Investing in rental properties can be a great source of income. According to Apartments.com, there are ways to hold onto new tenants.
If buying a rental property to produce passive income is your goal, then you have to find long-term tenants.
Create a safe environment
The first rule of safety is to install locks and cameras that can secure the area and deter criminals. Create a safety protocol that has your tenants’ best interests in mind.
In addition to security, maintain the land. Not only does landscaping and maintenance increase the value of your property and create an environment that your tenants will love but it also keeps the property safe. For instance, when you maintain parking lots, you do not have to worry about tenants falling or harming their cars on potholes. If you receive maintenance requests, respond promptly.
Be an empathetic property owner
While there are times where you should not compromise, you should show that you are willing to work with your tenants or potential tenants. For instance, if a potential renter is interested in your property, consider offering a grace period for him or her to make a choice.
When tenants move in, consider putting together a housewarming package. This could be as small as a kind card and a map of the neighborhood or baked goods and coffee beans. Try to make the tenant feel at home and welcome to your properties.
What you do for your tenants does not have to take a lot of time or money. Tenants who love renting from you are more likely to suggest your properties or stay longer.