So, you’ve bought your first rental and even have your first tenant. Great! Now you need to get them to stay as long as possible. Turnover costs average around $1,800, so It’s better when you have great tenants to stay longer. So, in this post we are going to share tips on how to make your rental stay glamorous for your tenant, so they will want to renew their lease when the time comes.
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 is a secret: a rental property that is well maintained will result in loyal tenants who will pay more money and do more to look after your property.
During the year after periodic inspections, you should fix maintenance issues. These can range from gutter cleaning to tree trimming or fixing general wear and tear inside.
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 is better idea to fix everything step by step, rather than go deep in repairs for weeks. These are small cost items, but show that you are maintaining the rental, which helps give the tenant a sense of comfort.
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 the house.
Would you like to travel miles to wash your clothes? Your tenants don’t either. So, such things as washer/dryer in rental unit are like a tenant magnet. 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. 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 A/C installed in the window, which is not energy-efficient.
Lots of people have pets, making a pet-friendly place desirable for many renters and a must-have feature for others. Sixty-five percent of people own a pet, according to the National Pet Owners Survey. Being a pet friendly Landlord means not only more tenants, but also ability to charge additional money for pet deposit. And believe, people with pets are willing to pay a little more, but keep their pets with them.
Thought you may only have one rental, you are a businesses. As a businesses your customer (your tenant) wants great customer service. Sounds harsh. But don’t rush to close the article, as we are going to suggest a winning option. And this is a property management system, like TenantCloud.com for example. You only connect your tenants and no phone calls are needed. You can write messages to each other, get maintenance requests and even collect rent online.
The benefit is tenants feel they have a place to submit maintenance requests and visually see them being addressed. They are able to access it 24/7 on the convenience of their phone. No calling you in the middle of the night and for them they can submit the issues right when it happens. TenantCloud data shows that tenants are 30% more likely to renew a lease when they are connected to TenantCloud than not.
So, we hope these tips will help you drive the best tenants and keep great relationship with them for ages!