How To Attract Long Term Tenants
Each landlord has their idea of a perfect tenant, and it is crucial you know which sort of tenant you would prefer to let your home to. At times, you will be happy with any tenant in your home, but by choosing a preferred tenant, you can stage the rental property and advertise to appeal to this market, which should enhance your chances of finding your suitable tenant.
You may be looking for a tenant who will stay with you for a more extended period. When you have a long-term tenant, you enjoy a range of benefits. Many landlords worry about void periods where they don’t receive any rental income, but with a longer-term tenant, this worry is removed.
Also, there are costs and a lot of work involved with the process of finding a new tenant, so it is best to avoid this process as best as you can. With these benefits, it is easy to see why many landlords are keen to welcome a tenant who is happy to stay with you for a prolonged period. If you want to know how to attract long term tenants, we are more than glad to assist you.
Be fair with your pricing
With a high level of demand for rental property, some landlords are tempted to charge a higher rental fee, due to the increased competition between tenants. In the short-term, this generates more rental income for a landlord, so it is easy to see why many letting industry professionals choose this strategy.
However, if a tenant believes they are paying too much for rental accommodation, there is every chance they will look to move on before too long. This places the landlord back at the start. Also, if the rental property lies empty for a couple of months, any benefit gained by charging a higher rental fee is lost.
When considering the benefits of having a tenant stay in the property for longer, there is a great deal to be said for charging a fair price at the market value. Some landlords may even consider offering a discount on the monthly rental fee for a tenant willing to commit to a more extended tenancy period.
Be proactive in maintaining the rental property
If you want tenants to feel at home in the rental property, it is essential to be proactive in caring for the rental property. Make sure you attend the property on a regular basis, after advising the tenant and being mindful of their right to privacy, helps you to minimise problems and issues.
When you keep the property in a clean and viable condition, the tenant will feel appreciated, and they are far more likely to feel settled in the rental property. You should also look to listen to tenants and develop a positive relationship with them if you can.
If you’re a landlord looking to improve tenant interest in your rental property, or you want to sell your home, you need help from local experts. At Koopers, we are pleased to help local landlords, so get in touch and reap the benefits of a focused strategy.