Three Ways Property Owners Entice and Retain First-Rate Tenants

Have you ever rented to a tenant who refuses to pay rent on time, adhere to rental agreements, or get along with other property residents? If so, then you understand the value of a high-quality resident. Whether you are trying to attract a reliable, considerate tenant with a stable income or are simply trying to keep one, these three techniques will increase your chances of finding a first-rate, long-term tenant.

1. Implement an Effective Tenant Selection Process

Quality residents are easier to find if you have a detailed screening procedure. Do not allow your need for a renter to prevent you from checking an applicant’s income, references, criminal history, previous eviction history and credit rating. Having the potential applicant provide references from previous landlords and employers will give you another opportunity to identify any red flags before generating a lease agreement.

2. Keep Your Property Well Maintained

Regular cleaning, painting, and appliance replacement will make your property look like a nice place to live. Property investment gurus like Paul Daneshrad understand that you must treat your properties as assets. Therefore, a landlord must keep their rental property impeccably maintained if they wish to entice good tenants to stay. Renters who make regular payments enable you to make repairs, comply with building code requirements, pay utilities and taxes, and supply other services to residents. You do not want to tick them off a tenant by not promptly responding when they inform you that something is broken. Keeping up with maintenance schedules and maintaining your property will reduce the likelihood of things breaking.

3. Use Effective Communication Strategies

Approachable, frequent, and clear landlord-tenant communication will help you build positive relationships. It is especially considerate for you to show flexibility in how you communicate with tenants, as some people prefer emails, texts or phone calls. Make yourself available in person and through all three of these communication modes. High-quality residents will want to stay long-term if you are easy to reach in the event of an emergency. Providing your tenant with a 24/7 contact goes a long way to building a trusting, professional relationship that will last.

Reliable and responsible tenants are hard to find, and not keeping them long-term can make your property management experience difficult. If you are choosy in your selection process, impeccably maintain your property, and practice frequent and clear communication, you are more likely to attract a trustworthy resident.