One of the most challenging aspects of rental property management is to attract quality tenants. Yet, it remains an essential part of the job. That is why it is important to learn effective ways to attract good tenants.
The Best Ways to Attract Quality Tenants
Good tenants pay their rent on time and in full, take care of your property as if it was their own, and rarely (or never) break the terms of your lease agreement. To a landlord or property manager, quality tenants are a dream come true.
Unfortunately, it is hard to find quality tenants, even with the millions of renters that currently make up the United States population. Though, it is not impossible. If you want to attract high-quality tenants, there are several ways you can go about it.
1. Create a Compelling Copy
If you want to attract great tenants, it is essential to start with rental advertising. Nobody pays attention to dull ads — they won’t even give them a second look.
In today’s fast-paced world, people consume content at lightning speeds. They will immediately scroll past content or posts that don’t catch their eye. Therefore, when creating your rental advertisements, make sure to write a compelling copy.
Start with your headline. Include a hook that will pique the interest of potential tenants. Make sure to use descriptive words that will help readers paint a picture of what you’re trying to sell. Include all pertinent details without being lengthy and sounding too boring. Most of all, don’t forget to include your contact information so potential tenants can reach you.
2. Use Attractive Photos
Humans are naturally visual creatures. Therefore, it only makes sense to include photos in your listing. In fact, not posting photos will make tenants think you have something to hide.
Never underestimate the power of a beautifully-captured photo. Make sure your photos are well-lit and aesthetically pleasing. Don’t hesitate to take advantage of natural light.
You can hire a professional photographer to take your exterior and interior property photos. Alternatively, if you’re strapped for cash, a good smartphone and photo-editing software can do the trick.
You can even take it one step further and include a video tour of the property. This will allow potential tenants to see the floor plan and really visualize themselves living in the space.
3. Maintain Your Property Regularly
Regular maintenance is paramount if you want to attract quality tenants. You’d be surprised what a fresh coat of paint and good lighting can do to transform a space. Plus, with everything in tiptop shape, you don’t have to do much to make the place look appealing.
Apart from giving your property a cleaner look, regular maintenance gives a good impression to potential tenants. It lets them know that the place is in capable hands and that they have nothing to worry about.
Preventive maintenance can also save you heaps of time and money, making it a win-win situation for everyone involved. Just make sure to keep up the routine even after you’ve landed a tenant. This will help keep them around for a long time.
4. Rely on Referrals
Many property managers and landlords discount word of mouth as a dependable form of marketing. However, given that more people trust referrals from friends and family than advertisements, you’d be remiss not to take advantage of it.
When a good tenant is about to move out, ask them if they know anyone looking for a place to rent. It is likely that the person they recommend will also be of the same quality.
5. Screen Tenants Extensively
When evaluating a tenant, it is difficult to rely on mere judgment alone. A potential tenant can lie on their application form or sweet-talk their way to your shortlist. This is where tenant screening comes in.
Screening tenants is a reliable way to filter through applicants and find the gems among the junk. Make sure to look into criminal backgrounds and credit reports. It is also best to verify employment. Ask for references and call up past landlords to get a good feel of what they are like as tenants. While the tenant screening process is long, it is very well worth it and will pay off in time.
6. Accommodate Their Schedule
When scheduling property showings, it is best to remain flexible. Potential tenants usually have full-time jobs and regular work hours.
As such, their only probable free time is during weekends or after work. Tenants aren’t going to make time for you, so it should be the other way around. It’s also not a good idea to skip property showings. Showings allow you to meet potential tenants and get to know them in person.
That being said, if potential tenants are late to showings or cancel appointments without reason at the last minute, you don’t need to adjust to them. Flaky tenants are the type you want to filter out.
7. Plan Your Showings Wisely
With the previous point in mind, it is equally important to plan your showings wisely. Showcase your property’s best features and the time of day it shines the most. For instance, if the natural light at 3 o’clock gives the space a certain je ne sais quoi, schedule your showing around that time.
It is also a good idea to plan around any construction and maintenance work. If a cleaning service comes in on Monday nights, don’t schedule your showings then. Instead, schedule it right after when the place has just been cleaned. If the property is still occupied, make sure to time your showings when the current tenants are out.
8. Know the Neighborhood
Tenants who are new to the area will likely want to know what the neighborhood has in store for them. In line with this, familiarize yourself with local amenities, including restaurants, bars, supermarkets, parking lots, laundromats, and parks. This will allow potential residents to picture their lifestyle in the neighborhood. You can even prepare handouts with area maps and a list of local amenities to make it easier.
9. Add Valuable Investments
If you want to play to a higher-income market, it would help to invest in some add-ons for your property. This can be in the form of built-in wardrobes, extra storage space, air-conditioners, dishwashers, and other appliances. Although adding these fixtures will cost money, they will undoubtedly increase your rental property value and allow you to charge a higher rate in the future.
How to Keep Quality Tenants
It is hard enough to attract quality tenants, but some may argue that it is even harder to keep them. Once you find quality tenants, the natural reaction is to do the best you can to keep them around. After all, the tenant selection process can be exhausting.
To keep quality tenants, you must follow a few tips. For one thing, you must always stay responsive and within your tenants’ reach. You must make tenants feel appreciated and help them integrate into the community. Additionally, you must maintain the property well and embrace technology to make it easy for your residents to pay rent, send feedback, and renew leases.
Resident retention can come as a challenge. But, with some work on your part, you can boost your retention rate along with your occupancy rate.
On Your Way to Finding Quality Tenants
It may be easy to attract quality tenants on paper, but you must remember that it takes a lot of time and effort. Pour your attention to marketing, tenant screening, property maintenance, and property showings. Soon enough, you will find the best tenant for your property.
If you are ready to look for a property management company that suits your needs, start with Florida Property Management’s online directory. You can also use our directory to look for HOA management companies and real estate agents.