Investing in rental property can be rewarding if you know how to find and hold onto long-term, top tier tenants.
Measurable Value of Long-Term, Quality Tenants
As a rental property owner, the one thing that will greatly increase your ROI is to find and keep quality, long-term tenants. It takes some focused effort to find them, but one very good start is to look for tenants who have ties to your area through work, school, or mutual acquaintances.
If they have solid reasons to stay in your area such as a steady job, strong social ties, extended family, or a child in school, the more likely they will be to stay as long-term tenants in your area.
Another way to find long-term tenants is to coordinate with people moving into your area from out of state either through job relocation, family connections, or a military assignment. New people from out of state often want a rental property at first to get settled and accustomed to their new location. Military assignments are typically scheduled in increments of years so having a comfortable rental home is what they want. People moving into your area to be close to family members may want to rent at first before deciding to buy.
Appealing Lease Terms and Other Factors
While most standard leases are usually for 12 months, if you extend the lease term to 18 (or even 24) months, you will attract the kind of tenant who wants to stay for a longer term.
Another way to determine if a tenant is likely to stay for the long-term is by looking at their past rental history. It’s a fairly accurate indicator of how long they will stay.
Two factors that will attract high-quality, long-term tenants are price and condition. The very best tenants have great credit, impressive rental history, and a secure income. Because of this, they can get approved for practically any property they choose. To make sure you attract this kind of tenant, make sure your property is in amazing condition and priced competitively.
Certain times of the year are more active for finding long-term tenants. One of them is the summer when families have had to relocate and use the summer months to get established in a rental home before school starts in the fall.
If your rental property is located near a college or university, there’s the possibility of finding students who want a long-term lease for the duration of their education. Often parents will help their college-bound child to get settled into a well-established neighborhood with quality rentals. Rental rates in these areas vary, but usually fall in line with the timing of semester starts and stops.
Tenant Attention-Getters: Tidy, Clean, Attractive – Inside & Out
Some sure ways to capture the attention of prospective tenants, include a fresh coat of paint, which can work wonders adding a new look to any home. Updates are key and will attract more upscale tenants who are accustomed to the latest styles or technology innovations. Here are seven property upgrades that will lock in measurable, enduring value to your property, while attracting tenants who don’t mind paying for rental amenities that include the latest, coolest technologies:
- Kitchen Renovations
- Bathroom Remodel
- New Flooring, Especially Wood
- Overall Painting
- Energy-Efficient Features
- Updated Curb Appeal
- Security Enhancements
How does the property look from the outside as you drive by? It’s surprising what a few colorful flowers or green shrubs can add to the look of a home. If your property has a front porch, is it inviting and comfortable looking? Cozy, well-kept porches can be a real plus to potential tenants.
Online Marketing Works Smart
By promoting your rental property online through social media and other digital channels, you will reach a broad range of potential tenants. This wider pool of potential tenants will help you find the best ones with the closest match for your rental property.
Capture plenty of high-resolution photos of your rental property that highlight the most standout features. Also, social media marketing tools like social posts or targeted ads will help you to reach your ideal tenant audience.
Working with a professional property manager will alleviate the stressful things that come with trying to self-manage your property. That’s where Cousin James Management can step in and get the work done. Our family-owned business is close to 30 years serving the Dallas/Fort Worth and North Texas area. Our wide range of contractors and other resources provide expertise in multiple fields. No guesswork with these pros, just professionally managed work efficiently completed.
If you want to get more information about how to find the best tenants, download our Complimentary Best Tenants Checklist that provides steps to ensure finding the best possible tenants. It will save you time and effort by knowing what to look for in your search.
Reach out with any questions or needs you may have. We would love to help!
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