To be a success in the real estate industry, building equity in your properties is important. Property management firms can help you achieve this with low vacancy rates in your properties. Getting and keeping long-term residents takes some effort, but it's doable. According to a recent post on Multifamily Insiders, there are a number of ways to keep good tenants in your property, for the long term.
1. Market the Property
Smart people begin their search for a new home online. To attract these prospective residents, you need a good website which describes your property in detail, provides floor plans, pictures, and a video tour. These elements will truly sell a place. You also have to get the website ranked on the major search engines. It's also important to get each property listed on the various online apartment and house rental websites.
2. Allow Pets
Although there are many pet lovers looking for rental properties, many landlords prefer a no-pet policy. When prospective residents find a place that accepts pets, they usually become long-term residents because they know how hard it is to find places that allow cats and dogs.
3. Maintain the Building
The top priority for property managers should be to keep the building in excellent condition. People will stay longer in rental properties that are well maintained. Ensure your workmen complete repairs as soon as possible, no matter how minor they are. Residents want to live in houses that are clean and safe and have curb appeal.
4. Offer Incentives
By providing discounts and other incentives to your residents, you entice them to stay longer. You can offer a discount in the form of one month of free rent for renewing the lease agreement. You can also offer rewards for referring prospective tenants who sign a lease. Other incentives are offering free Wi-Fi or other free services such as cable television.
By following these steps, you can attract the right residents, and build a good partnership that will help reduce your vacancy rates. Making your tenants feel respected and valued, will make them want to stay longer. A building with full occupancy will assist you in paying the operating costs and make your investment more profitable.