Finding the perfect tenant for your investment property isn’t the easiest thing in the world. You spend a lot of time, money, and energy screening applicants, and once you find tenants who take care of your place, you want to make sure they keep renting from you.
Having and keeping a good tenant brings more benefits than just reliable rent payments. Vacant rental units create expenses without generating monthly income. A successful long-term tenancy is a win-win for all concerned. With that in mind, here are some reasons why you should cherish your long-term tenants.
CONSISTENT RENTAL INCOME
If you are looking to keep your income stream consistent, renting your property to long-term tenants is the only way to achieve it.
We should mention the importance of tenant screening. By screening every applicant, you will find how good or bad of a tenant they were in the past and get rid of undesirable applicants. This will allow you to find the good long-term tenant you are looking for.
THEY ARE MORE LIKELY TO TAKE CARE OF YOUR PROPERTY
Long-term tenants are more likely to view the property as their own and take care of it.
Make sure your property is well-maintained. If tenants know you take care of your property, they will end up caring for your property as well and most likely, encourage them to stay longer.
Remember that it might be your property, but it is your tenants’ home. The more comfortable and secure they feel, the longer they are likely to stay.
GETTING NEW TENANTS IS NOT AN EASY TASK
This is one of the most important reasons why it is worth to find ways to increase your tenant´s appeal of your property. The cost of having a vacant unit is high. With long-term tenants you don’t have to go through the trouble of finding new tenants on a monthly or yearly basis and the uncertainty of bringing in a new tenant.
Challenges that come with finding prospective tenants include spending time, effort and money preparing the unit for rent, property showings, advertising, and once you get applicants, screening them.
PREVENT GOOD TENANTS FROM LEAVING
There are things you can do as a landlord or property manager to prevent good tenants from leaving.
There will of course be times when your tenants have to move out for a reason you can’t control or prevent. Maybe they will be switching jobs or moving out of the city, but, when possible, if they are good tenants, you want to prevent them from moving out as much as you can.
One way you can achieve this, is to make them feel appreciated by addressing maintenance requests quickly, maintaining communication with them and showing that you are friendly and cooperative. Make it easy for them to contact you if they need to. This step is particularly easy if a good property management company is in charge of it. It may encourage your tenants to stay longer.
Preventing tenants from leaving does not mean you need to sacrifice your income. It is important that when the time comes, you increase the rent price carefully. You should make sure it aligns with the current market rental rates and your tenants should be notified about the increase a couple of months in advance.
At Pristine Property Management we address all tenant’s maintenance requests in a timely manner. They can submit work orders through our Tenant Portal or through our 24/7 live maintenance answering service, 365 days a year.