8 Tips to Find Great Tenants for Your Rental Property
Great tenants are a must in order to have a good ROI and stress-free property management. But how do you secure such a tenant? You need to have a strategy in place to attract them and keep them renewing their lease.
That’s why, as a landlord, you need to know how to market to the tenant and retain them. A great tenant will care for your property, pay rent on time, rent long-term, and notify you when maintenance issues come up.
Finding great tenants is, however, not an easy task. Luckily for you, in this article, you’ll learn 8 tips on how to find great tenants for your rental property.
Tip #1: Define Your Target Market
What kind of tenant are you specifically aiming to target? Are you looking for families, students, or professionals? Knowing who you are targeting will help you write a rental ad that targets that particular demographic.
Tip #2: Distribute Your Rental Ad Far and Wide
Once you know your target market, move on to the next step and create a stunning rental ad. A great rental ad is one that possesses the following features:
- A catchy headline - An example would be: $1,800 – 2 BDR/1BTH Condo in Louisville, KY with Updated Floor Plan and Scenic Views
- Quality photos - You want to show off the space to grab people's attention
- Succinct property description - Allow a prospect to learn about key details without losing their attention
Once the ad is ready, distribute it in places your target demographic is likely to see it. If you’re targeting students, then make sure to do the marketing around campus. Make sure to combine digital and traditional marketing tactics, as well. Doing so will ensure you reach as many prospects as possible.
Tip #3: See What Your Competition is Doing
One thing you may want to pay particular attention to is how your competition prices their rentals. The goal here is to make sure that you aren’t underpricing or overpricing your rental. If you overprice it, prospects will shy away from your units and turn towards your competitor.
Tip #4: Create a Solid Relationship with Your Tenant
This cannot be emphasized enough! Be welcoming, answer any questions they might have about the neighborhood, and remind them of the best methods to contact you.
During the tenancy, you’ll also want to be as responsive and helpful as possible. Doing so will solidify the tenant's trust in you which in turn could make them want to renew their lease.
Tip #5: Make the Rental Policies Flexible
Have some flexibility in the rental terms! This is especially true if you have a great tenant whose lease is soon coming to an end.
For instance, do you have a “no pets” policy? If so, consider allowing pets moving forward. Pet ownership is on the rise so opening up your rental to pets means widening your tenant pool.
Admittedly, though, accepting pets isn’t without some challenges. Luckily, most, if not all, of those challenges can be addressed with a pet policy. You can draft it in such a way that it restricts the breed and the number and size of pets.
Besides allowing tenants to keep their furry friends, you can also allow tenants to repaint their property to their favorite colors. Allowing a tenant to repaint their property can be a great way to incentive them to stay for another lease term as it makes the space feel personalized.
Just make sure to take all necessary precautions to protect your investment. For instance, require the paint job to be done by a professional, and require the tenant to paint back the original paint once they move out.
Tip #6: Be Responsive to Maintenance Issues
Nothing makes a tenant want to move out faster than having an unresponsive landlord. When you rent out a property, maintenance issues are inevitable as something will break sooner or later.
The issue could be as small as a leaky faucet or more serious like water damage. How you respond to the tenant could make all the difference. If you’re responsive, the tenant will see that you value their comfort and well-being. The opposite is true if you take time to respond.
It should also be noted, that you are required to address issues that could render the unit uninhabitable. Failure to do so will not only result in tenant turnover but could also lead to legal issues.
And unless it’s an emergency, always make sure to notify your tenant beforehand. Kentucky landlord entry laws require landlords to provide their tenants with reasonable notice. A notice of at least 24 hours usually suffices.
Tip #7: Provide Tenants an Online Rent Payment Option
The need for convenience grows with each passing day. It’s no wonder online rent payment is getting more and more popular. It’s not only an easy and safe option, but it’s also convenient for both parties.
However, make sure to have a traditional rent payment option as well to cater to tenants who may not be as tech-savvy.
Tip #8: Hire a Property Management Company
An experienced property management company can also help you find and retain great tenants for your rental property. Since managing rentals is what property managers do all day, every day, they will know what marketing strategy works best in your particular case.
Summary
Finding great tenants for your rental property and retaining them isn’t as easy as some might think. If you’re just starting, or are having difficulty finding reliable tenants, Alltrade Property Management can help!
We’re a professional property management company based in Louisville, Kentucky. Contact us today to learn more about our services.