Every landlord knows the key to success in the rental market: fantastic tenants. As an integral part of success, it’s important to invest time and money into securing the right placement for your property. If you’re looking for ways to attract high-quality tenants to your rental, keep these strategies in mind.
Determine What You Want in a Tenant
Just as prospective tenants make lists of the amenities and features of their dream home, it’s important to take into consideration the key aspects you’re looking for in a dream tenant. You can’t attract the tenant of your dreams without understanding who they are. Example characteristics might include stable income, no history of evictions, or a non-smoker. Perhaps you’re looking for a tenant without a pet, or a considerate and respectful demeanor. It is important to note that although you can imagine the characteristics of an ideal tenant, it’s illegal to discriminate on race, gender, disability, and other factors.
Improve Your Marketing Tactics
If you’ve been advertising only on Craigslist or through word of mouth, you’re doing yourself a disservice. Brush up on your marketing skills and get poised to attract better tenants. To sift out quality candidates, you need to have a plethora of prospects to go through, and using a singular channel won’t do you any favors. Browse the large amount of rental listing websites you have at your disposal, most of which are free to utilize and will gain you instant access to a larger cache of searching tenants. Sites like Trulia make it easy for landlords to upload photos, describe their properties in detail, and get in contact with real, high-quality tenants. One thing many landlords fail to do in their advertising process is to place emphasis on quality photography. Whether you need to hire a professional photographer for the day or borrow a friend’s camera, it’s worth it to make sure your photos are crisp and clean, showing your property in the best light possible. Humans are visual creatures, and if you want potential renters to read the text you prepare, you’ll need to first attraction their attention with your imagery. Speaking of said text, it’s important to detail everything your property has to offer. Advertise the location, modern features, and special amenities of your space, and take a look at comparable properties to see what stands out in the crowd.
Give Your Curb Appeal a Facelift
They’ve checked out your ad, and are ready to take your property in in person. Curb appeal is important; prospective tenants won’t care about the new energy efficient appliances you’ve installed if the outside of your home scares them away from even checking out the inside of the property. Make sure you give your front yard and exterior of the property a good sprucing up. This might mean adding some foliage—even the addition of a few small trees can add major value to your property—redoing the outer walls with a fresh coat of paint from FreshCoatPainters.com, and planting some flower beds or installing a berm in the front yard.
Screen, Screen, Screen
There’s no more vital part of the renting process than taking your prospective tenants through a rigorous screening process. Once you’ve lined up some prospective renters, put them through the ringer. While some landlords choose to run credit checks themselves, if you’re looking to sift out high-quality renters from the nightmare tenants you’ve been warned about, you’ll need to do a bit more. Use landlord credit check services that give you more than a credit score; you’ll want access to eviction histories, and want to know whether or not a prospective candidate has a criminal history. Making informed choices means having all the information possible.
To make more, you sometimes have to invest more. The rental market is competitive, and high-quality tenants are in high demand. If you want to compete with comparable rentals, you’ll want to have amenities that set you apart from the rest. Whether that be new appliances in the kitchen, a washer and dryer onsite, or HVAC additions, there are a variety of ways you can entice prospective renters. If you have a multi-unit property, consider communal spaces like pool areas or barbecue equipment that tenants can use.
Looking to secure high-quality tenants? Offer a high-quality property. Use these strategies to land yourself the perfect tenant and make your real estate investment as lucrative as possible.