People usually invest in residential properties so they can earn a stable, passive income from the rent. However, not every landlord is lucky enough to get a good and high-paying tenant immediately after investing in a rental property. You need to invest in marketing, advertisements, and real estate agents to find the best tenant for your property. After all of this effort, you may find that you end up with the wrong tenants, or none at all.
Or if you do manage to find good tenants, perhaps you keep losing them. If you’ve been losing your tenants, or are you having difficulty finding the best tenants for your vacant property? Read on to learn the most common reasons that people keep losing tenants, and what you can do to avoid these fatal errors.
Your Rent is Overpriced
Potential tenants will be discouraged to view your property if it’s priced too high. Why would somebody want to pay more than necessary for a rental property when they can easily find a better and cheaper deal? It’s important to research the rents of properties in your neighborhood before deciding on a rental price.
In essence, you have three options:
- Overprice your rental apartment and keep losing tenants
- Lower the price to attract more tenants
- Add a new appliance or feature to justify the high price
Remember that the longer your house sits vacant, the more you will lose over the long term. Usually, it’s better to lower your rent and lose a few dollars a month than lose hundreds of dollars and pay for mortgage and insurance from your pocket.
You Delay Repairs and Maintenance
No tenant will pay to live in a rental where repairs and maintenance issues go unaddressed. If you don’t take care of maintenance and repairs, you will have a hard time finding good tenants. Anyone would get frustrated if their toilet stays clogged for days or if the landlord takes too long to have HVAC units repaired. If this starts happening repeatedly, your tenant will move somewhere else.
To avoid this problem, schedule regular maintenance. You should stay in close contact with electricians, plumbers, home inspectors, roof contractors, and other professionals. Most importantly, be sure to take quick action to address issues and make repairs as quickly as possible. Don’t make your tenants have to make a second call to follow up.
Your Property is Not in an Ideal Neighborhood
Nobody wants to rent a home in a neighborhood with a high crime rate or a bad reputation. Noise is another disturbing factor for tenants looking for a quiet and safe place to live. If the prospective tenant notices loud noise in the neighborhood when visiting your property, they may hesitate to sign the rental agreement.
When investing in new properties to rent out, do your research and make sure you buy is safe, desirable areas with a good reputation. Of course, it’s a bit late if you’ve already bought the property. However, in this case you can add extra security features like bars on windows or security doors to ease the concerns of potential tenants.
You Don’t Clean Your Property Properly
Sweeping, mopping, and dusting are your tenants’ responsibilities. However, your property might need a deep clean occasionally, especially after a tenant has moved out. Before you show your property to prospective tenants, schedule profesional deep cleaning services. Commercial cleaners will scrub and clean every part of your property to make it shine.
Make cleaning and maintenance of your property your first priority. Your tenants want a safe and well-maintained rental home. So, make sure you mow the lawn, rooms, and thoroughly clean all inside and outdoor areas before new tenants move in.
You Don’t Valuing your Tenant’s Privacy
Barging into your property and invading your tenant’s privacy is the biggest mistake a landlord can make. If you are losing tenants or having difficulty finding them, it could be down to a lack of privacy.
Once you have rented your property to a tenant, you can’t just come and go whenever you want. Of course, it is still your property, but there are certain rules a landlord must follow. For instance, you should never visit your tenants uninvited. Always schedule a visit at a time that’s convenient for both of you.
Lack of Amenities
A quick way to increase the income you get from your rental properties and land good tenants is by installing desirable features. For example, peeling paint, outdated appliances, poor Wifi, and poor security are all things that can deter prospective tenants.
Keep your property in good condition, address any issues as soon as possible, and keep the rent reasonable. All of this will go a long way to helping you find and hold on to the best tenants.