Did you buy an investment property in Winston-Salem? As a landlord, one of your most important tasks is to find a great tenant for your Winston-Salem rental property. A high-quality tenant will care for your property, pay rent on time, and rent long-term.
That said, attracting a great tenant isn't always easy – especially if you are just starting out. That's why we're here to help!
In this post, we are outlining our favorite ways to attract great renters!
1. Offer a Warm Welcome
As a landlord, it's in your best interest to start off on the right foot with your new Winston-Salem tenant.
Here are some things you can consider:
- Show them around the area: Often, new tenants aren't familiar with the area. As such, they would really appreciate if you took the initiative to show them around.
- Offer them gifts: Consider gifting them things like cleaning supplies, baked goods or refreshing drinks.
Doing any of these things will show the tenant that you are a friendly and approachable landlord.
2. Be Responsive to Maintenance Issues
When tenants reach out to you with a maintenance issue, act promptly! Unnecessary delays will only strain your relationship with the tenant. As a landlord, it is your responsibility to ensure your rental property is well maintained.
Also, although North Carolina law doesn't require you to send a notice or notify your tenant prior to entering their rented property, it's still a good practice to do so.
3. Make your Rental Pet-Friendly
Many prospective tenants own a pet. According to a survey conducted by the American Pet Products Association (APPA), 85 million families (about 67% of U.S. households) have a pet.
This means that allowing pets in your rental has the potential to increase your pool of prospective tenants substantially.
We understand that accepting pets in your unit can create additional risks. However, if you include a pet policy in the lease agreement, you can minimize those risk!
The policy can address things like:
- Number of pets allowed
- Types of pets allowed
- Size of pets allowed
Additionally, you may also require tenants with pets to pay a pet deposit. In North Carolina, landlords are allowed to charge a "reasonable" and nonrefundable fee for this purpose.
4. Consider the Safety of your Tenants
Safety is one of the top considerations prospective tenants make prior to renting a new home. As a landlord, as per the Warranty of Habitability, ensuring your tenants are safe is one of your key responsibilities.
So, prior to renting out your Winston-Salem home, make sure it's safe enough for tenants. Consider installing a security system, such as additional security locks or outdoor security cameras.
5. Be Considerate when Raising Rent
Landlords usually raise rent every year. However, it's in your best interests to ensure that the increments are competitive and coincide with your local area's market changes.
A reasonable rent increase will make your home competitive and will make tenants more likely to renew their leases.
6. Offer Simple and Convenient Rent Payment Methods
Collecting rent checks is a good option, however, you may also want to provide your tenants with an online option as well. Not only will this make things more flexible for them, but it's also a safe and convenient option.
Offering this easy payment options will decrease your chance of late or missed rent payments.
7. Consider Incentivizing Great Tenants
Tenant turnover is every landlord's worst nightmare – especially if you've rented to a good tenant. With a good tenant, you want to hang on to them for as long as possible. After all, the longer they rent, the more profits you'll be able to make.
So, consider offering tenants some incentives to prolong their stay.
Here are some examples of incentives you may consider:
- Gift vouchers
- Rent discounts
- New kitchen appliances
- Electronic gifts
- Cash bonuses
You can also allow them to choose from a list of pre-approved home modifications, such as different color walls, window treatments or new flooring.
8. Consider Hiring a Professional Property Management Company
Do you find self-managing your Winston-Salem rental property is challenging and overwhelming?
If you're just starting out, hiring a professional property manager may be the best decision you ever make. In addition to helping you rent to great tenants, a property manager can collect rent, maintain your unit, and take care of all the legal issues.
If this sounds helpful, consider hiring TE Johnson & Sons!
Attracting and retaining great tenants in your Winston-Salem rental property is key for long-term success.
As an overview, here are some of the things you can do:
- Offer a warm welcome
- Be responsive to maintenance issues
- Make your rental pet-friendly
- Consider the safety of your tenants
- Be considerate when raising rent
- Offer simple and convenient rent payment methods
- Consider incentivizing great tenants
- Consider hiring a professional property management company
If you're looking for more help, contact TE Johnson & Sons today. We are an experienced and reliable property management company. We use tried and proven screening methods to land responsible and reliable tenants. Get in touch with us today!