, and you’re sure to reap the benefits.
