Being a property manager or landlord can be very rewarding and profitable, but not if you are lacking in tenants. Unfortunately, attracting tenants takes more than just putting a “For Rent” sign on the front lawn of your property. That’s okay, though, because there are plenty of things you can do to attract tenants to your rental properties.
1. Make Updates
One of the first things you can do to drum up interest in your properties is renovate and update the property. Tenants love spaces that are up to date and functional, as well as aesthetically pleasing.
Your tenants will be living inside your properties for extended periods of time, so it’s safe to say that they will care about what the inside looks like. Most tenants want their living spaces to be updated so they don’t have to deal with appliances breaking, pipes leaking, or paint peeling off the walls.
When you’re updating, you can keep it simple. A fresh coat of neutral colored paint, new and functional appliances, clean showers and toilets, and nice flooring can take your property from undesirable to very attractive. You can also make your property somewhat customizable to your tenants by letting them paint or suggest upgrades, so they feel that the place is their own. Above all, keep the environment in mind. More than 77% of homeowners request green remodels so they can reduce energy at home. Update your property so it is more energy efficient and recycle when you’re done! These factors will be very attractive to future tenants.
Curb appeal is extremely important when you want to attract tenants because it’s the very first thing that your potential clients will see. And as they say, first impressions are everything. The best part about updating your landscaping and curb appeal is that the task is relatively cheap and easy to complete.
There are many things you can do to update your curb appeal. For starters, can you plant some attractive hedges or flowers around the property. Then, you can clean up the existing landscaping by trimming bushes, mowing the lawn, and picking up any trash or debris around the property. When it comes to the building, you can add a fresh coat of paint or otherwise freshen it up. You are also going to want to fix any unsightly areas like broken windows doors. Finally, a new welcome mat will a nice final touch to the exterior of your property.
2. Advertising Your Property
As previously stated, throwing a “for rent” or “vacancy” sign in the front lawn of your property is not enough to attract potential tenants. You have to try to get the word out that you’re looking for renters. There are good ways and poor ways to do that, though.
With today’s advertising world being primarily digital, the pictures you have of your property are incredibly important. Tenants are going to be searching online for possible places to live, and they will want to see photos of the inside and outside. Having poor/good quality photos can make or break whether a tenant even wants to come and physically see the property.
You can hire a professional to come in and take photos to make sure you have the best quality possible. You also want to make sure you include creative descriptions on the photos, so the potential tenants know what they are looking at.
Speaking of descriptions, it is essential for the descriptions to be accurate as well as enticing. For the photos, you almost want to brag about the great features included in your property. If you don’t point out all of the great features, a tenant might not pick them up in the photos. The better your descriptions, the more attention your ads should get.
When it comes to the descriptions of your property as a whole, you want to talk about more than just features. You want to focus on the benefits and amenities that your property offers. Focus on the amazing schools in the area, walkability to shopping, parks nearby, spectacular views, etc. You will be appealing to the emotions of potential tenants, making them want to rent out your property.
3. Finding & Keeping Good Tenants
When it comes to the people you are trying to attract to your properties, you shouldn’t settle for just anyone. After all, it’s your property, and you want to protect it. While you don’t want to be incredibly picky if you’re in dire need of some renters, you still should do a good job and take of your future and previous tenants.
Screen Potential Tenants
While you don’t want to turn people away when you’re really seeking out new tenants, it’s still important to protect yourself. If you rent to a “bad” tenant, you can be hurting yourself in the long run. They might destroy your property, not pay their rent, be loud and obnoxious in ways that drive away other tenants, exceed the number of legally allowed occupants, and break other property rules. All of these things can cost you a lot of money.
Before you allow a tenant to sign a lease agreement for your property, complete an in-depth screening process. This means you should run a background check, check their credit history, criminal history, driving history, civil history, and their income. All of these things can be very telling of the person’s behavior. You can also request personal and professional references to get a better understand of the potential tenant.
Treat Current Tenants Well
While you’re busy thinking about future tenants, you don’t want to forget the ones you already have. Word of mouth is a very powerful advertising tool, and you should take advantage of it. Make sure you do your best to treat your current tenants the best you can. They will then have good things to say about you.
Be willing to use your services to cater to their needs so they tell their friends you are a great landlord to rent from. This means you should deal with maintenance requests with efficiency and charge fair prices for rent. Remember that your tenants are your customers, and you want to keep them happy. Just as a good word can be positively impactful on your business, a bad review can spread like wildfire.
Do your best to make your properties a great place to live. Make some updates, advertise effectively, and keep your future and current tenants in mind. Attracting tenants to your property will not always be easy but keeping up the effort will pay off in the end.