How to Attract Long-Term Tenants
As a landlord, you already know that finding tenants is a taxing and time-consuming task, and finding long-term tenants is even harder.
The type of tenants you get in your property heavily impacts your investment. Tenants can determine the success of your investment. It's therefore extremely important to ensure that you get the right tenants for your property.
Long-term tenants offer you peace of mind and also enable you to run your investment smoothly without worrying about tenant turnover or vacant units that cost you money. They enable you to focus on other duties of being a landlord, such as rent collection, maintenance, and legal compliance to State and federal laws.
In this article, we here at MTD Property Management will provide a few tips on how you as a landlord can attract long term tenants to your property.
Tips on How to Attract Long Term Tenants in Chicago
Tip #1: Give your new tenants a warm welcome.
The move-in day is an exciting but stressful day for any tenant. This gives you the opportunity to start the relationship on the right foot. When a tenant first moves in to your property, we recommend giving them a warm, inviting welcome.
This will make them feel comfortable and appreciated, which will greatly improve their perception of you and your property.
This will translate to a better appreciation for the property and adherence to the lease agreement. Responsible tenants become long-term tenants since they're comfortable with the property. Starting the relationship on the right foot with the tenant is the first step to gaining a long-term renter.
You can use this opportunity to show the tenant around and also provide contact information where they can reach you.
Tip #2: Ensure that your building is well-maintained.
No tenant wants to live in a space or on a property that isn't well-maintained. However nice the management may be, appearance also matters when it comes to retaining tenants.
As a landlord, you should pay attention to the aesthetics and condition of your property. Therefore, whether or not you make renovations to your rental unit, make sure that you carry out regular inspections and that the property is taken care of.
Have a cleaning service company clean the common areas and tidy up the yard. Garbage should be collected regularly to keep away pests and rodents from your property.
A well maintained property is a great way to ensure tenants will continually renew their lease.
Tip #3: Prioritize your tenant’s safety.
Security and safety are some of the key attributes tenants want to see when searching for a property to rent. Every tenant wants to live in an area where their safety and their loved ones' safety is guaranteed. As a landlord, you should strive to ensure that you property offers your tenants safe living conditions.
Guarantee your tenant’s safety by setting up security cameras, installing new locks on the windows and doors, or install a home security system.
Tip #4: Respond Quickly to Repair Issues
A deal breaker for most tenants is neglect from their landlord. The need for property repairs will always be around. This even applies to landlords who own new properties.
As a landlord, it's your duty to ensure that repairs are made as fast as possible to avoid causing additional damage to your property.
When a tenant reports an issue regarding maintenance or repair, make sure to have it resolved as fast as possible. If there are delays, you should notify the tenant.
Landlords should also have a list of reputable contractors and vendors who are able to respond quickly to the tenant’s maintenance and repairs issues.
You might want to have a separate account that you can use to cover the expense of repairs. This will help minimize the amount of time it takes before you resolve the issue.
Tip #5: Offer flexible payment options.
Most likely, the reason you invested in Chicago property to begin with is to enjoy stable rental income, among other benefits. While you might want to control and manage how you receive your rent, only accepting checks is outdated.
Some landlords have very strict systems that require tenants to make payments physically. This may inconvenience the tenant and even lead to late payments. Late payment may cause strains to the relationship between a landlord and their tenants.
In order to avoid such issues, you can incorporate online payment solution. This will save the tenant time and also help avoid issues regarding late payment. Remember to issue your tenants receipts once they've made the payment.
Tip #6: Respect the tenant’s privacy.
As a landlord, you should always ensure that you respect a tenant’s privacy. Do not show up to a tenant’s space unannounced. Always provide your tenants with notice whenever you would like to visit.
This is a legal requirement, but also basic etiquette. Lack of privacy makes tenants extremely uncomfortable and may lead them to another property.
The only time a landlord can show up unannounced is in case there's an emergency or if the safety of other tenants is compromised.
In Conclusion
Having long-term tenants is the best thing for a landlord. This article provides landlords with some essential tips that you can use to keep your current tenants long-term.
If you don't have the time or energy to make your property desirable to long-term tenants, call the experts at MTD Property Management. With our expertise and experience, we can offer your tenants unmatched service. We can find long-term tenants who will increase your ROI and the value of your real estate investment.
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