As a landlord, keeping your tenants for a long time is crucial for your business’s success. When tenants stay longer, you avoid the costs and hassle of finding new ones, like advertising and setting up the property. This stability helps you maintain a steady income and reduces empty rental properties.
When you improve how you keep tenants, you not only keep your income stable but also make your rental business more attractive compared to others. Luckily, there are strategies to help you hold onto your tenants longer and make your rental operations successful. In this article, we will go over several of the best ones.
Table of Contents
1 – Proper tenant screening
Effective tenant screening is crucial for managing a condominium rental well. The goal is to find tenants who pay rent on time, take care of your property, and get along well with others.
Begin by asking every potential tenant to fill out an application form. This form should ask for details about their job, how much they earn, their rental history, and references from past landlords if they have any.
Then, check each applicant’s background for their credit score, criminal history, and any previous evictions. Using a condominium rental management agency helps find good clients since they have the tools to do proper background checks.
A high credit score usually means the tenant is financially stable and likely to pay rent on time. However, remember that sometimes a person’s credit score might be low for reasons beyond their control, like unexpected medical bills, so look at the whole situation.
2 – Maintain the property
Keeping your rental property well-maintained is key to keeping your tenants happy and encouraging them to stay longer. Regular maintenance and quick fixes are important. When you fix problems fast, it not only stops bigger issues from developing but also shows your tenants that you care about their comfort and the condition of their home.
It’s also a good idea to update parts of the property and appliances from time to time. These updates can make your property more appealing and modern compared to others. For example, replacing old appliances with newer, energy-efficient ones or giving the walls a fresh coat of paint can really improve how tenants feel about their home.
3 – Fair pricing
Setting fair prices and reasonable lease terms are key to keeping your tenants and attracting new ones. To make sure your rent prices are right, you should look at what other similar apartments in your area are charging. Think about your property’s location, what amenities you offer, and the overall condition of the apartments. This will help you set a competitive price that feels fair to potential renters and still keeps your profits healthy.
Being flexible with your lease terms can also make your property more appealing. If you can, offer shorter leases or options for tenants to sublet. This flexibility is especially attractive to younger renters or those who might need to move often for jobs.
