With the busy rental season about to kick off, many landlords and property managers are gearing up to start marketing their rental properties again. Finding a tenant quickly and efficiently is key in retaining profits.
However, just finding a tenant alone isn’t enough. As a landlord, your real goal is finding a qualified tenant who will make a responsible renter for a long time to come.
So how do you go about attracting qualified tenants? Check out these top tips for finding the right renter for your property.
1: State Your Criteria Clearly In Your Ad
When you write your property marketing ad, make sure that you clearly state your criteria. For example, if you are actually only interested in renters with credit scores of 650 or more, make sure you state that in the ad.
By stating up front what it is you want, you can avoid wasting time screening tenants that are not qualified. Those who do stand up to your criteria will be able to confidently apply. Renters don’t want to waste money and time on rental applications if they are not going to be qualified for the property. Communicating up front about your requirements will help save you both time and money.
2: Keep Your Property Competitive
If you want to find high-quality tenants, you need a property that will attract them. Take the time to see what properties in the area offer in the way of amenities, appliances, and the condition of similar rentals.
Make sure you stay competitive by offering the same items as your competitors have or additional features. Something as simple as installing USB outlets in your rental could help set you apart from others in the area.
Think of it from the perspective of your renters. What kind of a rental would attract you? If you want responsible tenants who will take good care of your property, be sure you provide them with a property worth caring for.
3: Consider Shifting Policies
If you find that you are working with a small tenant pool and you are not finding the renter you hoped for, consider shifting some of your policies.
For example, millennials are a large portion of most rental markets. Millennials are also increasingly turning to pet ownership over having children, which means pet-friendly rentals will continue to be a hot commodity. If you aren’t accepting pets, consider adding a hefty pet deposit and a clause that allows for well-behaved furry pals.
By taking a look at your policies, you can find ways to stand out from others in your rental market. When you open up your tenant pool to a larger number of interested parties, you have the chance to be choosier with who you accept.
4: Be A Good Landlord
It should go without saying but good landlords attract good tenants. If you are difficult to communicate with, don’t treat renters with respect, neglect your rental property, or portray other traits of a poor landlord, you won’t attract good renters. At the very least, you will not retain good tenants if you operate your rental in such a way.
Take the time to focus this year on ways you could improve as a landlord. Simple things like communicating clearly and consistently with interested renters can go a long way. At the time of move in, consider an extra touch like a welcome gift basket.
When a tenant has a maintenance request, handle it with the same speed you would want if you were in their shoes
Above all else, treat your tenants like humans and demonstrate that you care. While you need to enforce rules and stick to policies with tenants, you can do so while still being a kind landlord. Authenticity is key.
As always, be sure you understand the regulations outlined in the Fair Housing Act as well as your specific city and state laws when choosing a tenant to avoid a discrimination lawsuit.
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