A rental property can only be as successful as its quality of tenants. But with everything involved with property management, putting the work in to attract good tenants can be easy to overlook. While the high demand for rentals theoretically makes it easier to get quality tenants, the legwork of property management can easily overwhelm a landlord, reducing their capacity to target the desired market appropriately.
This article provides tips for attracting ideal tenants to rental properties.
What Makes A Good Tenant?
Before diving into the strategies for attracting quality lessees, it has to be clear what constitutes such. Generally, the ideal tenant does the following:
- Pays rent on time
- Stays beyond the initial lease term
- Takes care of the property
- Respects neighbors
The last three can often occur when a property matches a tenant’s needs. For example, a family with two kids will likely stay longer in a three-bedroom property close to a good school than in a two-bedroom condominium. Similarly, a retired couple would prefer an apartment over a third-floor unit in a building. People tend to go the extra mile to be good tenants when a property suits their needs perfectly.
There are local property brokerages that have built a successful business for nearly 50 years by matching tenant wants and needs with the right property. You can learn more about them on sites like https://www.tetonvalleyrealty.com/
Tips For Attracting Good Tenants
Firstly, you need to understand that having rental properties is a business requiring time and energy. When you accept that showing the house to prospects, taking calls, and answering endless questions are part of the deal, it’s easier to muster the energy into the necessary efforts to maintain and promote your rental property. This, in turn, will help attract better tenants.
Entering a lease agreement is a significant decision for tenants. As such, they need assurance that they have someone they can depend on for their housing needs. A detailed listing is great, but being more informative when facing prospective tenants is even better.
Below are tips for attracting your ideal tenant.
Take Care Of Your Property
A well-maintained property attracts people who like to take care of their homes. As such, ensuring that every aspect of your rental property is in top form is a practice that’ll inevitably attract good tenants. This can include the following tasks:
- Applying fresh coats of paint whenever necessary
- Refurbishing wallpaper
- Replacing/repairing fixtures
- Maintaining structural items such as roof, attic, sidewalks, and driveway
- Performing regular maintenance on the property’s heating, ventilation, and air conditioning
Keeping the rental fresh is an excellent way to keep tenants happy. Whether changing carpets or updating finishings, the little things matter for cultivating landlord-tenant relationships.
While regular maintenance entails work, it also sets up your property to attract good, long-staying tenants.
Treat Tenants Well
Most online listing platforms will have a section for reviews, as social proof is a significant factor in guiding prospective tenants to come to a decision. As such, it’s best to treat tenants as well as you can. Much like a business, tenants are your customers, which means it’s your responsibility to keep them happy.
This can mean promptly addressing maintenance requests, charging fair rents, and being a decent human overall. People have been conditioned to trust reviews. Prospective tenants could even contact previous renters to get feedback on your role as a landlord. As you might imagine, word of mouth is a powerful marketing tool; leverage it by treating your tenants as best you can.
Be Mindful Of Pricing Out Your Ideal Tenants
While rental market fluctuations persist, overall, rent is still high for most families and individuals. With a shortage in supply for rentals, it’s tempting to raise rents to optimize revenue. However, this runs the risk of pricing out your ideal tenants. This is a tricky balancing act, albeit an important consideration when setting rents.
Market To Your Ideal Tenant
In marketing, a buyer persona is a fictionalized characterization of a business’ ideal customer. Marketers create buyer personas to identify their target market’s varying pain points and needs and market accordingly. A similar approach can help landlords. Taking the time to understand who your ideal tenant is will allow you to answer the following:
- What are they looking for in a rental?
- What is their rental price range?
- What things do they value in a community?
- What platforms are they using to search for properties?
For example, if you prefer having a family as tenants, highlight property features that address children’s needs. This could be a sizeable backyard, a larger bedroom that can fit two kids, or proximity to a quality school. For young professionals, you can highlight nearby shops, restaurants, and other lifestyle options. Remember, to get the ideal tenant, you must first establish what you’re looking for.
