Tenants come and go. In Orlando, local and out-of-towners make the rentals profitable all year round. However, a longer-staying tenant would make sure that your rental unit is earning even during seasons with no tourists. The goal of most landlords is to keep them on your rental unit as long as possible.
To attract tenants to stay for a longer period, consider the following tips:
1. Excite Tenants During Viewings
Property showings make the first impression to renters. A rundown and poorly conditioned property keep potential tenants away no matter how cheap your rental fee is. Therefore, ensure keeping your property in its grandiosity whether in rental property biz directory or during its showcase.
A well-maintained property not only attracts renters but converts them to long-term tenants. Your property shows your commitment to giving the best value to your rentals. Showing how much you care for your rental can make tenants feel valued, too. In this case, tenants will likely sign another term.
To have a great first impression to renters, here are ways to make your property look grandiose during showcasing:
- Repair and fix any damage on your property
- Treat or upgrade windows to a faux wood blind rather than plastic or aluminum blinds
- Paint walls with trendy color options such as light gray as it has a calming and elegant effect
- Furnish your kitchen or bathroom by changing old, stained, or rusty furniture
2. Consider Tenant Requests
Tenants have different preferences and it affects how they decorate their homes. Some prefer modern decorations while others like classic ornaments. If potentials inquire if you allow redecoration according to their taste, it means they intend to stay for a longer period of time. As much as possible, agree to their requests so long as it won’t damage any part of your property.
Here are some of the popular requests from tenants you need to consider:
- Allow pets but require tenants to be responsible for professional cleaning when they decide to leave
- Allow visiting friends or relatives in your tenant’s unit but discuss limitations such as length of stay and others
- Calling you anytime for maintenance or repairs is a plus since tenants will have the comfort of knowing that you are just a call away
3. Set Rental Fees Accordingly
Your rental price must not be below or above market value. Setting your rents according to your property’s value attracts more long-term tenants. Renters understand that rent prices can change. However, increasing your rent higher than what’s expected will dismay potential tenants.
When you set rent at a moderate price, your property will stand out. Check on how you can set the right price for your rental:
- Check the market regularly to know when rents go up or down.
- Compare your properties to similar rentals in the same area as rental fees can vary depending on locations.
- Use comparables such as online ads, realtors, other landlords to know the average rental price in your area.
- Adjust your rental fees according to amenities available in your property such as the number of bedrooms, view, floor level, balcony, layout, etc.
4. Build the Right Relationship
Building a good relationship with your tenants mean dealing with them the appropriate way. While others love friendly landlords, some prefer an absolute professional relationship. For instance, if your tenant is the silent type, avoid invading his privacy by being overly chatty. Otherwise, you may end up losing a potential tenant.
To maintain a healthy relationship with your tenants, refer to the following tips:
- Send Christmas or birthday greetings to show them they are valued
- Provide them with ample facilities or services to show how reliable you are
- Inform them of a future visit for a home inspection to respect their rights and privacy
- Make yourself available and reachable for inquiries and requests
5. Offer Transparency on Rent Agreement
Show tenants your rental agreement beforehand. When potential tenants know you are transparent on your conditions, they are more likely to trust you. Written contracts are great for covering the terms and conditions you require from your tenants. Also, it sets their expectations from you and your property.
Your contract must be clear and must show the following:
- Details of tenants and landlords such as the property address, landlord’s service address, work address of tenants, etc
- Rental price, deposit amount, late fees, and how it will be paid
- Length of term of the tenancy
- Special arrangements such as visitation rules or pet rules, the dos and don’ts of tenants and landlord
When renting out your place in Orlando, attracting long-term tenants is difficult with rentals booming here and there. However, when you do the tips mentioned above, you can get more tenants. If your properties are set to accommodate long-term tenants, you will get the maximum profits from your rentals.