When you lease to long-term tenants, you can avoid spending extra money on marketing as your tenants aren’t on a short lease. This means you can plan property renovations that increase the value of your rental home. Moreover, you don’t have to keep cultivating new landlord-tenant relationships.

Finding long-term tenants can really improve your bottom line by minimizing marketing costs and helping to build a strong landlord-tenant relationship. At Keyrenter South Florida we believe finding long-term tenants is incredibly important. This is why we have put together these great tips:

Market Your Rental Space

As a landlord, you must advertise your rental often to find interested renters. You also need to set a rental price that’s neither too high nor too low. Create a property listing that includes great photos and well-written copy that can entice prospective renters to schedule a property showing with you. Adding a professional video can also generate more attention.

You should not only post online, but you should also advertise offline. Do your best to extend your market reach and avoid confining yourself to a single marketing medium. Even if posting on the internet costs little, marketing the traditional way should not be discounted, such as placing ads in newspapers, giving out flyers, or posting on community boards.

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Renovate the Property

While renovations require capital, they’re always a good investment. The more attractive your unit is, the more attention you draw from prospective renters. Also, your current set of renters won’t be thinking twice about signing a lease renewal with you. So, you can communicate improvements to increase your tenants’ comfort.

Newer rental units tend to generate a lot of interest and if you don’t offer something new or add an amenity to your property, then you might lose out. So, it’s important to make an assessment before performing any rental property enhancement.

Screen Tenants Thoroughly

Without proper tenant screening, you can end up with financial losses and property damage. While it requires considerable effort at the beginning to review a tenant’s background, it saves you from a lot of stress in the future.

As a landlord, you must ensure that the tenants you welcome into your unit match the standards you’ve set. It’s important to consider the following when conducting tenant screening:

  • Credit score: You should consider an applicant’s credit score to measure how well they handle their finances. A good credit score is a must since it indicates healthy finances and one’s ability to meet payment dues.
  • Level of income: Ask your prospects for bank statements, W-2s, or pay stubs from the renters so you can evaluate their earnings. If renters don’t earn enough to pay the rent, then it may be risky to accept them.

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  • Rental history: It’s important to know whether your prospects have been good tenants in the past. Since behavior can be a pattern and how they treated a rental property before will speak of how they’re going to treat yours.

Show Hospitality

Getting accustomed to a new place takes time. So, if your tenants are unfamiliar with the area, they may have a hard time adjusting. If you are looking to secure them for the long term, you can offer your support by:

  • Welcoming your renters on their move-in day
  • Keeping the rental clean prior to the tenant’s arrival
  • Arranging to introduce them to neighbors
  • Sharing information about restaurants and convenience shops situated nearby
  • Showing how home systems work to ensure their comfort

When you’re able to create a sense of home for your renter then they’ll want to rent your unit for the long term.

Maintain the Property

Practicing preventive maintenance lets you avoid stressful property issues later on. It also reduces the risk of vacancies from tenant turnovers. As a landlord, your main responsibility is keeping the rental space habitable and this is mandated by state law.

It’s important to develop a proper maintenance plan and be prepared with contingency plans. You must develop a network of repair professionals to assist you when property emergencies occur. Performing regular inspections and addressing property problems right away reduces your repair expenses.

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Enhance Your Security

No matter how attractive your rental home is, if it has security issues then renters are unlikely to stick around for long. Safety is vital and you should have a ready set of systems to keep trespassers from entering your unit.

Invest in security alarm systems, install motion sensor lights, and set up surveillance cameras. Have solid deadbolt locks and window locks to discourage burglars from sneaking inside your property.

Check your security systems routinely to ensure they’re in perfect working order. This includes your fire alarm systems and smoke detectors, which are a necessity. Check to see if the batteries are not expired.

Hire a Property Manager

If you lack the time and resources to look after your rental property, it’s recommended that you hire a professional property management company. You’ll benefit from efficient operations and best management practices, resulting in more tenant loyalty.

A good property manager can perform a variety of property management tasks from marketing your rental, screening renters, and keeping your unit in a top state. A great property manager like ourselves at Keyrenter South Florida knows the area well as well as all the property laws, keeping you protected from lawsuits.

Bottom line

Attracting long-term tenants is easy if you take the time to study and apply these strategies. If you want to generate regular earnings, you must prioritize performing these to keep your renters for the long haul.

Are you looking for a reputable property management team? Contact Keyrenter South Florida today!