Long leases and steady renewals keep turnover rates low. As a result, your cash flow and return-on-investment will remain consistent.
To help make your tenants want to stay for the long-term, you should provide a great living space, respond to problems quickly, and conduct proper maintenance to the interior and exterior of the property.
When you improve your tenant’s quality of life, the upgrades you make to the property make it easier to rent and sell the unit in the future and can increase its overall value.
#1: Be a responsive landlord
Tenants want a landlord who responds quickly. This is especially true during an emergency. Ensure that you answer their phone calls and text messages within a reasonable amount of time. They shouldn’t have to wait a few days before hearing back from you.
If you don’t have enough time to be a responsive landlord, consider hiring a property management service. Doing so won’t only save you time, it will also save you money in the long-run because it will reduce the number of tenants that leave your property because they feel ignored and neglected.
#2: Hand out incentives
There are numerous ways for landlords to gain the long-term interest of their tenants. For example, many tenants prefer to rent at a property that offers utilities. These could include:
- Alarm system
You could, therefore, have a fixed fee to include them.
Other examples of incentives could include early payment discounts, flexible lease terms, etc.
#3: Conduct regular maintenance
As a landlord, one of your responsibilities is to keep the property regularly maintained. Your tenants will feel valued and cared for when you keep it in top shape.
This activity serves your own long-term interests as well. It’s easier to rent out or sell a property that has been regularly maintained.
#4: Improve your relationships with your tenants
The move-in inspection, rent collection, move-out inspection, and maintenance are a few responsibilities of a landlord that help build a stronger landlord-tenant relationship with your Charlotte tenants.
You could also ask whether they would like anything improved or fixed in the rental unit.
You need to determine the right balance between being friendly and professional. Being too friendly can have its repercussions on your business and so can being too serious.
#5: Keep the property safe
If you’re unsure of ways to make them feel safer, ask them directly if there’s anything that they would like added in the rental space. This will make them feel more valued and you more trustworthy.
#6: Explain the rent adjustments
Make sure to fully disclose your reasoning behind every rent adjustment. Seeing the changes in the rental market situation helps them understand your decisions.
Be ethical and keep an open communication style while doing so. This helps you maintain the image of an experienced and reliable landlord.
#7: Improve the property
Tenants like having improvements made. Whenever you upgrade something in your rental property, its perceived value increases in the long run.
Although landlords want their tenants to stay long-term, it’s expected for them to eventually move out. However, if you made the necessary investments it will be much easier to find new renters.
Here are a few that you could make:
- Add smart home solutions
- Consider adding a kitchen backsplash
- Finish the garage space
- Fresh paint, as needed
- Install new flooring when the old one gets dull
- Order professional cleaning services on a regular basis
- Replace appliances whenever needed
- Resurface the cabinets
The bottom line: how to attract long-term tenants?
You can do many things to make your Charlotte tenants rent for a longer period of time. Everything starts with building steady and trustworthy relationships with them. Always communicate in an open and honest fashion.
Regular maintenance is vital. When conducting maintenance, try to find ways you could improve the property. It could be anything from adding fresh paint to installing new flooring. All the steps towards an upgraded space help raise your renters’ quality of life.
Consider providing incentives that would persuade your tenants to stay long-term. Cultivate trust by explaining any rent adjustments. When adjusting the rent, aim to conduct the raise in a fair manner.