Did you know that more than 44 million households in America are renters?
Buying an investment property can provide you with a steady income, unlike buying your own home since you only cash out when you sell. Whether you're a new or experienced landlord, you should know that the key to your success is to keep good renters around for as long as possible.
Not only do respectful tenants keep up with rent and keep property damage at a minimum, but you also don't have to advertise for vacancies often if they stay. Keep reading to learn how to attract and keep the best tenants for an investment property.
Offer Amenities in Your Investment Property
Finding tenants for your rental property will be a lot easier if there are attractive amenities available. You should try to spruce up the interior of each rental unit and provide larger community amenities for the compound.
Some amenity ideas include in-unit washers and dryers, a balcony, a swimming pool, a gym, a tennis court, and a grilling station.
Don't Rush Through Screening Rental Property Tenants
One of the most effective ways that you can ensure that your tenants are reliable is to do a thorough screening during the application process. You can find out more about their criminal background, current job and income, credit score, rental history, and so much more.
You can even hire a property management company to handle every screening so you can lock down the greatest renters in your area.
Keep Up With Rental Property Tenants' Maintenance Requests
There's nothing more frustrating than keeping up with rent for a home that's falling apart. Addressing maintenance requests in a timely manner shows your tenants that you respect them and want their living spaces to be comfortable.
Some requests are considered emergency situations as well, so failing to make repairs could land you in legal trouble. If you don't want to fall behind, a property management company can also tackle every maintenance issue.
Provide Top-Notch Security Features
Screening tenants is a great step to keep criminals out of your community, but you should do more to improve safety. Installing lights and cameras around the parking lot can prevent break-ins and other crimes.
Every front door should have high-quality locks. You could even consider installing doorbell cameras.
Maintain a Fair Rent
The last major thing you can do to keep tenants around for the long run is to keep rent prices fair. Do your research to determine what is reasonable for your rental property's location and amenities.
If you raise the rent too much, then you'll upset your tenants and deter new people from moving in.
Do You Want Help Attracting and Keeping Great Tenants for an Investment Property?
Having good tenants is essential for getting the most out of your investment property. These tips will help you maximize your profits.
Are you interested in property management services in the Sumter, South Carolina area? Contact us to learn more about how we can help.
