Loyal renters are like a beautiful house plant. They'll be an excellent addition to your property, and it won't be the same when they're gone.
Yet, unlike plants, loyal renters will stump up the cash each month. To make the most of your real estate, it's important to understand the value of long-term tenants.
Continue reading to learn four significant benefits of securing a long-term lease agreement.
1. You're Guaranteed Reliable Income
It's the most obvious advantage of securing tenants for a longer period. They'll provide you peace of mind by ensuring you receive a reliable rental income for a minimum of 12 months.
Having long-term tenants means you can avoid "void" periods of earning nothing on your property. Minimizing these periods is essential for managing a property successfully.
Plus, coughing up for any mortgage is much easier when you've got tenants contracted to pay a fixed monthly fee.
2. You Can Get to Know Your Tenants
Building a relationship and getting to know your tenants is easier if they stay longer. They may be more inclined to rent your property for longer if you have a strong relationship. It will also give you greater peace of mind, because you'll trust them to look after your property.
Connecting with your tenants will ensure both parties understand the others' expectations. It's not so simple to get to know your tenants when they arrive on a short-term lease.
Life as a landlord becomes complicated when you have difficult tenants. To avoid a nightmare scenario, our tenant screening process ensures you find the right tenant for your rental.
3. They're More Likely to Treat It as Their Home
If your tenants are staying a while, it's far more likely that they'll take care of your property as if it was their own.
Your property stands a better chance of staying in top condition, and, with renters staying longer, you'll face less wear and tear when occupants move in and out.
4. You'll Save So Much Time and So Much Money
Finding tenants takes time and energy. Even if it's a hot property, getting a new lodger through the door doesn't happen overnight.
Having long-term tenants saves time and money on advertising, viewings, running tenant screenings, and admin work to move one tenant out and another one in.
Lower tenant turnover can also help increase the value of your property. Plus, your maintenance expenses will be lower because you won't have to get the house ready for new tenants as often.
Setting up a new tenancy may force you to splash out on professional cleaning, redecoration, and replacing furniture or appliances.
Long-Term Tenants Are Here to Stay
High unit turnover costs landlords a considerable amount of time and money, so securing tenants on a longer-term contract is a no-brainer.
Contact our property management company for assistance attracting long-term tenants. We find good tenants for busy owners.