Finding a great tenant can take time and effort, but it is well worth it in the end. What you, the landlord, need is to implement great strategies to attract them to your rental property. How you conduct yourself as a professional can also be a huge determinant in attracting the best quality tenants out there.
Below are some tips that landlords can apply to capture the interest of top-caliber tenants in their rental home!
For your rental business to thrive, you must know and understand your client's needs. Before marketing, you need to have a good read on what type of renters will be attracted to live in your neighborhood.
Most importantly, learn what type of tenant will be drawn to the amenities your North Carolina property and the area have to offer. For example, if your rental is situated near schools and universities, you can aim to provide rental housing to people working at the schools, families who have kids, or students themselves.
Make sure your advertising method is suitable to your target demographics. Your marketing ads should be tailored to who you’re trying to attract. This includes your marketing material and platform.
If you aim to attract young professionals, you might advertise more on social media and other online platforms. Your ads must be refreshing and contemporary to relate to their interests. What’s more, you can promote your North Carolina property listing by highlighting amenities they’d find to be a necessity.
When marketing a rental home, people can find you more easily online. Therefore, your task should be is to focus on increasing your online exposure and presence.
Create property listings and post them on popular rental sites including your own. Make sure that your ad stands out by using great headlines and strong storytelling. Attach professional images and videos along with the property listing to peak a viewer's interest.
Looking sharp is key in promoting your rental property. This is why you’ll often find people working in sales wearing a suit and tie. People are more likely to listen to someone who is well-dressed and professional-looking. Having a well-groomed appearance can increase people's trust in you and your overall authority.
Remember that when you meet prospects they are interviewing you as a landlord just as you are assessing whether or not they’ll make a good tenant. Creating a good first impression and looking the part will go a long way in establishing a good working relationship with your renters.
The better you know your competitors, the better you can tailor your marketing to attract your ideal tenants. Check out their service plans and pricing, learn what amenities they offer, and do a comparative analysis. From there, ask yourself how you stand out and what you can offer to renters that your competitors can’t.
Arrange for property showings to check out the amenities available in similar rentals. If you have similar values to offer then you should align your rental pricing with your competitors. Setting a higher rent can drive your prospects to other Charlotte, NC rental units. However, setting it lower can make you lose on additional profit.
The greater the number of payment options you offer, the more convenient it will be for the renters. This can also be a major deciding factor for tenants when choosing one rental over another. You can include online transfers, credit cards, and Paypal payment options. This will also inspire renters to pay on time.
Full and consistent rent collection is how you generate profit on your real estate investment. So focusing on your rental payment system is vital. You can offer both traditional and electronic payment systems to ensure that tenants will have little excuse to pay late.
Cash is often straightforward but it’s more difficult to track compared to other means of payment such as cheques and money orders. Security and easy monitoring are factors to consider in picking out a payment system.
When you’re looking for more renters and a tenant has provided a good recommendation, offer them something as compensation. This makes it easier on your part to land a tenant far more quickly. You can also provide a rental discount if you prefer.
Rather than relying on your sole network and resources, it's advantageous to tap the networks of your long-term tenants. This keeps your vacancies shorter and it’s also good to find someone who isn’t a total stranger. Nonetheless, you still have to conduct the essential tenant screening process since you never know what will turn up.
Strike a balance between being friendly and firm. You’re running a rental business after all and you want to avoid compromising your policies. Some can take advantage of your kind nature and can ask you to bend the leasing rules for them. You must ensure that all your tenants are treated equally therefore always be kind but firm when enforcing rental policies.
Create boundaries to reduce conflict of interests. And note that while it’s important to be firm, refrain from looking intimidating. Your renters may not want to renew their lease if they don’t feel comfortable around you.
Be open and ethical in your business operation. Landlords are required to disclose the presence of lead-based paint, mold, and non-refundable fees depending on the rental’s state location. It’s also best to mention all fees including HOA charges when advertising.
Be clear about the amenities you provide for free and which ones will be charged to the renters. By being honest, you can filter out the qualified and interested prospects from the renters looking for something else.
Applying these tips can help you attract the best tenants that you can keep for the long term. If you would like help managing your rental properties contact the experts at Dawson Property Management today!
