Tenants who rent your property long-term are valuable. You can expect a steady flow of income and a reduction in marketing expenses. More importantly, you will be able to dedicate more time to keeping your tenants happy rather than constantly searching for new ones.
Here are some tips for holding on to your Denver tenants for as long as possible:
1. Grant a grace period.
When showing prospective tenants your property, exercise empathy. Allow a grace period to let them decide. When looking at a new place to stay, it’s hard to commit immediately after seeing the rental space.
The grace period could be a 24-48-hour window before you allow another potential renter to view your available space. Your patience will show that you value your potential tenants and pave the way to building a meaningful relationship with them.
2. Welcome your tenants and provide community advice.
If your tenants are new to your area, do your best to make them feel welcome. You can give them a small welcome gift, like baked goods.
You can also recommend them some community spots to facilitate their transition to your neighborhood. Be a go-to contact person and hand them your contact info card.
3. Listen and respond to requests promptly.
When your tenants open up to you about property issues or minor concerns, find time to listen.
If something requires repairing, take care of it quickly. Tenants appreciate it when you pay attention, and it encourages them to keep renting your property.
4. Create a safe environment.
Safety is paramount for people to continue living in an area. There are numerous ways to secure your Denver property.
Invest in and install security devices, then inform and guide your tenants on safety protocols. Be sure to instruct them on using the gadgets you installed for protection.
5. Respect your tenants’ privacy.
People value their privacy and cherish their personal space. Always be tactful and respect your tenants’ property area. If you need to enter their unit, set a proper schedule. Inform the tenants ahead of time to safeguard their privacy.
6. Maintain your property well.
When you show potential renters your property, they will quickly formulate an impression based on what they see. Naturally, the cleaner and better maintained your rental space, the more in-demand it will be.
Schedule regular inspections and let professionals handle any needed repairs. Always improve and update the look of your property to encourage the current tenants to continue renting.
7. Set the rent price a little below the market value.
Pricing your rent 2-3% under of the market value can be a smart marketing strategy. You will have a lot of potential tenants to choose from, and you can select the ones that match your criteria.
Charging high rents will only incentivize tenants to look elsewhere to maximize their savings. It’s costly for a landlord to always experience a quick tenant turnover. Any profit you earn from a high rental will always be short-term.
8. Consider tenants’ requests on personalizing their space.
Most tenants want to feel comfortable in their rented space. They accomplish this by decorating their home. Be flexible enough to consider their requests and work out a set of guidelines. You can even install additional storage space if it will make your tenants happy. When tenants are comfortable, they’re more likely to stay long-term.
9. Be open to allowing pet ownership.
Some landlords don’t allow pets to live in their property. However, pet ownership is currently highly popular. Having a pet companion provides warmth and joy to tenants. If you allow your renters to own a pet, they will be more likely to rent long-term.
Because many properties prohibit pets, your flexibility will also make it less likely for your tenants to leave and find another rental unit. You can set guidelines for responsible pet ownership and factor any additional cleaning costs into their rent. If you’re going to allow pets, you can also ask for a pet deposit to mitigate your risk.
10. Cultivate a good relationship with your tenants.
Establish open communication and always be within your tenants’ reach. Maintain a professional distance, but be quick to help out if a concern arises involving your property.
You can also make your tenants feel valued by offering small gifts during the holidays. Building a good relationship fosters loyalty and can make your tenants stick to renting your property for a long time.
11. Create a reward system with a long-term tenant.
Consider offering long-term renters discounted rent for a few months. Alternatively, you can opt to avoid increasing the rent if they end up staying for a long time.
If your renters can refer potential tenants to your other rental properties, offer them a referral fee. Tenants can help your business succeed by being a partner through word-of-mouth. Best of all, they will do it on their own accord without any special request from you.
12. Widen your tenant market.
Plenty of students are searching for rental properties. However, most only stay short-term.
Students typically rent for the duration of their university degree, so no more than two to four years. If you want longer-term tenants, expand your selection beyond the student market.
13. Distinguish your offers from other rental properties.
Offer something unique, such as extra services, for your tenants’ convenience. For example, you might provide a laundry pickup service to save your tenants the hassle of going out to get their laundry. If you make your tenants’ lives smoother, they’re likely to stay for the long haul.
14. Create a clear and transparent contract.
State the expected rental period in the contract to eliminate tenants who are only looking for a shorter stay. Writing it down in the agreement makes your objective clear to potential tenants.
15. Hire a customer-centric property manager.
One effective way to retain long-term tenants is to hire a reputable property manager. These professionals can foster positive relations between the landlord and the tenants. Their top-notch relationship-building skills come from hands-on experience.
Moreover, a property manager has an organized system and software, which will make things easier for you and your tenants. Renters also value the professionalism that a property manager brings to the table.