When you identify who your target market is, make sure your listings have all the information your ideal tenant needs. This includes the following:
- Details of everything your ideal tenant may want to know: This includes security deposit amounts, lease length, amenities included, utility provider options, parking availability, and restrictions (if any). The best tenants know exactly what they’re looking for. The more comprehensive the information you provide, the more you can attract those people.
- Quality interior and exterior photos highlighting the property’s major selling points: If prospective tenants can’t visualize a property and how the space can suit their needs, they’ll quickly scroll past the listing. Investing in professional photography will capture more eyeballs, giving you the best opportunity to attract your ideal tenant.
Marketing is another essential part of property management, especially if you’re keen on attracting good tenants.
Most tenants understand that not everything will be perfect when it comes to rental properties. However, it’s still best to communicate issues as early as possible. Whether it’s a leaky pipe, an older heating system, or a neighbor who throws one too many parties, being transparent with prospective tenants from the onset bodes well for building a sustainable relationship.
This works both ways. While tenants may not agree to all the house rules, they’ll appreciate being informed of them right off the bat. Getting these things out of the way early on ensures the relationship gets off to a good start and opens doors for healthy compromise.
Be Informed About The Community
Apart from the actual rental, tenants will want to know the area they’re prospecting. As such, it’s a good idea to know the ins and outs of the property neighborhood. This includes providing insider knowledge on local amenities that include:
- Public transport
- Schools and government services
- Shops and restaurants
- Local hangouts
- Other activities, such as bike parks, gyms, bars, etc.
Tenants are looking to invest in an area they could live in for the foreseeable future. Allow them a head start by giving them the low down on everything they need to know. This could include local parking fares, subway guides, and anything that can make the transition easier for them.
Practice Courteous Professionalism
Being friendly and professional with all prospective tenants is a practice that sets the tone for the kind of people you can attract to your property. Word spreads around, so if you show up on time to meetings, answer questions promptly, and put off a generally friendly vibe, you’re setting the tone for the relationship should it go further.
If you are too busy to be responsive and helpful to your tenants, then hiring a Marketplace Homes property manager can vastly improve your tenants’ experience by offering prompt service that boosts satisfaction.”
Offer Room For Personalization
People tend to take care of rentals when it feels like their own, with most tenants expressing this through décor and furniture. As such, it’s best to be lenient regarding minor enhancements. Whether hanging art, customizing the backyard, or painting a room, allowing for personalization goes a long way in keeping tenants happy.
Most lessees are willing to shoulder expenses related to returning the property to its original condition once their tenancy ends. Enabling them to make your property their home will make them happier and, ultimately, better tenants.
Perform Due Diligence
Competition for rental properties is fierce. This can tempt prospective tenants to inflate their income to gain an advantage and get a prized rental. As such, perform all the necessary background checks before entering a lease. This includes the following:
- Calling references and former landlords
- Verifying their income
- Checking their credit reports
- Asking all the pertinent questions. This can include clarifying who will be living in the rental, what made them move, whether there will be pets, and others. Make a list of everything you want to know. This will aid the screening process.
Getting out of a lease agreement is a tedious task, making it essential to be absolutely sure before entering one.
As you can see, while attracting ideal tenants will always be a challenge, there are practical steps you can take to set a good foundation. It starts with taking consistent care of your property and your existing tenants and carries on with sound marketing and screening processes. If you put in the effort to lay the groundwork, you can avoid being forced to enter an agreement with a sub-par tenant.
Born and raised amidst the hustle and bustle of the Big Apple, I’ve witnessed the city’s many exciting phases. New York is not just a city to me; it’s a living, breathing entity. When I’m not exploring the city or penning down my thoughts, you can find me sipping on a cup of coffee at my favorite local café, playing chess or planning my next trip. For the last twelve years, I’ve been living in South Williamsburg with my partner Berenike.