Picture this: You own dozens of rental properties, and every tenant:
- Keeps to themselves
- Pays their rent on time
- Cares for their units
- Stays for years
That's a great image, but is it the reality? For most property owners, the answer is no.
There are ways to find better tenants for your investment property and keep them. You'll just need to learn the methods and follow them.
Are you ready to learn how to retain great tenants? Keep reading to discover five excellent tips.
1. Start With the Right Tenants
Finding great tenants takes work. It's a process that begins with effective tenant screenings. This includes a credit check and a tenant criminal background check.
Completing these screenings is the best way to sift through the applications. However, it takes expertise to know how to do them. It also takes experience to understand what to look for when performing them.
Many property owners hire property managers to handle this task. They're experts at performing screenings. As a result, they'll find better tenants.
2. Address Concerns Quickly
Great tenants possess the qualities listed above. But in return, they expect things. For one, they expect their landlords to address concerns quickly.
Your investment property tenants might experience plumbing issues. These issues generally require immediate attention from a licensed plumber.
They might also experience problems with other tenants. It's also possible they experience power issues and many other problems.
Be an attentive landlord to your tenants. It will encourage your good ones to stay.
3. Provide Excellent Amenities
One thing great tenants want is nice units. They want updated amenities. They also want to feel safe in their apartments.
For example, routinely update the bathrooms and kitchens. Set a schedule for these updates.
Perform extra steps to ensure safety in your buildings. Install motion detector lights and lock exterior doors.
4. Automate Your Systems
Whether you're a first-time landlord or an established one, consider automation. Automating your systems involves creating a tenant portal.
A tenant portal helps you and your tenants. It allows them to request repairs and services online. It lets them notify you of issues.
Your tenants can also use it to pay their rent. A tenant portal simplifies the processes you and your tenants use for communication.
5. Provide Incentives
When it comes time to renew their lease agreements, give them a reason to. In fact, give them a reason to renew long before the time comes.
Offering incentives is one option. For example, if they renew, offer to keep the rent the same for the next two years.
If you can get them to renew, you won't have to perform tenant marketing to find new ones. In addition, you'll keep the great tenants you already have.
Need Assistance With Your Investment Property?
Owning an investment property can be an effective way to earn a living. But you must find and keep great tenants.
PMI OKCity is here to help. We specialize in managing properties in the Oklahoma City Area and have over 20 years of experience.
We've helped many rental property owners and would love to help you. Reach out today to learn more about how we can assist.
