One golden rule when it comes to investing is to avoid placing all your investments in a single basket. But this is always easier said than done. When you’re still a newbie investor, you’ll most likely start with a single investment at first before venturing into other investment types.
When you solely rely on your rental property for your income, having a high tenant turnover rate can prove to have a huge impact on your finances. Luckily, there are steps that you can take to start filling up your property with tenants and retain them for the longest time possible.
Always keep up with your property’s maintenance and repairs
No tenant would be willing to stay and pay top dollar for a rental unit that is not safe and well-maintained. Remember that if you have standards when it comes to choosing tenants, they also have the right to reject a longer stay if you fail to keep the property in tip-top shape. So make sure that you stay on top not only of the upkeep of your property but also of the necessary maintenance and repairs. If you need help in maintaining the property, make sure that you choose only the pros. For instance, allow only a licensed plumber in Millcreek, Utah to work on your plumbing to avoid unnecessary costs and additional damage.
Don’t take tenant screening for granted
Due to some landlords’ desperation to fill in any vacant unit, they are willing to accept the first tenant that knocks on their door. But what you need are good tenants for your rental property, not just a temporary occupant. So never take tenant screening for granted. While you’re screening possible tenants, make sure to ask them questions regarding their previous tenancy. This will give you an idea of how honest and responsible they are as tenants. With a thorough tenant screening, you can check if they can be a good fit for your property.
Reward existing tenants
What can you do to retain your existing tenants so that they won’t start looking for a new property to rent? Aside from building rapport with your occupants and making sure to address their problems asap, give them proper rewards. For instance, contact your tenant at least two months before their contract expires if they wish to stay. Offer them a zero increase in rent if they can keep you posted within a month after sending the notice. You can also offer a small gift or a good discount if they are always able to pay their rent on time.
Spruce up your marketing game
You may be able to retain most of your tenants, but that doesn’t mean that you should stop advertising your rental property. Keep the property clean and consider sprucing up the exterior as needed. Professional landscaping can help keep tenants happy and attract more people to rent a unit. When there is a vacancy, publish your listing on as many sites as possible. Take great pictures of your property and ask existing tenants to vouch for you by leaving good reviews on your page.
Do you think that attracting tenants is already tricky? Then what if you fail to keep good tenants from leaving your property? To keep your income and avoid your space from going to waste, you can use this list as your guide in keeping your tenants for a long time.