How Do I Attract and Keep Long Term Tenants?

The best case scenario for a rental property owner is to have attracted a long-term, quality tenant who’s never late with the rent. If you want to attract these kinds of tenants, you need to have a property that is very desirable, a place they will want to call home for some time. 

Here are some basic tips to help you land the cream of the crop:

• Maximize the curb appeal of your property. Maintain the exterior of your property and the landscaping so when a potential tenant drives up, they won’t want to turn around and drive away. Basically, you have to “sell” the home to a potential renter just as you would to a potential buyer.

• Keep a neutral color scheme throughout so prospective renters can imagine their furnishings in the home, apartment, or condo. Such things as bright yellow walls, busy wallpaper, black tile and a red shag rug might prevent them from creating the ambiance they have in mind.

• Do more than keep the property in good repair and clean. Take things up a notch by adding extra amenities and conveniences such as a garbage disposal, self-cleaning oven, and a refrigerator with an ice-maker.

• Since it’s in your best interest to keep your rental property looking tidy, encourage tenants to take care of things. You can set the tone on upkeep by providing basic lawn equipment and a tool kit. If the grass is growing too long and they have a lawn mower in the garage, there will be no excuses.

• Rewarding your loyal, long-term renters with such perks as paid cable TV or discounting the rent when repairs are made by the renter inspire even more loyalty. You can also offer referral fees for tenants who send prospective renters to your other properties.