Are you considering buying an investment property in Colorado Springs?
It’s a great place to live, so you likely won’t have a problem finding a great tenant. However, one challenge you will face is keeping your tenants in your property.
With so many great choices, tenants will always look out for the best accommodation available. So, how do you ensure lease renewals for your tenants?
Here’s what you can do:
FIND THE RIGHT TENANT
If you want to ensure tenant retention, you should first focus on finding the right tenant. If you find someone who’ll naturally want to stay on your property in the long run, you won’t have to stress about tenant retention.
So, what makes the right tenant? You must first determine who your property is intended for. If you have a four-bedroom house, you might be able to rent it out to students.
However, you know that students will leave after a few years or even after one semester. They aren’t ideal tenants for the long run. You may prefer to rent a large house to a family.
Families are more likely to stay longer. If the children are young, parents will often want them to grow up in a place that feels like home. They’ll feel the kids will have stability if they stay in one location for several years.
COMPLIANCE WITH LAWS
The next concern you’ll have with tenant retention is compliance with state laws. While you might follow the laws as you should, you can’t always guarantee that your tenants will be as responsible.
Tenant leases hold your tenants accountable. Nevertheless, you may want to look at the tenant’s history to see how often they complied with their agreements. It’s best to ask the tenant for the contact information of previous landlords.
You want to check if the tenants have always complied with the laws. You want to check if they paid their rent on time. You want to check if they were negligent with previous properties.
The more compliant the tenant is, the more likely they’ll want to stay in your property for the long-run.
OFFER A FAIR DEAL
If you want to succeed as a landlord, you have to charge a fair deal. While you want to maximize your rental income, you have to be reasonable.
For example, you can’t overcharge your tenants. If you do, they’ll always be on the lookout for cheaper prices. Your security deposit should be around the same amount as the monthly rental fee.
Be firm when asking your tenants to pay on time. Nevertheless, don’t charge them too much when it comes to late fees or penalties.
ENSURE LEASE RENEWALS
You can now increase your chances of lease renewals from your tenants in Colorado Springs!
Take your time to screen tenants and ensure they have a history of compliance. If you offer them a fair deal, you’ll find tenant retention much easier.
Pioneer Property Management is Colorado Springs’ leading service for landlords like you. We have several positive testimonials and we’re sure you’ll be just as satisfied as our previous clients.