Great tenants don’t come to you by accident; they come to you by design. As such, you must be intentional in your efforts to attract quality tenants.
The process of finding great tenants goes beyond just writing an attractive rental ad and screening prospective tenants.
You must know your target market, make your property attractive, and conduct renewal screening checks, among other things. The following are tried-and-true tips on how to find great tenants for your rental property. Keep reading to learn more!
Understand Who Your Preferred Tenant Is
Know the kind of tenant that you are targeting. Are they professionals, families, students, or even short-term guests? This is key in ensuring that you draft an appropriate strategy to acquire and retain them long-term.
And depending on the type of tenant you’re targeting, you’ll also want to make sure that you invest in the right amenities.
Provide Tenants with the Right Amenities
Each renter demographic is attracted by certain amenities. That’s why knowing your renter demographic is key to finding great tenants for your rental property as discussed in the first point.
If targeting students, ensure your rental offers high-speed internet, in-unit laundry, pet-friendly features, fitness centers, and smart home technology.
If targeting families, focus on amenities like safety and security, functional living spaces, designated parking, outdoor areas (playgrounds, green spaces, or picnic areas), pet-friendly features, and extra storage.
Boost Curb Appeal
This is another crucial thing to do when trying to find great tenants for your rental property. Curb appeal simply refers to the general attractiveness of a property.
How it looks from the outside can have an impact on whether or not a prospective tenant will want to look at what’s in store inside.
If it looks like it has seen better days, the prospective tenant will likely continue with their search elsewhere. But if it looks well taken care of, the prospect will likely want to go in to see more.
Charge the Right Rent Amount
This is another strategy to find great tenants for your rental property. When it comes to pricing, the goal is to neither underprice nor overprice your rental.
Underpricing means leaving money on the table, which can make it difficult for you to maximize your ROI. Conversely, overpricing your rental can scare away prospective tenants, leading to low occupancy rates and a reduced ROI.
Be sure to have the proper documentation landlords need to justify your pricing and ensure transparency throughout the process.
The right rent amount is one that meets two important criteria. One, it should ensure your rental property remains competitive in the rental market. And two, it should ensure an optimal return on investment.
Ideally, work with a professional property management company to help you in this regard.
Advertise the Unit Accordingly
Once you have handled the basics, move on to the next step and start advertising the unit.
This will help you get the word out about the unit to prospective tenants and ensure it stands out in the real estate market. Otherwise, you may have the most desirable unit in the area that no one knows about.
How you advertise the unit will majorly depend on your target market. For example, if targeting college students, then you’ll want to concentrate most of your advertising campaign around the college.
Regardless of your target renter demographic, however, make sure to use a combination of both online and offline campaigns. An online advertising campaign can include social media, and rental listing sites like Craigslist, Zillow, and Apartment.com.
As for offline methods, you could incorporate things like For Rent signs, local dailies, and flyers and posters.
Screen Prospective Tenants
Don’t just rent to any tenant that you come across. You see, no two tenants are ever created the same. Some are every landlord's wish, whereas others are simply the opposite.
Fortunately, with a solid tenant screening process, you can maximize your chances of finding great tenants for your rental property.
Generally, a proper tenant screening process involves two steps. The first step is the pre-screening stage.
This is the first screening procedure you might want to do during the first interaction you have with the tenant. This may be over a call, an email, or even text. Usually, this occurs after a rental marketing campaign.
Some of the pre-screening questions you may want to ask the tenant include the following:
- When are you looking to move in?
- Are you ready to pay all the initial move-in costs?
- Have you ever been evicted before?
- How much income do you make per month?
- Do you have a pet?
These kinds of questions can give you a quick overview of the kind of tenant they are. And this can save both of you valuable time should the tenant not meet your qualifying criteria.
The second screening step involves assessing a prospective tenant’s information that they have filled out in a rental application form. This may require you to call prior landlords and employers, check the tenant’s creditworthiness, and assess their criminal background.
Bottom Line
These were effective strategies for finding great tenants for your rental property. Reliable tenants consistently pay rent on time, maintain the property, and are more likely to renew their lease. This approach is key to achieving maximum return on investment.
For expert help in all your property management needs, Brentwood Square Management Services, Inc. has you covered. Our goal is to provide you with quality rental services that protect and grow your investments!
