As a real estate investor, you want to find–and keep–good, reliable tenants.
Improving your tenant retention rates starts by knowing what renters want in the first place. This means ensuring that the property you invest in is one that will appeal to tenants. It also means being able to do upgrades and provide amenities that will help to make your property more appealing as well. Finally, it also means ensuring that your property is priced correctly for the market it’s in, and ensuring that the processes that you have in place are streamlined and professional, so that tenants can feel confident that you will address their concerns should anything come up.
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In this guide, we’ll look at what tenants really want in a rental–and a landlord.
We’ll look at a few things that tenants look for, including:
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The condition of the property, features, and appliances
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Modern amenities that make them feel safe and simplify their life
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Flexible space that allows them to transition between work and everyday activities easily
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Good value, so they can feel confident that they’re getting a good deal for their money
Some items on a tenant’s checklist will come down to the property itself, but location matters a great deal as well.
When considering a new property, you’ll want to consider:
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The job market in the region
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The property’s proximity to amenities
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What the neighborhood is like (including crime information)
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And more!
Once you’ve found qualified renters, you’ll want to do what you can to keep them renting from you longer. How you manage your property, how professional you are, and how well you are able to respond to tenant questions or concerns are all factors that can have an impact on your tenant’s satisfaction.
Tenants are looking for:
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Respect and fair treatment
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Excellent and open communication
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Clear division of responsibilities between tenant and landlord
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And more!
Reducing tenant turnover is essential to your success as an investor because an unoccupied property means missed income and time spent advertising your unit, going through new applications, and tedious paperwork.
Some of the steps that you can take to help reduce tenant turnover include:
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Giving adequate notice before increasing the rent
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Maintaining clear communication with tenants
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Hiring a property management company if you don’t have time to oversee the property yourself
This guide will outline some of the important things that tenants want, giving you practical steps that you can take to ensure that your property meets their needs.
See how you can ensure that the property you invest in is one that will appeal to renters! Download your FREE GUIDE today!
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