Whether you have first-time millennial applicants or experienced 65+ tenants, making them comfortable with the application process should be a priority. While interested tenants will typically apply depending on how they feel after the tour of your rental or looking at your advertisements, by getting to know your interested applicant’s priorities and hot buttons, you can create a friendly application process.
Bring Up the Application Qualifications First
You know what kind of questions your applicants are going to ask (monthly rent, deposit, and amenities), so why not beat them to it? Let your applicants know ahead of time your property’s information, and if you have anything unique on your rental application. Regardless of their past rental experience, they’re bound to forget at least one important question. Make sure to explain your rental criteria from your rent-to-income ratio to any rental history requirements. It might even be worth having some of the top requirements of your rental policy written into your advertisements.
Let Applicants Know How Easy Applying Is
It’s important that you assure your applicants of the available services they have when applying to be your tenants. Showing that you have an online rental application can be a positive aspect to potential renters when considering applying to a rental, so don’t be shy to mention it. At the end of the tour, make sure you supply them with your contact information (phone number and email address) and follow up quickly. This shows that if they need you later on, that you are easily accessible.
Use Your Industry Knowledge to your Advantage
Before you set up appointments to see the property, you should brush up on your rental knowledge. Although it’s unlikely your applicants will ask these questions, it’s important for yourself to know the differences between credit scoring models and the facts about tenant screening. Familiarizing yourself with industry knowledge will not only help you distinguish which services are right for you and your rental but boost your confidence, which will definitely show when interacting with applicants.
Rental Applicants come with varying degrees of experience and comfort levels. While you can’t do much to change the rental requirements, you can use your knowledge to help make the applicant feel comfortable with applying, ultimately trusting you. The more they know ahead of time, the better the quality of applications you’ll get.
If you liked this article, subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.