While tenants search for safe homes that offer value for money, landlords also look for long-term leases to ensure a steady income stream and consistent market value. These goals can be mutually achieved by attracting and retaining high-quality tenants. In the long run, good tenants help you achieve your investment goals and ensure long-term profits.
Longer tenancies also mean less vacancy rate, less tenant turnover, normal wear and tear, and fewer void periods. In a nutshell, it is worth learning strategies for attracting and retaining your high-quality tenants.
Here is what you should know about ideal tenants and how you can keep them.
Quality tenants are responsible enough to take care of your property as if it were their own, are honest and transparent, and generally want to live a comfortable life. Based on our experience, here are some of the common traits of high-quality tenants in California.
Now that we know what an ideal tenant looks like, let us take a look at how you can attract them.
Here are a few tips to attract potential tenants for your California City rental property with the criteria mentioned above.
1. Think of Innovative Marketing Strategies
Nothing worries landlords more than a vacant rental unit. So, the first thing you can do to attract your prospective tenants is to bring them to your doorstep to view the property. A few effective marketing strategies can help you connect with a vast pool of tenants and allow you to contact them directly.
In the digital marketing era, the rules of promoting your rental have changed tremendously. You can easily promote your rental unit by posting photographs, property features, and fair rent prices on various online platforms.
Consider using property listing websites, paid marketing, promotional content, real estate websites, vlogging, social media websites, property management apps, and display advertising tools. It is the most cost-effective way to reach out to your tenants and encourage them to lease your property.
A few offline marketing tools are useful even in today's digital world. You can attend seminars, post an advertisement in a local newspaper, distribute pamphlets and business cards, set up a referral system, and use word-of-mouth channels to inform people about rental vacancies.
2. Keep The Property Rent Ready
The first impression always counts, especially when people are looking for their dream home. If your property is well-maintained and rent-ready, it can easily attract potential tenants. On the contrary, keeping your property shabby and neglected may not attract people and increase the vacancy rate, turning into a financial liability.
To spruce up the look of the place, make sure you clean the items like carpet, landscape, and interior spaces in your property, paint exterior walls, change fixtures, add decorative items, install new curtains, replace appliances, and repair significant systems.
Also, consider illuminating the outdoor area with lights, checking the roof for leakage, cleaning gutters, mowing the lawn, and improving curb appeal. We suggest keeping a checklist with you while inspecting the property to track a detailed record of things that need attention.
3. Consider Having Flexible Policies in the Lease
Have some negotiable and flexible lease terms to attract qualified renters. If people feel locked into never-ending rules, terms, fees, and regulations, they might not end up renewing the lease, which can lead to rental vacancies and high turnover rates. Therefore, it is good to have flexibility when it comes to some of the clauses in your lease, such as:
Many landlords often prevent tenants from having
pets on the property. However, doing so can alienate a larger pool of high-paying tenants who are even ready to pay a little more for a pet-friendly property. In such cases, you can consider tweaking your pet policy and allowing your tenants’ furry friends to stay in the house.
Tenants may invite their relatives, friends, and family members to the unit for specific reasons, like family functions. In such scenarios, if your tenants request you to allow their acquaintances on the property, be amenable. You can include a provision to fix the duration of stay and the maximum number of guests to ensure that you do not end up having freeloaders.
4. Have a Thorough Screening Process
Screening your applicants allows you to select the best tenants who meet your rental criteria. It helps you narrow down the pool to qualified tenants and eliminate the applications that don't fit your expectations. Here are a few crucial steps you should take while screening your tenants.
5. Set The Right Rent Price
As an experienced landlord, you might know the importance of setting fair rent prices. While overcharging doesn't attract your potential tenants, under changing decreases the value of your rental property. Hence, it is crucial to charge the right rent based on an in-depth rental market analysis.
It can draw a significant number of prospective tenants, unlock the opportunities to choose from a wider pool, and get your property rented in less time. We suggest analyzing the rental market in your location correctly, understanding the affordability of your tenants, and charging appropriately.
Now that you have made every effort to find quality tenants and finally have gotten one, you must keep them in the long run. Here are a few retention strategies you can consider to encourage your tenants for lease renewals.
1. Maintain The Habitability Of The Place
Being timely with routine maintenance is a promising way to keep your tenants happy. It not only helps you retain your tenants but also increases the habitability and value of your property.
We suggest conducting regular property inspections to check on items like walls, roofs, plumbing, drainage, appliances, HVAC systems, and fixtures and provide proactive maintenance to prevent potential damage.
The exterior of the property is equally important to keep your tenants. Make sure you clean, remove debris, keep the area clean, mow the lawn, and upgrade the landscape. It will make your renters feel safe, and they are more likely to stick around your property.
2. Build a Healthy Landlord-Tenant Relationship
Creating a positive impression at the start of the tenancy can create a long-lasting relationship between you and your tenants. You can warmly welcome your residents during the move-in process and offer gifts, personal notes, welcome packets, and cards for birthdays and holidays to create a sense of community.
Additionally, you can have frequent discussions with them to know their requirements, ask for feedback and make them feel comfortable while talking to you. Be polite and respectful during your conversations. This can help you build a strong working relationship with your tenants, and they can take pride in dwelling in your rental.
3. Maintain Transparency In Communication
As a California landlord, you are responsible for maintaining transparency while communicating with your tenants. Try to be an effective communicator and reach out to your tenants whenever they need you.
Consider clearing their doubts and queries related to lease terms, clauses and their obligations. Also, set the right expectations and avoid ambiguity in a lease agreement to prevent misunderstandings.
4. Respect Tenants’ Privacy
According to the California Tenant Confidentiality Law, tenants should be able to enjoy their stay in privacy. Landlords can't show up unannounced or enter a property without a valid reason. Suppose you want to visit a property for reasons like property showing, routine maintenance, and inspections.
In that case, you must give 24 hours’ notice before coming to the property, especially when you are not the only visitor. However, there is an exception to this rule in case of emergencies. You can directly visit the property in case of issues like fire, pipe, or gas leaks.
5. Meet Tenants’ Rental Expectations
Tenants are becoming choosy these days due to various rental options available. So, if you want to retain them, you should understand their rental expectations and make changes in your rental accordingly. Consider providing modern amenities, such as energy-efficient appliances, a gym, swimming pool, and home offices.
6. Follow all Fair Housing Laws
California fair housing law prevents discrimination based on race, gender, color, national origin, sex, disability, and religion. The law requires landlords to observe fair housing practices while renting a property to tenants and avoid discriminating against any of these factors.
As a landlord, you cannot refuse to rent a property to a protected class for their background or treat them differently because of their origin. You are responsible for treating all your tenants equally, or you may have to go through legal procedures and penalties.
There are several aspects of tenant screening and retention, and it can be challenging for you to manage the process all by yourself. Consider hiring a reputed property management company, like JBL & Associates, to share your responsibilities and guide you in attracting and retaining your quality tenants.
For more information, reach out to us at JBL & Associates.
760-373-1800 Office
