Many factors come into play whenever a prospective tenant is on a house hunt, and as a landlord, some aspects such as location and rent prices are beyond your control.
Nonetheless, you can still have a significant influence on a tenant’s decision when picking a house. Here are some ways to attract quality tenants:
1. Be tenant-specific
There are different categories of tenants in terms of profession, wages, and other factors, and it would help if you prepared a clear description of your ideal tenant before initiating your rental marketing process. With a clear description, you can narrow down your focus to a specific class of tenants which will be your target niche. Aspects such as pet ownership, age, smoking, and profession should be considered during this process. If you are having a challenge setting up the right rental price, you can use rent estimate software to avoid under pricing or over-pricing your rental units.
2. Conduct digital marketing
91% of tenants search for rentals online. The best way to harness the potential of digital marketing is by listing your property on rental listings in your area. Listings allow you to specify your expectations as a landlord and the qualifications of your desired tenants.
You can also partner with a real estate digital marketer who can conduct thorough professional marketing through online platforms such as Facebook, Instagram, and other social media sites. If you are running a sizable rental business, you can have your own website where prospective tenants can book inspection visits, pay rent and get relevant information.
3. Keep your property in great condition
The law is clear on landlord-tenant responsibilities, but it would be beneficial if you take your maintenance game a notch higher. For example, always schedule regular maintenance checks rather than responding to problems after they occur. Maintenance boosts the outlook of your property and enhances tenant safety, which can save you from unexpected fines on injury claims. Of course, funding these projects can be a challenge, especially if you don’t have the cash on hand. One option is to take out a hard money loan. Hard money loans are asset-based loans that are typically used for short-term financing. To qualify, you’ll need to meet all the requirements for a hard money loan. You’ll need to have equity in your property and be able to show that you can repay the loan. While hard money loans do come with some risks, they can be a helpful way to finance rental property improvements. Keeping your rental units in great condition also enhances tenant satisfaction, which increases retention rate.
4. Offer some add-ons
Add-ons are benefits that come with renting a property. They include extra free storage units for tenants, a secure car parking lot, air conditioning, built-in wardrobes, and equipped laundry areas. These add-ons broaden property’s appeal to a higher income market.
5. Screen your tenants
Getting an ideal tenant doesn’t end with prospects meeting your listing qualifications; it extends to passing a tenant screening test. Here are some of the crucial questions you should ask when screening tenants:
- Do they have a valid social security number?
- Do they have an arrest record?
- Are they smokers or alcoholics?
- How is their eviction history?
- How is their credit report?
Answering these questions ensures that you only rent your property to a legal citizen who does not pose physical, social, and health threats to other tenants, and is capable of paying their rent without trouble.
Endnote
The success of your rental property hinges on different aspects of your business. If you focus on setting the right rental price for your ideal tenants, conducting effective targeted marketing within your region, and keeping your property in great shape, you will almost certaintly attract quality tenants.
