A vacant unit doesn’t bring in rent, so you don’t have the time or energy to waste on the wrong pool of potential candidates. Knowing how to attract the right tenants to your rental property makes your search faster and more effective. These tips will point you in the right direction.
Paint a Picture
Apartment- and house-hunters learn to skim for specifics about bedrooms and bathrooms, but it’s well worth it to include enticing descriptions in your listings. If your unit gets a lot of natural light, mention it. If the property has high ceilings, space for a garden, or a gorgeous view, paint a picture with your words. At the same time, weed out any candidates you wouldn’t choose by being upfront about make-or-break policies about pets and subletting.
Have a checklist of what you’re looking for before you start fielding applicants. What’s the minimum income level you feel comfortable with? What kind of references? What are you expecting from the background check? Bear in mind that you probably won’t find someone stepping out from the pages of Dream Tenant magazine, but be honest with yourself about where you’re flexible.
Sell the Area, Too
In phone interviews, put your rental in context with the rest of the neighborhood. If it’s in a convenient location near public transportation, you could alleviate any misgivings about the locale. Gyms, recreational activities, shopping—the tenant will want to know what it would be like to live there and if your property can improve their lifestyle.
Time It Perfectly
List the property two months before the end of the current lease, ideally in the spring. You can attract families with potential for a long-term lease who prefer to move while their kids are out of school in the summer. If it makes more sense to target college students, time the lease closer to the start of classes in August. You might be able to set the rent higher, too.
Use Local Resources
Rather than defaulting to large, generic rental listing sites, put your energy into publicizing your property where the right eyes will see it. If the area has a close neighborhood vibe, consider posting it at a community center where locals might pass it on. Or if there’s a Facebook group that fits your target audience, see if you can list it there. Sometimes social media can be an effective tool.
Many renters feel safer with listings through a reputable management company. It’s a good way to limit the audience to those interested in the area. R. Russell Properties always publicizes clients’ latest rental properties in Orlando, Florida, because while you’re trying to attract the right tenants to your rental property, they’re trying to find a landlord they can trust. A good management company doesn’t just take care of your current tenants; it looks out for your next ones, too.