So you've bought your first rental and even have your first tenant. Great! Now you need to encourage them to stay as long as possible. Turnover costs average around $1,800, so it's better to rent to long-term tenants.
In this article, we're going to share tips on how to make your rental look appealing for your tenant so that they will want to renew their lease when the time comes.
1. A Well-Maintained Place
Keeping your property in great condition is important for your rental business. As a property investor, your number one priority is to ensure that you get maximum return from your investment. Here's a secret: A rental property that is well maintained is likely to drive reliable tenants who will take care of your rental.
Any maintenance issue should be fixed instantly. Once you receive a maintenance request from a tenant, try your best to fix it within 24 hours or contact your service professional if you don't know how to resolve the problem. Keep in mind that even small things, like making sure you have working locks for all doors and windows, a fresh coat of paint, or updated floor coverings, will add value to your property. It's better not to procrastinate on urgent maintenance issues. Fix everything step by step, rather than going deep into repairs for weeks. These are low-cost items, but they show that you're maintaining the rental, which gives the tenant a sense of comfort.
Related: 7 Ways to Boost the Rental Cost of a Property And To Attract Good Tenants
2. Parking Spot
Renters want off-street parking, and that's a feature they don't necessarily get in a building in an urban area. So if you have a single-family home with a garage, play up this feature. If you don't, any off-street parking, such as a covered area or a driveway, is a great selling feature. In the suburbs, renters are fine with street parking, since it's typically easy to find parking in front of a house.
3. Rental Amenities
Would you like to travel miles to wash your clothes? Your tenants don't either. Washer/dryer machines inside the rental attract most tenants. Although this is an extra amenity that you're not required to offer, it makes your unit more desirable to renters. Some renters have their own washer/dryer or don't mind getting their own, so if you have a laundry room or a place to hook up a washer/dryer, that's better than nothing. Alternatively, you can encourage your tenants to use portable washing machines. The operation is pretty simple, and the price is attractive. It must be placed in the bathroom or kitchen, though, as the hose needs to drain into the sink. Keep in mind that depending on the model and instructions, the functionality may vary.
Air conditioning is another great amenity to have. Sure, it varies depending on where your rental property is located. In a hot, humid climate, central air is a must-have feature. Window units are not ideal in humid climates, because they tend to sweat, adding even more moisture to the home. And the seal around the windows is not perfect when you have an AC unit installed in the window, which is not energy-efficient.
Related: Unfurnished Or Furnished Rentals? Pros and Cons Of Renting Each Of Them
4. Flexible Pet Policies
Lots of people have pets, making a pet-friendly place desirable for many renters and a must-have feature for others. 49% of American households have a pet. Obviously the favorite pets of the American nation are dogs and cats. According to the American Pet Products Association, US pets include 90 million dogs and 94 million cats. Being a pet-friendly landlord means not only more tenants, but also the ability to charge additional fees for a pet deposit. And believe us, people with pets are willing to pay a little more just to keep their pets in the rental.
5. 24/7 Customer Service
No matter where you are and how many tasks you have on your to-do list, your tenants expect you to help them with any issue. Using TenantCloud, a property management software system, you can support your tenants from anywhere. Additionally, tenants who have a TenantCloud account can reach out to TenantCloud Customer Support Team by creating support tickets. Another benefit of using TenantCloud is that tenants feel they have a place to submit maintenance requests and visually see them being addressed. They can access their account 24/7 from the convenience of their phone. No calling you in the middle of the night! TenantCloud data shows that tenants are 30% more likely to renew a lease when they are connected to TenantCloud.
Do you have any other secrets to share? What do you think are the most effective ways to drive potential tenants?
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