Most landlords agree that the best tenants pay on time and continue the rental contract long-term. This provides a landlord with a steady revenue stream with minimal attention to the property or its occupants required. Long-term tenants are more likely to keep the rental in good shape as their stay is prolonged enough for them to start seeing it as a home.
These tenants might sound like unicorns: you have heard of them but wonder if they truly exist. This is how you can ensure that you find them and get them to rent your property:
Get Some Help
Landlords who are fortunate enough to find long-term tenants advice that third-party help makes a significant difference. If you were to get trusted property management services in Fort Collins, for example, the company would go about finding renters who meet your criteria, among which a likely long-term stay could be one.
Property managers have a renter database to access when they are seeking tenants for their client’s properties. Many have been pre-screened, having applied in advance. The company might have asked these would-be tenants how long they see themselves renting the property. Their answers to this question could give you the information you need. The property management company then approaches the applicants and offers them a chance to sign a rental agreement.
Collier International is one of the leading commercial property management companies and relies on a strict screening policy to ensure that they match the correct tenants with clients’ properties. This is a standard approach among many property managers as it increases customer satisfaction and the odds of maintaining a lengthy relationship with clients.
Despite their intent to stay in a rental long-term, some renters move as soon as their rental agreement expires. This could be their decision or the property owner’s desire. This is often due to a deteriorating relationship between landlord and tenant.
While having a cordial relationship with tenants is essential, landlords should resist forming personal attachments to them. Many tenants use this as a ploy to take advantage of the landlord and get away with behavior that violates the rental agreement, such as non-payment.
Fort Collins property management company, Onsite Property Management Services, trains agents to conduct professional interactions with clients and renters. The agents act as a buffer between the two parties to a rental agreement, thereby preventing entanglements that blur the lines between contractual and personal relationships.
Location, Location, Location
If you examine the demographic of long-term renters, most are family units. Childless renters are more inclined to pick up and move on a whim than people with children. Parents want their children to grow up in a stable environment and are reluctant to disrupt their upbringing and education by moving unless there is no alternative.
If you want to attract long-term renters, the property should be located near good schools. Check the education district’s zoning to see which schools kids in the neighborhood are eligible to attend. Emphasize proximity to schools in your marketing and advertising. It is something parents are looking for when they review listings for rental properties.
Other amenities that attract families as renters include parks, shopping centers, churches, and entertainment facilities like movie theaters. You might not point these out in your advertisement but should be sure to do so when showing the house.
Flexible Rental Policies
Many rental listings state that tenants may not own pets. While landlords might have valid reasons for this, they limit the pool of potential tenants when they do so. Most families have pets, and families are more likely to rent long-term than people without children.
This does not mean you have to allow tenants to do as they please and have dozens of pets. However, you can be flexible while putting a limit on pets tenants can have. This could include the number of animals, size, and breed. Some landlords charge a ‘pet deposit’ to have sufficient money to repair damages caused by pets during the rental agreement. A clause in the contract should stipulate pet regulations and require tenants to inform the landlord if they want additional pets.
Using this principle, you could be flexible on other renting policies. This might include allowing tenants to paint the house or install a security system for their safety.
Long-term tenants often cite respect for their privacy as a primary determiner of their decision to stay put in a rental property. While they may be renting someone else’s property, renters prefer that their landlord does not meddle in their affairs.
Landlords and tenants should establish a relationship of mutual trust, which includes respect for each party’s privacy. Tenants should not be contacting their landlord at unreasonable hours because of minor problems that can wait until office hours. Landlords should not arrive unannounced to check on the property, pick at minor issues, and try to form an unnecessary friendship.