How do landlords attract and keep great tenants? One problem that most landlords in Nigeria face is the cost of tenants turnover. For every time that there’s a new tenant, you have to make your house rent ready. Things need to be repaired, walls need to be painted and everywhere needs to be cleaned and organized.
How do you get great tenants to stay? The cost of turnover is expensive. That means keeping a tenant for a long period of time is less expensive and you have reliable income with less stress which helps to maximize profit.
So how do you achieve this? How do you reduce tenant turnovers? How do you get great tenants and make them stay? We have put together these tips to help you, so keep reading to find out everything you need to know about finding and keeping great tenants.
Determine your target audience – Before searching for great tenants, you need to have an idea in your mind of who they should be. Determine the qualities you are looking out for in prospective tenants; stable source of income, strict adherence to tenant rules, etc. You might also have peculiar characteristics that your ideal tenants should have such as marital status, religion or even having a pet. It is ideal to discuss these things with them before they become tenants to avoid misunderstandings.
Advertise your property – It is important to effectively advertise your property both offline and online. Market the best parts of the house like it’s amenities, environment, location etc. Advertise what stands out in your property and why a tenant would be lucky to rent the house. As you advertise your house, you need to advertise yourself. The way landlords look for great tenants is the same way tenants look for great landlords. Let them know that you are welcoming and attentive to their needs.
Showcase your property – Potential tenants are likely to make a decision to rent a property when they are impressed with what they see. Do not show a house that is still under renovation. Make sure to perform any repairs needed before showcasing your house. Also do a proper clean up before showing your house. Sell the great stuff they stand to enjoy in the neighborhood. Tell them about the great restaurants, schools, gym etc.
Be open and warm – You need to be a landlord that tenants can easily communicate with. They should be able to contact you in case of an emergency. Be cordial with them but you also need to be firm by creating boundaries to avoid problems.
Keep up with repairs and maintenance – Nothing irks a tenant more than a landlord that doesn’t attend to maintenance issues on time. If you don’t want to lose great tenants, then you should respond quickly to them on issues of repairs and maintenance. This shows that you’re attentive and have their best interests at heart.
Respect their privacy – Though you own the property, it is important to respect the privacy of your tenants. If there’s going to be an inspection of some sort, give them a heads up so that they can plan ahead. Do not barge into their personal space.
Tell them everything – Potential tenants need to know everything about staying in your house. Do not lie to them about anything just to get them to rent your house. They’ll figure it out sooner or later and this may make them feel cheated. They could end up being a pain or even decide to leave.
Once you’ve gotten a great tenant, make sure that you keep your end of the bargain and let them get informed in good time if there are any changes to the contract.
