Attracting tenants is an important part of any investment strategy. To maximize what you earn in both the short term and the long term, you need to secure long-term tenants. When you have good residents in place who pay rent on time, help you take care of your investment, and meet all of your expectations, you want those tenants to renew their lease agreements year after year.
So, how do you attract these long-term tenants?
We have some ideas based on our experience as Berkeley property managers. We know that reliable tenants who stay for extended periods can mean consistent rental income and lower turnover costs.
Here’s how to attract and retain good tenants.
Create a Welcoming Environment
First impressions count, and there are two important things you need to do when creating that first impression.
- Make sure the property is move-in ready. You want to offer a rental home that’s welcoming, inviting, and attractive. The initial interaction during the showing and your screening process will set the tone for the entire relationship. Make it appealing. Focus on curb appeal. Keep everything well-maintained.
- Share your expectations transparently at the beginning of the lease agreement. Tenants are always happier and more secure when they know what’s expected of them. Be clear about what the lease requires. Share your rent collection policy. Discuss how maintenance should be reported.
When you offer a welcoming environment, good tenants will be eager to rent from you. They’ll also be able to trust you when you’re transparent and open from the start.
Make Your Rental Property in Berkeley Pet-Friendly
You’ve likely seen the statistics, and we’re always talking about this: pet-friendly properties perform better. More than half of the tenants in and around Berkeley own a pet. Pet owners are walking their dogs into coffee shops and bringing them into bookstores. Of course they’re going to expect to move in with their pets.
The good news is that pet-owning tenants are more likely to stay in place longer than non-pet owners because they know that finding a pet-friendly property isn’t always guaranteed.
We understand the concerns that some landlords have with allowing pets. Yes, they can be a liability and yes, they can cause property damage. However, really bad pet experiences are rare. Typically, you attract better tenants and you earn more money when you allow pets. This is an excellent way to attract long-term renters.
Keep Your Pricing Competitive
Get the attention of good tenants with accurate, competitive pricing. You want your rental value to be profitable. It will be when it follows the market trends. Overpricing your home is a great way to keep it vacant for longer. Research the local market rates so you know what similar homes in your area are renting for. You want to be fair. If you hope to earn more rent than what the market currently allows, you’ll have to add some incentives. Free Wi-Fi, for example, might help, or a free introductory gym membership.
Keep rental increases reasonable, too. The rent control laws will basically do that for you, but if you’re interested in keeping your tenants for the long term, you won’t want to chase them away by raising the rent as much as you possibly can during every lease renewal.
Be Responsive with Maintenance Requests
Well-maintained rental homes always attract and retain tenants more than homes that look like they’re deteriorating. If you ignore maintenance requests from your tenants, you shouldn’t expect a renewal when the lease ends.
Put together a preventative schedule of routine maintenance so you don’t have to worry about expensive emergencies, which are frustrating for tenants. Stay on top of the heating system, cooling system, ventilation, plumbing, and roof. Make sure you’re providing pest control and landscaping.
While emergencies require an immediate response, it can help to treat the minor and mundane repairs with the same sense of urgency. Tenants will appreciate your prompt response to broken doorknobs, malfunctioning garbage disposals, cracked windows, and dripping faucets. Small problems that inconvenience your renter will affect their decision in renewing their lease.
Make Upgrades to Your Rental
While maintenance is required, especially when we’re talking about habitability issues, upgrades are not a requirement. However, you should still be making renovations and improvements when you can. This will keep tenants interested in your rental home.
Consider providing modern amenities like smart home technology. Updating to energy-efficient appliances and LED light bulbs will also be especially attractive to tenants who care about green living and sustainability. Instead of continually repairing the same dishwasher over and over again, replace it. Rip up the stained carpet and upgrade to hard surface floors. Improve your landscaping for better curb appeal. These things will attract good, long-term tenants.
Invest in Good Landlord-Tenant Relationships
Landlord and tenant relationships are important for a pleasant tenancy. When you work well with your tenants, you also increase your tenant retention hopes. These two things can help your relationship:
- Open Lines of Communication. Be approachable and easy to contact. Good communication can facilitate a positive relationship, encouraging tenants to stay longer. Remain responsive, available, and accessible to your tenants.
- Respect Tenant Privacy. Ensure your tenants feel comfortable and secure in their home by respecting their privacy and adhering to proper notice periods before visits.
When you’re willing to be a source of support and help, your tenants won’t want to move out.
Attracting long-term tenants requires a mix of competitive pricing, property appeal, modern amenities, and good relationship management. We can tell you that professional Berkeley property management also helps. While you, as an independent landlord, may not have the tools and the resources available to make the rental experience above average, your property management partner can not only attract exceptional tenants, but retain them for the long-term. This is what we do every day.
Let’s talk about how to make your rental investment properties in Berkeley more profitable with solid tenant selection and retention. Contact us at California Pacific Realty.
