While you would like to have the ideal tenants, are you being their ideal landlord? According to a study by the National Center for Housing Management, 54 percent of apartments turn over every year. As you are aware, tenant turnover will cost you time, effort, and money. It’s up to you as the landlord to attract new tenants, know what tenants want, and how to keep them. Here are some suggestions on how to make your prospective tenant sign on the dotted line.
Know What Tenants Want
First, you need to know the factors tenants are looking for in a rental property. Here are some of the core factors:
- Safety & security
- Move-in ready conditions
- Upgrades & renovations
- Open floor plan & storage
- Outdoor space
- A cooperative Landlord
For many tenants, lifestyle quality is a major factor in whether they decide to stay or not. Offering tenants the features they care about most will help you attract new tenants and serve as incentives to make them stay. You may own the property, but the tenant should be able to consider it their home.
Attracting & Enticing New Tenants
When you are advertising your rental and meeting new potential tenants, remember you are being interviewed, too. When a tenant considers renting from you, they view it as not just a contract, but a relationship. How you behave over the phone and in person reflects on how responsive you may be in the future and whether or not you care for the property.
Walk Them Through the Lease
When it comes time for the tenant to sign the lease, be willing to walk them through the lease as they review the clauses. Talk about the responsibilities and rights both parties have in signing the rental agreement. Be open to questions and keep the lines of communication open after the lease has been signed. Getting everything out in the open from the start will show your tenant that you are someone they can trust.
A Welcome Letter
Prior to them moving in, leave your new tenant a brief note welcoming them to the property. In the note, let them know how happy you are to have them, provide any special instructions for the apartment such as trash pick up, the contact information on cable and utility services, and so on. You might want to also include your contact information again just in case. This simple and friendly gesture will help set a great tone for a positive relationship.
When the tenant is first moving in, there are so many things going on during that time. Rest assured they are not thinking about toilet paper. Consider stocking each bathroom with a roll of toilet paper, a soap dispenser, paper towels, and an all-purpose cleaner. Most tenants would be so grateful for you being thoughtful during this hectic time. This will also encourage them to keep the place clean.
Help with Adjusting to the Area
When your tenant is new in the area, give them an insiders look at the neighborhood. Offer them a printout of the different areas surrounding the unit with directions to the local grocery store, restaurants, pharmacies, parks and other facilities to help make the transition into the new neighborhood a lot smoother.
Let Us Help You Create That Great Experience
By following these suggestions, you can easily create an amazing experience for your potential tenants by doing small but impactful things. If you are busy or you own several properties and it has become difficult for you to manage, hire an experienced Los Angeles and Orange County property manager like AllView Real Estate. Give us a call and let us show you how to get the most out of your property. You can reach us at (949) 400-4275 or send us an email at firstname.lastname@example.org