If you're looking for a lucrative business in Columbia, MD, that can potentially generate passive income, look no further than being a landlord. According to Salary.com, landlords in this beautiful city make an average of $54,739 yearly, with the highest earners even taking home $63,914!
However, you must first learn the basics of tenant retention programs to earn that income. After all, if you can't make your tenants stay and renew their lease, it'll cut off your earnings, and you'll have to spend money trying to replace them.
So, before any of that happens, follow the property management tips in this guide that our specialists at PMI Mason Dixon have shared.
Pets-Are-Welcome Policy
According to the Pew Research Center, nearly two in three Americans have at least one pet. Of these pet owners, almost all (a staggering 97%!) consider their pets like family, much like their human counterparts.
Considering the high ownership rate, welcoming pets to your Columbia, MD, rental properties is an excellent way to maximize occupancy rates. A good enough reason is that not all rentals allow pets. So, by making yours pet-friendly, you can expand your tenant pool.
Allowing pets in your rental property is also one of the best tenant retention strategies to increase renewals. Again, this is due to many rentals not allowing pets, so once pet-owning renters find an ideal apartment that does, they're more likely to stay and renew their lease.
Tenant Welcome Package
Start on the right foot and boost tenant satisfaction from day one by surprising your new renters with a welcome package on their move-in day. Doing so will make them feel welcome from the beginning, and they're more likely to build a positive image of you as a caring landlord.
You can base the contents on "who" your tenants are. For example, if they're pet owners, you can include healthy pet treats and self-care products for the humans in the welcome basket. You can also add healthy snacks from your local mom-and-pop stores.
Lease Renewal Incentive Package
A lease renewal incentive package can be a collection of small incentives to encourage your best tenants to stay longer.
One example is a lower security deposit. If you charged your tenants $1,000 before, consider lowering it to $900 when they renew their lease.
Another is a rental discount whenever they meet specific criteria. For instance, if they pay rent a week before the due date for three consecutive months, their fourth month's payment will have a small discount applied.
You should also consider investing in tech or furnishing upgrades or updates your tenants will appreciate. Some examples are a smart thermostat, smart door locks, and more energy-efficient appliances.
Get More Renewals With Tenant Retention Programs
Tenant retention programs like pet-friendly policies, welcome packages, and renewal incentives are all effective strategies to attract and retain quality tenants. So, implement them to help maximize your income potential.
If you want a more straightforward way to manage your rentals, PMI Mason Dixon is happy to help. We're a franchisee of PMI, a larger company that's been around for two decades and managing over $5 billion of assets. We'll use our combined knowledge and experience to make your Columbia, MD, properties more manageable and profitable.
Contact us today to get started on your free rental analysis!
