Editor's note: this is a guest post by Beni Restea of Real Estate Agent
Having some passive income to back up your main income source is a great way to earn some extra cash. Long-term this could lead to a successful rental property business that will bring you one step closer to financial freedom. Although it sounds great, not many are willing to put in the work and rental property management requires dedication, hard work, and strategic planning.
As a landlord, you will have to put up with bad tenants as well. If you do your best to provide the best living conditions for tenants, in return, you want them to take care of your property. Getting to see your goods destroyed or not being taken care of is not something anyone would ever want, therefore landlords intend to avoid a situation like that. Sometimes it’s hard to deal with bad tenants because of the Landlord-Tenant Rights that can be both in your favor or it can go against you.
When you get good tenants on to your property you intend to keep them for as long as possible. In order to do that there are a couple of things, you can do as a landlord to ensure good tenants sign the lease. Here are a couple of things you can do in order to bring long-term tenants on your property.
Build a good landlord-tenant relationship
It’s important as a landlord to leave a good impression from the very beginning. Consider that maybe you are faced with a first-time tenant, therefore, his first encounter with the landlord might be stressful and unsettling. Offer a firm handshake with a big smile, and this will surely set things in the right direction.
Make it clear to your future tenants that your business is just as important as their interests. A landlord with a good attitude is definitely going to attract long-term tenants on his properties. Helping a tenant who is new in town with information regarding means of transport, attractions and restaurants can help build a good relationship. Sometimes just letting your tenants know that you are at their disposal for any property related issues is enough.
Keeping long-term tenants on your property is more than just collecting rent and making routine inspections, little things matter. Schedule your inspections and let your tenant know your coming. Avoid intruding on the property without previous notice and respond to maintenance requests as soon as possible
Be understanding with home changes
Some tenants might like to do some changes to the property to make it feel more like home. Things like interior decorations of bringing decorative elements on the property. While it is tempting to add your own personal taste in terms of decoration for your properties, consider otherwise. Go more towards neutral colors and blank canvas that would allow more freedom for your tenants to bring decorative elements to the area.
It’s not ideal to fall to the other extreme where your tenants start to hammer and drill into your walls. In order to avoid this, you should consider leaving some empty picture hooks in the wall or make enough storage as well as shelving space. These are simple solutions that allow for your tenant to hand their pictures and display their own ornaments.
All these changes that tenants want to make to the property indicate they are in it for the long run. So be understanding with home changes, by reaching a common ground where both you and the tenant are comfortable.
Keep a well-maintained property
A property that is being taken care of is not only appealing to the tenant but it’s also a good way to keep your property values at its maximum potential. A well-maintained property makes the tenant feel like you care about him, therefore, he will end up caring for your property. Well-maintained homes are inspiring tenants to take good care of it and it will most likely determine them to stay in for a long time.
This is also a good way to reduce the chances of major maintenance or damage to the property that might require extensive repairs. Respond to maintenance or repair requests as soon as possible and let your tenants know that you care about them.
Consider a pet-friendly rental
Many tenants nowadays will want to bring in their pet companion to the property. While not many properties make for a friendly pet ground, you will find that allowing for pets on your property will bring a lot more people interested in becoming tenants. This is also great since it is hard for many tenants to find a proper place that allows for pets. So, whoever decides to become a tenant in a pet-friendly rental is definitely in it for the long run.
If you want to kick it up a notch you can surprise your tenant by pampering their pet with this home inspired ideas.
Landlords should aim to bring long-term tenants to their properties, and with these tips you will definitely be on the right patch. As a landlord, if you want to get rid of some responsibility, find a real estate agent to help you get ahold of those long-term tenants. If you want to avoid the costs of hiring an agent, follow the guidelines highlighted in this article and you are sure to be successful in your search for long-term tenants.