Does your property management company attract and retain high-quality tenants for your rental properties? Here at Red Door Company, we understand the importance of not only attracting quality tenants but also retaining tenants who will help grow your investment by taking care of your North Carolina rental property. Below, we share strategies for how to attract and retain high-quality tenants for your rental properties in Raleigh, Durham and Chapel Hill, North Carolina.
Importance of Attracting and Retaining Quality Tenants
Successful landlords understand the importance of not only finding quality tenants for their rental properties but also the importance of making sure those tenants continue to renew their leases. High-quality tenants treat your investment rental property as their own home. They often take preventative maintenance steps for you and do little damage to your rental property. These tenants also usually pay rent on time each month.
Many times, often by the luck of the draw, landlords attract a high-quality tenant and get a signed lease. Unfortunately, they then make the mistake of not having a tenant retention plan in place. A professional property management company will have strategies in place to improve the chances of that quality tenant signing a lease renewal. And when your property management company focuses on retaining these tenants, it minimizes vacancy rates and improves cash flow.
Rent Ready Rental Property
Remember, both first impressions, and lasting impressions count when you are trying to attract high-quality tenants to lease a rental property. Before marketing and showing your property, make sure the rental unit is in top rent ready form. Red Door Company has relationships with the vendors you will need to take care of this step.
Make sure the landscaping is fresh, carpets are clean, walls are freshly painted, all appliances are clean and in working order, bathrooms are spotless, major systems are functioning properly, and everything else in the home is in tip-top shape. If you present a well-maintained, clean rental home, then you are more likely to attract tenants who will keep it that way.
Get the Price Right
As many landlords understand, setting the right rental rate maximizes monthly rental income for your rental property. It also, however, helps attract high-quality tenants. By setting rent rates correctly when marketing your rental properties, a property management company like Red Door Company draws a significant number of prospective tenants to your rental unit. This leads to more opportunities to find quality tenants from individuals who fill out rental applications.
Tenant Screening Process
Property management expertise is vital during this step to ensure all tenants are vetted equitably and thoroughly to narrow the pool of applicants to the highest-quality tenants. Some of the steps you must take to screen tenants include running background checks, credit checks and investigating rental history. When screening tenants, landlords must also be careful not to violate the Fair Housing Act. You can avoid running afoul of the law, while still screening tenants properly, by working with a professional property management company.
Tenant Retention Strategy
Up until now, we have shared how to attract high-quality tenants to your rental properties. The next step is to ensure you take measures to retain those high-quality tenants. Remember, when you have a tenant retention strategy in place, those individuals are more likely to renew their lease.
At a minimum, that strategy must involve providing first-class customer services, attention to detail and fast, attentive responses to tenant needs. For landlords who live in another city, work another job or landlords or are retired and enjoying their freedom, meeting those tenant needs can be a challenge. That is why enlisting the expertise and experience of a professional property management company will pay off when it comes to tenant retention.
At Red Door Company, we help our clients retain high-quality tenants by delivering excellent customer service and communication, convenient payment options, fast response to maintenance requests, high-quality repairs completed by professional contractors and much more. Our property management team has a plan in place to help all of our landlords protect and grow their investment by both attracting and retaining high-quality tenants. To learn more about our strategies for how to attract and retain quality tenants for your rental properties, please do not hesitate to contact us.