Property Management Blog

Tips to Find Great Tenants For Your Rental Property

System - Tuesday, July 23, 2024
Property Management Blog

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 them to reach your goal of optimal and consistent monthly earnings and ROI on your investment.

Below are some of the effective ways you can land outstanding residents for your rental space:

Market Online 

Many entrepreneurs 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 out to potential renters this way.

Use plenty of property listing sites to broaden your market reach. Consider boosting your ad exposure to engage more prospective residents. Carefully choose the images you post to attract high-quality renters. Capture great photos and enhance the appeal of your rental unit.

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 unit in its actual form. It will be hard for them to visualize the whole room when the walls are still uncoated with paint. 

For rent sign on a lawn

After the construction is finished, make sure that the space is in great condition to encourage renters to sign a lease right away.

Perform Due Diligence

Be thorough when screening tenants 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 checks to assess their rental history and criminal record. Contact their previous landlords to gather insights about their behavior as tenants, such as timely rent payments and property upkeep. 

Thorough screening helps in making informed decisions and selecting reliable tenants who will respect your property and adhere to the lease terms.

Be Transparent

Disclose vital things to the renters. No one 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, 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. Dressing up demonstrates that you respect your tenants and provides a sense of reliability. 

Two people shaking hands over a folder

A sloppy look can make residents 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.

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, you still need to be firm with your property policies. Treat everyone the same and enforce the regulations 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

Renters have diverse preferences for payment methods. Some may find it convenient to pay using a credit card, while others might prefer payment apps like Zelle, PayPal, or Venmo. 

Computer sittin on tenant lap while tenat pays rent with card.

To accommodate these preferences and to ensure on time payments, 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, crafting targeted ads, leveraging online platforms, and completing renovations before tours, you can significantly enhance your property's appeal.

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 attract high-quality renters.

Implementing these strategies will not only help you secure reliable tenants but also ensure consistent and optimal returns on your property investment. For expert marketing support, reach out to KRS Holdings today!