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Tenant Retention: 5 Effective Ways To Encourage A Longer Lease

The reality of the rental business is that tenants come and go. You can better maximize your profit as a landlord by keeping your turnaround expense at a minimum. So how do you make your rental property more attractive to prospective tenants?

Here are 5 ways to increase your chance of tenant renewals and long term tenancy agreements:

  1. Beautify Your Property

    Your rental property should shine in comparison to other properties that prospective tenants are considering. This is possible by showcasing a clean and well-maintained apartment. You can spend a day looking around the other properties in your neighborhood. Your tenants are sure to stay if they think that they are getting a good deal.

  2. Creative Advertising Ideas Work

    Identifying your target market is essential to marketing your properties. One effective way is to make use of the different online media platforms. Avoid using poorly lit photos, boring languages or too little context when listing your properties. Ask your other tenants for possible referrals. You can also do a walk-through video of your property using your smartphone.

  3. Leasing Incentives For Renters

    Offering a small discount is one good way to convince excellent renters to sign another long-term lease. For example, a longer lease of at least 18 or 24 months will mean a lower monthly rent. The longer the tenant is, the bigger the discount they can get.

  4. Rent Signs

    There are multiple ways to use the internet to advertise your rental properties. In the same way that a “For Rent” sign can be a good indication that the property is vacant and attract potential renters. If you own a website, make it serve as the advertising central for your rental property listings.

  5. Select A Perfect Time For Your Open House

    Most would agree that weekends are the absolute best days to host an open house. Make sure your neighbors know and do not hesitate to go door to door to extend an invite personally. Prepare informational packets for your guests that will detail information about the property and its amenities.

If you own a rental property and need help finding reliable tenants, a property management in Bakersfield like Synergy Property Management can deliver.

Contact us today — (661) 770–7382

 

Manage Your Bakersfield Property or Hire It Out?

As a landlord, you can choose to either manage your own Bakersfield rental property or hire out a Bakersfield property management company. In doing so, there are few specific considerations you must keep in mind.

 

Bakersfield Property Management

Knowledge Is Power

Dealing with an investment property is very much like maintaining a business. You need to familiarize yourself with the statewide landlord tenant rules, understand the market where the property is located, be responsive in all cases of urgent situations, able to handle maintenance issues, know advertising strategies to maximize occupancy and rental rates and basically have the know-how on all the fundamental requirements, responsibilities, procedures and processes involved in property management.

Time Is Money

Managing a property takes time. Ask yourself — do you have the time to manage your rental property? It will make sense to hire a property management if you have multiple units so your time can better be used looking at more deals versus collecting rents or dealing with tenant maintenance issues.

Make Move-Out Inspections a Breeze

One of the most important responsibilities of a landlord is conducting thorough move-in and move-out inspections. A move out inspection is done to record the condition of the property at move out which requires considerable time to properly perform and review the results. Any substantial changes to the property can hold the tenants liable for the costs. A good property management in Bakersfield will look into these things and help prepare a checklist of what to look for and document the condition of the home with an inspection.

Skills That Make a Great Landlord

Another key to being a good landlord is developing an active listening skills. Making your tenants feel you actually care about their issues will make things go a lot smoother. By staying cool and using active listening, you can diffuse tension and calm down an upset. Bakersfield managers have these sets of skills adept at multi-tasking and communication across all fronts.

Managing your own investment property in Bakersfield can save you thousands of dollars in real estate agent management fees. However, are you willing to handle the extra admin that comes with being a DIY landlord? If not, find a qualified property manager in Bakersfield to have less stress at your rental property management business.