How to Attract Long-Term Tenants
To enjoy the benefits of property leasing in Austin, we recommend that you have long-term tenants. Such tenants offer your property a low turnover rate and a stable stream of income from their properties. How can you attract and maintain such tenants?
With years of experience in the Austin property market, Chris Price Realty offers its tips to landlords in the area.
Spruce Up Your Property
If you are new to the property industry, one thing you will come to acknowledge is that renters are the pickiest clients that you will ever deal with. They want to reside in a property that looks glam and stands out in terms of aesthetics.
The renovations that we recommend must meet the tastes and preferences of your target demographics. Put yourselves in the shoes of a possible renter. What will make them consider your property over others in the market? The marble countertop? Frameless shower screens? The wooden floor?
This might require you to make considerable renovations to your property. It may be a high initial cost, but will pay off over time.
Tenant applications often serves as a form of defense, protecting a property owner’s investment in real estate. What characterizes a quality tenant? This is the type of tenant that consistently pays their rent on time, adheres to the provisions of the lease agreement and maintains the property in a reasonable manner. From our experience, such a tenant is a long-term tenant.
Ensure that your tenant screening process adheres to the provision of the Fair Housing Laws.
The Move-In Day
Move-in day marks the start of your relationship with your tenant. While it may be an exciting day for you, it is quite the stressful and eventful day for your tenant. It goes without saying that moving to a new neighborhood is not easy. Your tenants might feel disoriented and on the edge. It is up to you to ensure that the move-in process is uneventful and smooth.
We recommend that you hire a cleaning service to clean out each nook and cranny of the house. If you have the energy, you can help out in moving the new luggage and furniture into the house. It also goes a long way to introduce the tenant to the neighbors.
Help out by sharing key information about the neighborhood. Where are they going to buy groceries? Where is the nearest ATM machine? This information might prove to be useful to the tenant. In addition, they are the seeds of a long-lasting relationship between you and the tenant.
It is the responsibility of the landlord to maintain the property in a good condition. A well-maintained property is appreciated by any tenant. After all, tenants are picky about the aesthetics and condition of their premises. It also paints the picture of a concerned property owner who is looking out after the welfare of their tenants.
You should also be aware that landlords are mandated by State Law. In the situation of a poorly maintained property, the tenant is legally allowed to exercise certain rights. Avoid such a scenario by carrying our regular inspections and hiring experienced and qualified local contractors.
Conclusion: How to Attract Long-Term Tenants
Does the above seem like a lot to process and implement? To be honest, without expertise and experience, property matters can be quite the arduous tasks. Contact the experts at Chris Price Realty. As the leading investment consultancy company in the area, we have been offering sound, professional advice over the years.
Reach out to us today.