Decreasing turnover in your investment properties can help decrease costs, increase profit, and raise ROI potential. In order to do so, you must find those quality tenants, and in turn, keep them wanting to rent your space for years to come.
So how do you do it? Here are the top tips from Professional Property Managers in Central Florida on finding the best tenants for your property, and keeping them once you’ve found them!
Finding the Right Tenants
Assess Credit and Financial History
One of the most essential pieces to finding the right tenant is looking at their ability to pay rent over a length of time. Proof of income, credit checks, and rental history is the best insight to a potential tenant’s ability to maintain rental payments.
“The best tenants are, of course, the most qualified as far as credit and background, but an even better sign is their rental history,” says property management professional Diane Schlosser. “Longevity and past landlord feedback will help avoid tenant turnover every time.”
A bit of research can greatly help find the best tenant for your property, and give insight into those who may be interested in staying for more than one lease term.
Look for Honesty and Proactiveness
A proactive potential tenant is another sign of quality, long-term tenant.
“One clue for finding a good tenant is one that pays attention to detail. They fully complete their application according to criteria and upload all documentation requested.” says professional Property Manager Susanne Hawkins.
Pay attention throughout the process of applications, completing paperwork, and visiting the property. Potential renters who are quick to respond, return requested information in a timely manner and show an active interest in your property are likely tenants who will hold the same characteristics throughout the lease term.
Tour with Tenants – And Listen
Another great tip is to always engage with potential tenants in person before going ahead with a particular lease agreement.
Meeting applicants in person gives you a great advantage and opportunity to get to know the applicants in a way that would be impossible over the phone or through email. You’ll also be able to gauge their level of commitment and interest in securing your property.
Keeping Good Tenants
Be Responsive
One of the best ways to keep people in a property for a longer period of time is to be responsive to their needs.
Tip: Read "How to Efficiently Manage Maintenance Requests"
Over time, issues may arise with your property. Appliances will wear out. Storms may cause damage. Rooms may need an upgrade. When these things happen, renters are looking for someone who has their best interest in mind. They want a landlord who will communicate quickly and help to resolve issues. Keeping on top of maintenance details and emergencies is a key way to be more valuable to your tenants, keep them happy, and in turn, decrease turnover.
Keep In Contact
It's also a good idea to be sure you keep in consistent contact with renters, even if there are no emergencies, requests, or maintenance issues at a property.
Your outreach helps tenants to feel more engaged, and like you truly have their best interest at heart.
“Whether face to face, or by email or text, stay in touch!
Even if to just wish a Happy Holiday Season! Knowing you're there and available goes a long way.” Deborah L. Gordon, Assistant to Property Managers in Central Florida.
Encourage a Tenant to Feel Comfortable in Your Space
It’s always important to create clear guidelines in a lease agreement for what is and is not allowed at your property – this includes changes to the property, activities permitted, and more. However, you want to leave room for your tenants to be able to make the space their own.
For example, you may want to create guidelines on what kind of animals and how many are allowed in the property, but allowing your tenant to have a small dog or cat may make all the difference in them being able to continue renting your property long-term.
Letting tenants create a small garden outside of the home, or change interior paint colors are other small ways you can allow them to make the space their own and really feel like they can call it home. The more comfortable they feel in the space, the longer they are likely to want to continue renting it.
Looking for your next investment opportunity? Browse potential rental properties in Central Florida here, or find a Realtor who can help you find the perfect property for you.
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