How do You Attract Renters for Your Property
Dec 23rd, 2017
While many people enter the investment property business, they find it troublesome to find tenants. Apart from managing the rental property, the ability to attract tenants can contribute to your success or failure in the business. When you set out to find renters, you will get all sorts of them. Unreliable tenants can be found everywhere seeking to move in as soon as they can. But, such tenants are not your goal.
You want tenants who are reliable, pay the rent on time, and treat your property as their own. So, how do you find and entice such tenants? As rental property management services provider, we have compiled a list of tips to help you attract tenants.
Buying a Property That Appeals to a Tenant
Several people who enter the rental business often succeed in buying the property at a good rate, but find it difficult to rent it out. This is because they fail to understand the tenant’s preferences when buying the property. The process of attracting tenants starts right from the time you set out to buy the property. For example, you like a few properties in different areas. Before banking upon one, check what the location has to offer the tenants. Most tenants prefer a locality that is safe and offers easy accessibility to commercial markets, workplaces, or schools. Inspect the location and also ask tenants residing in the area why they opt to choose it to settle down. Once you know these facts, you can bank upon a property that tenants would prefer.
Set a Tenant Persona
While you know what a tenant would want, you also want to see certain attributes in them. These may include characteristics like stable employment, reliable credit history, adherence to rental terms, good attitude, ethics, and values, etc. Create and list down the attributes you want to see in your ideal tenant. This will help you easily shortlist the innumerable tenants that may turn up. Although an ideal tenant persona is helpful, you must keep an open mind and not discriminate based on it. You may not get a tenant who is exactly like your ‘ideal’ one, but they may still be a good tenant.
Advertise the Property’s Benefits
Nowadays, advertising the number of rooms and bathrooms don’t suffice in attracting tenants. Attracting tenants equals selling your property. When you sell, you must focus on the unique selling points (USPs) of your property. Your USPs can be things that your tenant would like to see in and around the property. It could be the location, the security aspects, the modern characteristics of the property and more. May be your property offers a stunning view, it is within close proximity to necessary amenities, or a popular area is just two blocks away. Whatever it is, focus on the best parts of the property and its location when advertising it. This will help you attract the exact set of tenants you are looking for.
Evaluate Tenants
With the help of the above-mentioned tips, you have successfully attracted a bunch of tenants. But, how can you differentiate between the good and the bad? Screening tenants is the answer to your struggles. This is vital before you give the keys of your property in someone else’s hand. After all, you do not want to see your property ill-treated or keep struggling to get the rental payments. Make sure you conduct a credit and background check on your tenant. You may also speak to their previous landlords to check on their reliability.
Using these tips will ensure you attract tenants to your rental property. While these can help, finding tenants can be a long and taxing process, especially for those staying far away from their rental homes. Hiring a rental property management services can be beneficial in such cases.