The benefits of having long-term tenants cannot be understated. When you have renters staying in your Minnesota property for extended periods, you can earn consistent and steady returns from your investment. You also ensure your property is well-maintained since a sense of ownership and accountability develops with loyal renters.
The following are ways to draw long-term tenants to your property.
A warm welcome to new renters creates a great first impression and can be the seed of a good landlord-tenant relationship. Let them know that they can always reach out to you if they need anything.
If you want to go the extra mile to make them feel at home, you can mention spots locals like to frequent, give directions and recommendations that will be helpful. You can bring some baked goods, or a welcome card to extend your hospitality as a landlord.
Rather than viewing tenants who bring up maintenance requests as annoying, see them as a blessing. Without them notifying you of issues, how will you know what needs more attention in your rental? You want tenants to communicate damages, even minor ones, to avoid issues leading to costly future repairs.
What’s more, when tenants let you know about property damages, you must be prompt in fixing them. Otherwise, they might withhold rent payment or take matters into their own hands. This can result in unprofessional repairs damaging your rental.
Being a rigid landlord with no room for negotiation can disappoint your tenants. As a landlord, adopt more flexibility in your rental unit. Allow long-time renters to paint certain areas of the unit the colors they want. You can also allow pets to live in your rental unit and ask for pet fees, pet deposits, or pet rent in return.
Flexibility is a trait that tenants appreciate. If they can bring in suggestions and feel heard, a better relationship is created. Thus, renters will be less likely to move to another unit and adjust to another landlord.
We all need privacy to conduct our personal affairs. State laws ensure this right is protected. So it’s not only advisable but also mandated by the law to provide notice to the renter before entering the rental home.
Showing up unannounced can leave the tenants with a feeling of their boundaries being crossed. It’s common courtesy to respect your tenant’s privacy rights.
Rental increases are understandable especially when the rental demand in your area surges. However, keep it reasonable. A prime reason that tenants look for another rental property is the increase in the rent price.
Initially, it might mean maximizing your returns but when it results in tenants moving somewhere else, the gains are short-term. Keep in mind that vacant units require more upkeep and can be expensive with zero rent income.
Improve the security and amenities in your rental
If your rental unit has fewer security features, the turnover can be high. Safety is a valuable thing when it comes to renting. As a landlord, it pays to invest in security cameras, security alarm systems, and solid locks on your doors and windows.
When it comes to amenities, study your demographics. If your renters are mostly students, make sure they have study desks and bookshelves. If your market is families then more storage spaces are welcomed. Providing safety and fitting amenities will encourage tenants to renew their leases.
Well, thought incentives work effectively in retaining tenants. This is because moving can be costly and tiring when you have to adjust to a new place.
As a landlord, offer a rent discount or provide a professional cleaning service to inspire your renters to stay. Otherwise, you might find yourself having to perform re-advertise your Minnesota property and conducting property showings to prospects again.
Convenience is the best way to beat your competition. Provide an electronic system for tenants to pay their rental dues. This can save everyone’s time as payment is not contingent on clearing periods and bank holidays.
Technology helps a lot and you can readily monitor the rent payments. Aside from that, you can easily view the exact day the rent payment is collected. This will also help you keep track of late payments and ask for late fees if this is part of your leasing agreement.
Upgrading need not be expensive. You can switch to better lighting, add a kitchen backsplash and repaint the rental space. This leads to building up the value of your property. It’s also an obvious nod to the renters that you’re taking care of their home.
You can hire professional cleaners, improve appeal projects and update your kitchen or bathroom features. It’s the small details that matter like keeping the unit clean, offering more storage, and maintaining the yard.
Be a reachable landlord
Be available and avoid ignoring messages and calls. Nothing is more frustrating than having an absentee landlord. Part of fostering a good relationship with your tenants is being present. Even if your to-do list is a mile long, it’s best to respond to your tenants immediately. If the time is inconvenient, make sure to let them know that you’ll get back to them shortly.
The tips mentioned above can only go so far. Tenants who feel at ease with their landlord can continue the positive landlord-tenant bond by renewing their leases. Value your tenants and prioritize their happiness because they are the biggest contributor to your success.
If you need help managing your property consider hiring the expertise of a property management company like MN Property Nerds. Their team of qualified professionals will be able to help you with all your management needs!