Occupancy rates, turnover, retention are the name of the game. In order to keep great residents, you have to attract them. So, below we have created a list of 10 things to consider while you are working through this process.
1. First Things First – Lay out your Ideal Resident Profile beforehand.
Prior to listing a rental or conducting a showing, it’s important to have an idea of what kind of tenant you want. This helps you narrow your focus and gives you a target market to focus on when it comes to writing the listing copy. Additionally, you should be prepared for questions about smoking, pets, and minimum income or credit, just to name a few. Having all this in writing can not only streamline the process but can also protect you from accusations of discrimination if need be.
2. Write a Compelling Listing.
With 91% of tenants using an internet listing service to find their next rental, writing a compelling listing is the first step in attracting quality tenants. It’s the primary way to entice potential tenants to view the property so when you’re writing the listing, ask yourself the following questions: Is there a hook in the listing’s headline that would pique the interest of my desired tenant? Is the listing descriptive and informative yet concise? Is it easy for potential tenants to contact me? If the answer is no to any of the above questions, you may want to take a step back and rewrite your listing. Taking the time to do so will help you attract a larger pool of quality tenants and can also increase your chance of leasing the rental sooner!
3. Don’t Skimp on Professional Photography.
Similar to yesterday’s post, no listing is complete without great pictures. They create visual interest and allow your potential tenants to really picture their lives in the space. According to Wall Street Journal, listings with no images have about 2 seconds to capture the attention of potential tenants while those with 1 image have a full 20 seconds. If you have 3 images, that’s a whole minute to entice tenants! So if you have a spacious, sunlit double bedroom with west facing windows and art deco furniture, don’t leave it up to the imagination! Bring it to life with professional photography or better yet, take it to the next level with a video or virtual tour.
4. Regular Maintenance is Key.
Another way to attract quality tenants is to perform regular maintenance. This ensures that there is less to do when it comes to fixing, cleaning, and staging the property for a showing and gives potential tenants peace of mind knowing that the property is in good hands. Additionally, preemptive maintenance saves you both time and money by reducing the chance of things breaking in the long-term. However, when things do break, be sure to respond quickly as nothing sours the tenant relationship quicker than sluggish repairs.
5. Thoroughly Screen Your Tenants.
While this might be a no-brainer, it’s actually a common property management mistake. Prevention is better than cure so put these effective tenant screening procedures in place to filter out undesirable tenants: Check up on your tenant’s background, credit score, and income. Call all references and try to speak to previous landlords to see what kind of tenant they are. Ask questions to build rapport and gauge what type of person they are. e.g. Why are you moving? Who will be living in the property? Have you ever been evicted? Are you a pet owner?
6. Boost Value with Add-Ons.
To attract quality tenants, you can use add-ons to broaden your appeal to a more desirable, higher-income market. These add-ons might include extra storage space or lighting, built-in wardrobes, stainless steel appliances, air-conditioning, heating, and dishwashers. While these add-ons are an investment, they will boost the value of the rental property and help you increase your rental yield in the long-term.
7. Know All Area Amenities.
It’s a good idea to be prepared for questions regarding local amenities such as public transport, parks, schools, supermarkets, and cafes. This helps potential tenants envision the type of lifestyle they could lead and shows them that you’re a helpful property manager with a solid understanding of the neighborhood. Additionally, it can make quality tenants feel more at home knowing that the area has all the creature comforts that they’re used to. If you want to go the extra mile, you can create handouts of desirable local amenities including parking options and costs to really impress potential tenants at a showing.
8. Streamline Communication.
Quality tenants will look for property managers with top notch communication skills. You should open up all lines of communication to make sure you’re always easily reachable and ensure that you can answer all their questions. During the process, you can get a better understanding of where the tenant is in their lives and assess whether they’re a good fit for the rental property. The easier you make the entire process, the more positive your potential tenant’s experience. This can translate to a happier tenant and a longer tenancy, further building your reputation as a great property manager.
9. Be Flexible.
Communication and flexibility go hand in hand. If you have superb communication skills, but can’t be flexible about meeting potential tenants, don’t be surprised if they just drop off the radar! Understandably, most tenants will only be able to see the property on the weekend or after work hours so be sure to make space in your schedule to meet them. This allows you to get to know them, ask the right questions and notice any red flags. While quality tenants are definitely worth the time, there’s no need to be overly accommodating to tenants who are considerably late.
10. Don’t Forget About Word of Mouth.
According to Nielsen, 84% of consumers believe word of mouth recommendations from friends and family, making it the most valuable form of marketing. This means that the more satisfied your current tenants are, the better your reputation as a property manager and the more potential tenants you’ll attract. Additionally, if your quality tenant is moving out, don’t be afraid to ask if they know.
Well, we hope you enjoyed this article! If you have any other thoughts, please feel free to share them with us! Also, shameless plug, if you would like to see what AVA can do to help improve your overall property happiness then Request A DEMO Today!