Tips To Find Great Tenants for Your Rental Property
Finding a great tenant does not come down to just luck. You can design an environment that attracts many prospective tenants, making it easier to find a high-quality renter. If you have a concrete plan for attracting great tenants, who are often long-term tenants, you’ll discover that it’s a goal that can be easily achieved.
Leenan Properties has created this article along with the below video to help all landlords understand how to find the best tenants for your rental properties.
But ultimately, being a professional landlord can help draw more high-caliber tenants to your rental home. Here are effective tips to successfully find the right tenants for you:
Be an Intelligent Advertiser
Rookies tend to use random marketing methods. Differentiate yourself by conducting research beforehand. Where might your advertising be more effective? What are the best features of your rental home and how do you capture them ? Who might be attracted to those amenities? By simply focusing on a market segment, you stand a better chance of attracting the right tenants.
Once you can identify a specific demographic as your potential tenants, it will be easier to create an advertising campaign. You would be maximizing your resources from finances to even your time and effort. You will have a better idea of what type of ads to craft and the proper distribution channel to use where your target renters are likely to look.
Given that everyone is hyper-connected to the digital world these days, advertising has gone full-force online. Plenty of prospective tenants looking to rent check out websites, social media platforms, and online rental property ads. Among them are sites such as Craigslist.ca or Kijiji.ca. Best of all, there are no fees collected for advertising your rental home on these sites. Even better, these are popular sites and on the radar of rental seekers.
Another site to consider is Rentseeker.ca , where you can post your property listings at a reasonable cost. They also give you a chance to use their other marketing vehicles. Try their services and create an excellent listing paired with outstanding property images.
Take Time to Profile Your Target Group of Renters
Understanding your subject, in this case the prospective renter you’re trying to reach, is a critical process. Aim your focus on the type of renter that will be drawn to live in your rental location. Check out other similar rental properties in the area. What type of renters live there? Are they families, students, or young professionals?
List your rental amenities as well as the neighbourhood’s attractions. Which group of renters will prioritize these features? Is your rental located near the Central Business District area? If so, you can target the employees working nearby. Is it accessible to a university? You can set out to fill your rental space with students.
Knowing the target demographics is half the battle. You’re likely to reach your goal of attracting a particular set of renters when you know who they are.
Appearances can count a lot. People often create an impression of you within 7 seconds of meeting you. This is why you have to put an effort into looking professional. Dressing in a decent manner shows high respect to potential tenants you’re interacting with. It also strengthens their confidence in you.
If you appear sloppy, prospects are likely to conclude that you’ll treat the rental the same way. If you look sharp, then they will sense that you will put in the best effort to ensure that their rental home will be in top condition. They’ll believe that they can rely on your property management skills, seeing that you put in the effort to present yourself well.
Consider Hosting an Open House
Open houses can attract a greater number of prospective tenants. It’s an efficient way of using your time and resources. It makes potential renters feel less pressure to attend instead of scheduling a property showing with you. Some people can be wary of hard-selling when meeting a landlord and interacting one on one. Open houses take this pressure off.
Another great thing about open houses is the zero commitment it entails. Interested parties can examine the property in more detail and make inquiries while remaining open to other possibilities. It also saves you from setting schedules for property visits per prospective renter.
Avoid tricking potential tenants to book more property showings or drum up more interest for your rental unit. It might reward you with more inquiries and enlarge your prospective pool, but this can tremendously backfire on you.
Not only will you be wasting everyone’s time but it’s not good to earn the ire of possible tenants. You might earn some bad reviews online that can hurt your rental reputation.
People appreciate landlords who are upfront with them. Those that will disclose real information. It makes you more trustworthy. Communicate important policies that matter such as pet policy, actual rental rate, and the correct distance to specific places from your rental location.
Actively Listen to Tenants
Listening might sound simple, but it’s a skill to be tuned in with your potential renters. By knowing what they like or dislike about prior rentals, you’ll be able to serve them better . Listening also lets you know what their priorities are. Thus, you can respond to their needs better as a landlord.
Even though you have conducted a proper tenant screening , there are things you can learn from listening to renters applying for residence. A small detail can become a red flag, one that would minimize future headaches if caught early. So, develop your listening skills to help you filter out the bad types of tenants.
Be Aware of Your Competitors
It’s no surprise that there are plenty of people interested in real estate investments. The rental business is thriving due to its effective means of generating passive income regularly. This then leads to a competitive industry. Avoid complacency and always check out what other landlords are offering to tenants.
Remember that your goal is to keep your property occupied, so it’s always good to be aware of your competitors’ rental rates, property upgrades, and amenities they provide to their renters .
By following the above tips, you’re much more likely to boost your success in attracting long-term tenants. However, if this task feels too heavy to take on by yourself, consider hiring a professional property management company like Leenan Property Management . We can help you with all your property needs!