1. Define your target tenants. Focus on what kind of people mostly lives in the area your rental is and what kind of tenants your property may best attract. So its easier to focus on that kind of tenants for your property. For example, if your rental is walking close to bus or train station that connect to business district, you can attract a lot of working professionals or couple working in the business district. Clearly understanding who your ideal tenant is, will start you on the way to getting them. Lastly Just be aware of your local fair housing rules to make sure you are compliant.
2. Advertise rentals strategically. Lot many landlords try to focus on all tenants when advertising their rental by advertising as many mediums as they can afford. This strategy is not optimum because it spreads your dollars to reach your ad everyone. Best property marketing companies on the other hand segment the rental property based on the target tenant demography or the tenants who most likely to rent in your area and type of rental property. For example, in our above example, you should focus to target reaching to work professionals or working couples instead of everyone including student and seniors by highlighting amenities like good public transit options and easy drive to the business district. This is one of the strategies used by good property management companies to find good tenants.
While yard signs and flyers on a local library or coffee shops may still work for many, it is a good idea to prioritize local and national online rental portals and rental websites as they are specifically built to attract quality tenants.
3. Invest in professional photographer. We cannot over emphasize this. Professionally taken pictures and videos worth their time in gold. It’s just because it not only elevates the attractiveness of your rental property but also presents that best aspects of your rental property to attract best of potential tenants or residents. On the other hand ‘do it yourself’ sub standard pictures can ward off quality tenants from miles.Good property management companies do not compromise on quality and hire professionals photographers and the quality definitely shows.
4. Be competitive. Rental market changes daily and can be very dynamic. So, keep track of local competition in your area for rental properties in the market with similar feature and amenities. If suddenly inventory becomes low without impacting demand, you may be able to negotiate better or price your rental property higher. However, if the market suddenly becomes weak, you may have to lower your rent or offer tenants incentives to rent your property over the others available in the market. Be flexible and alert!
5. Be professional. One of the core reasons tenants want to rent from property management companies is due to their professional handling of the rental process. Therefore as a landlord or rental property owner have to be professional working with interested tenants after all your rental property is your number one source of income from your rental property investment! It starts with being open and transparent.
6. Don’t hide any issues.
Don’t hide anything that may be a cause of concerns for tenants once they have rented. Also be always friendly and respectful with your tenants but at the same time be firm with the tenancy requirements. For instance needing a tenant with solid credit worthiness and great references from past landlords. Where possible offer flexibility, for instance payment options could be a great example. With advancements in digital technology many tenants may prefer to pay online rather than post dated checks.