Top-quality tenants are every landlord’s dream. They pay their rent on time, never cause trouble, and look after the property they are renting. A landlord with such tenants can rest easy compared with one who has a revolving door of short-term unruly tenants who never seem to have their rent money when it is due.
The pool of potential renters shrinks during a recession as people cannot afford to pay rent. What can you do to ensure that you snap up the best tenants before another landlord does?
Work with professionals
There are many affordable property management companies that are happy to get you the best possible tenants for a rental property. APM is based in California and has decades of experience in the property management industry. Established property managers have a pool of potential tenants to explore when looking for renters. Additionally, they have robust screening capabilities and subject would-be tenants to intense scrutiny before forwarding their applications to the landlord.
Using a property management company takes much of the strain out of finding renters for the landlord. These companies ensure that rent is collected timeously, repairs and maintenance take place, and cordial relations with tenants are a priority.
Go high-tech
Top-quality renters are looking for more than four walls and a roof over their heads. Typically, they want somewhere to stay long-term that will feel like home. Some tech upgrades could make your rental property a place that such tenants would find attractive.
Consider upgrading the internet connection to an uncapped fast, reliable fiber package. This is attractive to those would-be tenants who use the internet for work or streaming movies and shows. You should also think about adding some smart features to the home, such as programmable lighting, smart appliances, and a smart heating thermostat.
Let your tenants do the talking
Tenant satisfaction should be a primary concern at any time, but more so during a recession. Renters can be fickle when there is a myriad of other rental properties available comparable to what you are offering. They need to feel that they are getting value for money.
Use a survey system to get feedback from your tenants. Their thoughts and opinions might offer new insights into what you can do to make the renter’s experience more pleasurable. Tenants can express concerns and other areas of dissatisfaction in a survey while maintaining good relations with their landlord.
Offer longer leases
As top-class tenants usually want to stay somewhere long-term, offering a longer lease might seal the deal. Long-term renters tend to be family units. Parents want their children to have a stable upbringing and education, making them reluctant to uproot the family and move around too often.
Some families might find a short-term lease concerning as they worry that their landlord will terminate it once the timeframe expires. Therefore, the stability of a longer lease would be attractive to them. They are also likely to take better care of your property as they plan to stay there for some time to come.
Make concessions
You might have black and white rental policies that you would typically not consider compromising on. However, a recession might force you to rethink some of them.
For example, many landlords do not allow pets because they pose a higher risk of property damage and neighbors’ complaints. Some landlords do not allow tenants to paint walls or make landscaping changes.
You could consider being less rigid about these issues if it means getting the best possible tenants for your property. Relax some rules but ensure that they are included in the rental agreement so that neither party oversteps their bounds.