Attracting Long Term Tenants
As a landlord, when you land quality tenants it should be your next goal to keep them around long-term. Why? You’ll want to limit your marketing activities and save time and money. After all, frequent tenant turnover leads to plenty of expenses
Aside from that, it’s important to cultivate strong relationships you can count on. It’s always easier to interact with long-term renters than to keep establishing new landlord-tenant relationships.
How can you find and keep quality tenants around? What makes renters decide to stay longer? These are the factors that make a huge difference in keeping your renters renewing their leases.
Ways to Attract More Long Term Renters
Protect Tenant Privacy
Tenants have a right to privacy, protected by the laws that govern federal and provincial landlord-tenant conduct. Tenants should be able to expect quiet enjoyment of their rental units, without unexpected disturbances or intrusions. Privacy is a form of respect and communicates that you value your tenants’ personal time.
As such, when you conduct unit inspections you need to be sure to notify tenants prior to your visit. Only during emergency scenarios are exceptions made when entering a property without informing a tenant.
Another way to protect your tenants’ privacy is by not sharing their personal information. As a landlord, you have access to important materials submitted to you. You’re entrusted with financial and sensitive data.
It’s critical to keep this data private, and to store all files properly. Avoid letting anyone discover crucial documents lying around. To be safe, you can store documents digitally and encrypt passwords. You can notify tenants of the steps you’re taking to protect their privacy, to show them how you’re going the extra mile for them.
Promote Tenant Safety
Even if you offer reasonable rent and great amenities, renting your property won’t be a good deal for tenants if they don’t feel safe. After all, most people won’t unnecessarily exchange savings for personal safety.
Make your rental property secure by providing solid locks, well-lit outdoor pathways, and sensor lighting in dark corners. If you have a multi-unit complex, having a security guard can also help increase the sense of safety for your renters.
If you allow pet ownership in your rental units, enforce firm rules for pet owners, especially in common areas. Go out of your way to prevent accidents and injuries. Some tenants can be fearful of large dogs and it’s best to have safety policies to protect them. This way, both non-pet owners and pet owners can peacefully coexist.
Most people have had the frustrating experience of being put on-hold by customer service several times. Try not to leave your tenants feeling as though they’re waiting around for you to respond to their questions or concerns.
Be available when tenants reach out. If you can’t attend to them at the moment, take a few minutes to let them know that you’ll get back to them at a specific time. This shows that you value their time.
Upon learning of a potential maintenance issue, set a plan to address it right away. As much as possible, you’ll want to provide a seamless feeling of livability. Most tenants are understanding and expect that some maintenance is needed from time to time.
Prioritize Building a Good Relationship
If you’re looking for long-term tenants, it makes sense to cultivate good landlord-tenant relationships. Communication is a huge step in developing a strong relationship.
Active listening shows that you’re not just after the rent money. Show that you care about their needs and want them to have a comfortable stay in your rental unit.
Show respect and treat them professionally. It’s not required for you to spend long periods of time—just check in every now and then. Asking for feedback shows you’re a proactive landlord. It also shows you’re flexible and open to improving your services.
Keep Property in Peak Condition
You need to maintain the standard quality of your rental home. You can’t forgo improvements and depend on your tenants’ loyalty. If your units are old and necessary repairs aren’t made, tenants will tend to move to more attractive rental homes.
Keep improving your rental property. Schedule a regular professional cleaning. Tenants will notice that you’re keeping up with maintenance, and you’ll increase the value of the rental space as you perform periodic upgrades.
Also, remember to conduct organized property inspections. You want to catch leaking roofs and water damage early on to keep the rental unit in great condition. It will also reduce your expenses to implement preventive maintenance.
Be Open to Pet Ownership
It’s a common fact that tenants who have pets prefer to stick around in rental spaces for a long time. After all, it can be difficult for renters to even find a home where landlords allow pet ownership. Tenants also want a familiar environment for their pets to stay comfortable.
Take advantage of this opportunity to serve this demographic. Implement firm policies to protect your rental unit and other tenants from the drawbacks of permitting pets. As long as risks are mitigated, you’ll enjoy the additional income and customer loyalty that comes with this flexible mindset. Pet owners tend to be happier, and it’s easier to engage with happy tenants.
Hire a Property Manager
Self-managing a rental space is challenging, especially if you’re short on time and you’re far away from your property. It can be stressful to worry about adhering to local rental laws. Some also prefer to leave the day-to-day stresses of property management to professionals.
Being a property management is harder than ever during the ongoing global pandemic that has been hitting Ontario particularly hard lately. If you’re someone managing multiple properties, a family, and a demanding career, it’s a great idea to employ the services of a property manager.
Having a professional handle your rental space ensures your property will always be looked after. For any emergency situations, the property manager can manage and provide the best solutions.
If you find a property manager with sufficient experience, they’ll be able to navigate common issues on your behalf. They can build professional relationships that encourage tenant loyalty.
If you’re looking for the best property management services in the Barrie area, get in touch with the expert team at AMR Property Management today.
We’d be pleased to tell you more about the range of effective property management services we can provide to help your real estate investment succeed.