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How Long-Term Tenants Create Equity

How Long-Term Tenants Create Equity

How Long-Term Tenants Create Equity

Investment properties are worth as much as you’ve put into them, but to build big equity, they’ve got to stay reliably rented. That’s why finding a great tenant, who wants to stay in your property for a long time, is the golden ticket for your investment success.

Maybe they're not as ethereal as rainbows and unicorns, but great long-term tenants take some effort to find and keep. If that's been a problem for you in the past, consider your relationship with your tenants more of a partnership than anything else. They are the ones paying the bills, so the most important thing you can do is follow three simple steps to find and keep them:

  1. Find the smart renters. Smart renters overwhelmingly search online first for a place to live, so build a website that attracts them, and make sure it's descriptive. Include a video tour, and make sure the site is listed on every single search engine and rental site out there.
  2. Add value for the best renters. Offer discounts for early rent payments and early lease renewals. Pet owners have a hard time finding rentals, so if you have them, they won't want to leave. Keep treats at the office. Offer free wi-fi or cable. Include a month's free rent with every year's lease signed and honored. People want to stay where they're wanted and where they feel important.
  3. Become a stickler for maintenance. All the relationship-building efforts could be for naught if the sink won't drain or a light switch doesn't work. Plus, you won’t get a great renter in the door without some charm and curb appeal.

Put some effort into your property before you look for renters, and you’ll have a better chance of attracting the right ones. Maintain it without delay, and you’ll keep them.Following these steps can be important for finding your own great long-term renters and keeping them happy. But, what’s more important is maintaining positive relationships with these people who make your portfolio grow. Nurture renter relationships, and the success of your rental property investments is virtually guaranteed. 

 

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