One of the most significant ways to enjoy your role as a property owner and avoid too many headaches is by maintaining quality tenants on your property. Having a good tenant is gold to a property owner, while a problem tenant can leave you seriously consider whether you want to continue in this business.
To make sure you can find and keep the best tenants possible, here are some crucial tips you don’t want to forget:
1. Screen, Screen, Screen
By screening tenants up front, you can determine whether or not they’ll be a good choice for your property and your business. You can use any current software and your website to set up a portal for tenants to apply to rent property.
And you absolutely want to send every prospective tenant through a reference and credit check, watching for any red flags or delays during the process. If you don’t have a good system for this in place, spend some time setting up an automated process for moving tenants from one step to the next. And be firm about only accepting those who meet your criteria.
2. Use Niche Marketing
Write down the characteristics of your ideal tenants, using positive experiences in the past. Then, you’ll know your audience for targeting your best marketing campaigns. And if you are struggling to figure out effective campaigns, your property management company can use their software for achieving the highest quality ROI.
3. Provide Exceptional Communication
Communication is always key to the success of any relationship, even those that are professional. Be open and responsive to your tenants from the very beginning, setting up clear leasing agreements, rental rates, and any increases. Make these items readily accessible for tenants.
You can also set up a renter portal where they can pay rent online, request maintenance, and access frequently asked questions. You want your tenants to feel they can communicate with you and be heard. Not only does this protect your property assets, it gives your tenants the best return.
4. Don’t Skimp on Maintenance
One of the most frustrating experiences for a tenant is to have to wait an unreasonable amount of time for maintenance service. To prevent many issues in the first place, be sure to property inspect your property before renting out or taking on a new renter. Take note of problems and let vendors in your homeowner association know about them. Then, be prompt about maintenance and set up a rigorous maintenance schedule.
Finding and keeping your ideal tenants is the best thing a property owner can do for increased business success. Treat yourself and your tenants right by focusing on these important areas. Plus, the good tenants will love you more for it.