As a landlord you have probably heard some bad tenant stories that may lead you to believe that great tenants are hard to find. However, great tenants still exist, you must learn to attract renters to reach your goal of optimal and consistent monthly rent earnings and return on your investment.
Below are some of the effective ways you can find outstanding residents to rent your space:
Market Online
Many landlords maximize the power of online advertising. Since a lot of people constantly have their mobile phones browsing social media platforms, it is easier to reach prospective tenants this way.
Use plenty of rental listing sites to broaden your market reach to those looking to rent. Consider boosting your ad exposure to engage more prospective residents. Carefully choose the images you post to attract good tenants. Capture great photos and enhance the appeal of your property and keep the rental property description concise.
Advertise After Any Renovations are Completed
If you have not finished with your rental upgrades, don’t schedule property tours yet. New tenants often prefer moving in right away and seeing the rental property in its actual form. It will be hard for them to visualize the whole room when the walls are still uncoated with paint.
After the construction is finished, make sure that the space is in great condition before posting your rental listing to encourage prospective renters to sign a rental agreement right away.
Perform Due Diligence
Be thorough when conducting tenant screening to avoid future issues. Verify the information they submitted and ensure that they have a steady income source. You can also do a credit check to ensure that they can meet the monthly rental dues.
Additionally, consider conducting background and credit checks to assess their rental history and criminal record. Contact their previous landlords to gather insights about their behavior as good tenants, such as timely rent payments, property upkeep, and eviction history.
Thorough tenant screening helps in making informed decisions and selecting good tenants who will respect your property and adhere to the rental agreement terms. Keep the screening process consistent with all tenants and always comply with the Fair Housing Act.
Be Transparent
As a landlord, you should disclose vital things to the tenants. No prospective renter likes paying for hidden fees. Be upfront about the inclusions and the distance of your rental to convenient places, such as shops, restaurants, schools, and transportation hubs.
If your rental was built before 1978, as a landlord, you are also required under the law to fully disclose this information since your rental has a high potential for lead exposure.
Act Professionally
Strive to maintain a professional and composed appearance as a landlord. Dressing up demonstrates that you respect your renters and provides a sense of reliability.
A sloppy look as a landlord can make tenants think that if you cannot be bothered to make an effort with your outside appearance, then perhaps you won’t be able to manage your property well and may look to rent elsewhere.
Listen Actively
Being an active listener is crucial in any landlord tenant relationship. Strive to create an open environment where they can give feedback so you know where to improve. Timely responses will improve tenant satisfaction and happiness while increasing the likelihood of lease renewals.
Try to be flexible and make some adjustments to ensure you are offering the best living experience. Budget for vital amenities that you can add, even small tweaks can lead to solid landlord-tenant relations.
Exercise Good Boundaries
While it is great to be on excellent terms with your tenants as a landlord, you still need to be firm with your property policies. Treat everyone the same and enforce the regulations laid out in the lease to protect every resident’s safety.
Always remember that you are running a business and you need to make unbiased decisions.
Offer Various Ways to Pay The Rent
As a landlord, you should keep diverse methods for tenants to pay their monthly rent. Some may find it convenient to pay using a credit card, while others might prefer payment apps like Zelle, PayPal, or Venmo.
To accommodate these preferences and to ensure on time payments and consistent income, offer multiple payment options, including electronic bank transfers, auto-debit setups, and mailed checks.
Highlight Neighborhood Amenities
While your unit’s amenities are important, neighborhood amenities can also be a strong factor for renters to sign a lease agreement. Consider highlighting the following in your ad:
Proximity to parks
Nearby playgrounds or schools
Local malls, beaches, or grocery stores
Close proximity to tourist spots or city landmarks
Host An Open House
People prefer to be in an environment with no pressure, so it can help to market through an open house. Interested residents can drop by, ask questions, and decide whether your rental space is a good fit.
Ask interested applicants for their contact information so you can follow up on potential leads after the event.
Bottom Line
Attracting outstanding tenants requires a blend of strategic marketing and professional conduct. By analyzing your ideal renters with credit checks, crafting targeted ads, leveraging online platforms, and completing renovations before tours, you can significantly enhance your property's appeal and your rent income.
Thorough screening, transparency, and active listening are essential for building positive tenant relationships. Additionally, offering flexible payment options, highlighting neighborhood amenities, and hosting open houses can maximize income.
Implementing these strategies not only helps landlords secure reliable tenants but also ensure consistent and optimal income and returns on your property investment. For expert marketing support, reach out to KRS Holdings today!