It’s true that property investments and leasing are good sources of passive income. However, without long-term tenants on your property, this cannot be achieved. With long-term tenants, you’ve assured a more steady stream of income.
It also means saving money and time that would go towards finding new tenants. But to land qualified, long-term tenants landlords have to put in continuous effort to ensure their renters are satisfied.
This guide will provide you with some tips and tricks to land and keep long-term tenants and boost your ROI.
Offer a Warm Welcome
When meeting a new tenant, the importance of starting off on the right foot cannot be emphasized enough - especially if you live far away. By making a good and lasting first impression, you can build the foundation of a long and amicable landlord-tenant relationship.
Offer a small welcome package to the new tenant or help them move in. You can also offer recommendations if they are new to the area or from out of state.
Finish by offering your contact information. If the tenant feels welcomed and comfortable this will establish a friendly relationship that will go a long way.
Maintenance and Repair
The type of property your own, be it a single-family home or a multi-unit rental, is an expensive asset. It is bound to show signs of wear and tear over time.
It’s common for maintenance needs and requests to occur during a tenant's stay. With open communication channels, tenants will be willing to report any issues whenever they occur so you can address them before they become too costly.
Once maintenance requests are submitted, you should be ready to handle them. You must ensure that the property remains habitable and abides by safety codes and standards at all times.
Be sure to communicate when the issue can be fixed and also give your tenants notice before either you or a contractor can enter the premises and fix the issue.
Respond to Tenants Quickly and Efficiently
What’s the point of offering your contact information and presented yourself as a friendly landlord if you are unreachable? As an Arizona property owner, you must ensure that you’re aware of the property’s needs and be ready to respond to and manage tenant requests at any hour of day or night. Your tenant needs to know that they can depend on you.
Self-management can come with its own challenges and hardships. Responding to said requests is only one of the many responsibilities a landlord has, therefore, if you don’t have the time or resources, consider hiring a professional property management company.
Safety and Security
Home is where one can relax and unwind from the day’s stresses since they are safe and secure. For you to attract a long-term tenant, your property must have security features that allow the tenant to feel safe in their surroundings.
It’s recommended that you add some of the following features to your property:
- security cameras
- burglar proofed doors
- security locks
- a security system
Budgeting for these items protects your tenants, your property, and therefore your investment.
Implement Reasonable Rent Changes
It’s common knowledge that rent adjustments are an unavoidable part of property leasing. But before you implement such changes, always consider the property market and your competitors. Is your rental price competitive? If you increase your rent by a higher-than-normal percentage, you are chasing away your tenants. But asking too little leaves money on the table.
What’s more, always refer to your lease agreement before implementing rent reviews. Be sure to follow the state's landlord-tenant laws and other rental laws before increasing the rent. Ensure that you provide tenants with the correct notice as well.
If you keep the rent changes reasonable and take the tenant's needs and capabilities into consideration you’re more likely to rent to them long-term.
Respect a Tenant’s Privacy
Ever heard of the right to quiet enjoyment? This law states that the tenant has the right to undisturbed use and enjoyment of property by the landlord or other tenants. This is an implied covenant and must be adhered to whether the clause is included in the rental agreement or not.
While it’s a legal obligation, it’s also courteous for you to allow your tenant to enjoy the space they rented out. Your tenant may feel uneasy if you, the landlord, show up unannounced and demands to enter the premises. Be assured that such a tenant would not be willing to renew their lease when the time comes.
If you want to view or enter the premises, give the tenant prior notice. You must give your tenants a minimum of two days' notice before entering the premises. To be extra accommodating, however, provide even more notice and come to an agreement on a date and time with the tenant.
Provide Convenient Payment Options
While you might still accept rent payments by check, it’s recommended that you take up new online payment solutions. This helps mitigate rent less and reduced the chance of needing to recover unpaid rent.
Online payment solutions offer convenience and flexibility, which is a huge consideration for most tenants these days. By accepting online solutions, you are painting yourself as a tech-savvy landlord willing to embrace change.
You can go the whole nine yards by installing an online tenant’s portal. Doing so will allow your tenants to make their maintenance requests online and check for any updates in addition to paying their rent easily.
With a long-term tenant on your property, you can enjoy your investment in Phoenix rental property. With the tips provided above, you can be assured of a low turnover, a good flow of rental income, and meeting your financial goals.
As a full-service property management firm, Taylor Street Property Management is the premier property management partner that will accommodate all your real estate needs. Managing hundreds of properties in and around Phoenix, AZ, we are committed to helping you meet your investment goals!