#1 Market for Success
Write down five qualities you believe that perfect tenants for your rental property possess. Then, write an advertisement or design your marketing pitch around those must-haves. For example, if you want tenants with a higher-than-average credit score – put that in your ad. Something like, “We have beautiful rental homes available now for people with exceptional credit.”
#2 Be Competitive
Keeping your rental property in peak performance mode is essential for attracting long-term tenants. Give your property a fresh coat of paint, update the appliances, and add splashes of color and texture to the landscaping. Something as simple as adding public Wi-Fi, or built-in charging stations in the residence can differentiate you from your closest competitor. Think about the perks and amenities you would want in a rental home and incorporate as many as possible for your tenants.
#3 Rethink Your Priorities
If you find your vacancy days are way too high, your policies may be holding you back. You want your policies to send the message that you value your renters’ business and want to offer them a safe, well-maintained home as much as they want to rent one. Pet policies may be keeping highly qualified tenants from your property. It is easy to understand why some landlords refuse to rent to people who have pets. But, could you increase your pet deposit or require a renters’ insurance policy that covers damage caused by pets without alienating highly qualified tenants?
#4 Create a Positive Reputation
One of the best ways to attract good tenants, and keep them renewing the lease year after year, is by becoming a landlord who provides exceptional customer service. You can enforce rules and regulations while still being respectful and kind. Be professional from the instant a prospective tenant first makes contact to inquire about a vacancy, and never miss an opportunity to show a little kindness and appreciation. For example, a landlord who provides tenants with an emergency after-hours contact number or contracts with a 24/7 answering service, demonstrates he or she understands how frustrating a plumbing or HVAC problem is during the middle of the night.
#5 Focus on Professional Growth
Look for ways you can be a better landlord. Join industry associations to learn from experienced property managers that know how to treat their tenants. Study local, state, and federal laws, so you don’t find yourself facing legal complaints, and invest in modern technology that makes life easier for your renters.
These five tips give a variety of ways to attract better tenants. Think about each suggestion and see if there are other policies or actions you could take to make your rental property more attractive.
Becoming a landlord with a reputation for exceptional customer service is not as hard as you might think. The best approach is to start by thinking about what you would expect from a landlord if you were renting and make policy adjustments based on those thoughts.
