Updated November 18, 2020
6 Tips for Attracting More Applicants
While your tenants are busy packing up the last of their boxes, you will be busy getting your rental property back on the market. When you list your property, your goal is to attract an array of applicants. The more people you have interested in your property, the greater chance you will find the ideal tenant. Though it is obvious you want to attract as many qualified applicants as possible, it is not always easy to know how to attract applicants.
The following are six tips for improving the number of applicants interested in your property.
Tip #1: Keep Your Property In Tip-Top Shape
When you put your property back on the market, and people swing by for a showing, what will their first impression be? If the previous tenants left you with a lot of maintenance and repair work to be done, make sure you schedule that as quickly as possible. A well-maintained property will go a long way in attracting applicants.
Think about how you would view the property if you were in the shoes of prospective tenants?While the property does not need to win an award from Better Homes And Gardens, it does need to look appealing and safe. Be sure to include high-quality photos of the property when it is looking its best. Before your showings, take the time to get the property into tip-top shape.
Tip #2: Keep Rent Prices Competitive To The Local Market
Often it is the case that properties with little-to-no interest are priced too high for the market in which they reside. Competitive pricing doesn’t mean you have the lowest price around; it simply means you have the property listed at a reasonable price for what you are offering.
By using a tool like Rentometer, you can gauge the local market’s pricing. Keep in mind that you should also consider your property’s condition and what amenities other rental properties offer. For example, if your property offers a fireplace, an upgraded kitchen, and in-unit laundry, it can be priced higher than similar properties in the area that don’t offer those amenities. Conversely, you might have to provide a lower rent price if everyone around you is offering more in the way of amenities than you are.
Tip #3: Highlight The Best Features
Speaking of amenities, make sure you highlight your property’s best features when you create your listing. If, for example, you do have a washer and dryer in the unit, be sure to highlight that. Do you have any utilities included in the rent cost? Talk about that upfront in the listing. The more you can highlight what sets your property apart, the better chance you have of people being interested in viewing the property.
Writing a compelling listing that portrays the most important features in an easy to digest format will help renters know quickly whether or not they will be a good fit for your property. It is also helpful to include some of your criteria for applicants, such as how much income they need to have and whether or not you accept pets. While you want to attract as many qualified applicants as possible, you don’t want to waste your time attracting applicants who will not be a good match for your property.
Tip #4: Market At The Right Time
While it is often out of your control as to when you can market your property, try to list it at peak times. If you are renting in a college town, be aware of the seasonality of renters. August is a great time to put your property on the market, as college students will be in a hurry to lock down housing. Conversely, the winter and holiday season is a slow time for rental properties. The best way to mitigate this is to lock tenants in for year-long leases that rotate with your best marketing season.
Tip #5: List Your Property Across The Web
It cannot be stressed enough that in the modern world of technology, listing your property online is critically important. Without visibility online, you will have a difficult time garnering as much interest in your property.
Don’t stop with one listing; make sure your property can be found on an array of popular websites. The best way to market your property across the web is to use a free marketing platform that allows you to create one property listing automatically syndicated out across multiple sites for you. This will save you from the time-consuming process of re-typing your property listing for each site, or even with visiting each site individually.
Tip #6: Communicate Clearly & Promptly
When you have people interested in viewing your property, make sure you communicate with them clearly and quickly. You can lose qualified leads by not responding to questions about the property or inquiries for a showing. Even if you can’t show them the property that day, reply back to them with a time you can right away.
The better you communicate with leads, the better chance you have of not losing any applicants during the showing process. Use an online rental application to simplify the communication process. This will allow you to stay organized and to be able to quickly weed out applicants that will not be a good fit. By sticking to these six easy tips, you can increase the number of applicants interested in your property. Remember, the easier your rental application process, the fewer applicants you’ll lose upfront.
The following blog article was contributed by TurboTenant
TurboTenant is revolutionizing the rental process by providing savvy landlords with cutting-edge technology that’s intuitive, powerful, fast, and free. Through one-click online rental marketing, fully integrated tenant screening, customizable property websites, and online rent payments, TurboTenant changes the way landlords manage the property. Sign up for TurboTenant today and see how our free landlord software will simplify your life.