How you attract tenants depends to some extent on a particular rental market. At the same time, virtually all people love a good deal. If you can advertise a discount or offer incentives, you are more likely to fill vacancies. As a property manager or investor, it’s natural to wonder, “What is the best way to quickly find quality tenants or a rental property?” While it’s standard practice to advertise on rental websites, use social media and advertise in print media, professional landlords need to dig deeper to reach quality tenants. One thing not to do when hoping to reach qualified people is to put out cheap flyers with tear-offs that include your contact information. Placing a “for rent” sign in the front yard is an essential step, but it often takes some creativity when competing for the conscientious tenants who pay on time and treat your rental home with respect.
Offering reasonable discounts
When you determine the market rent for a particular rental home, it’s typically a range rather than an exact number. If you complete a rent analysis and decide a single-family rental home is worth $1200 to $1350, take the higher number to use as the rent. Then, offer a discount of $50 off per month. The key is to create a sense of urgency. Let potential tenants know the rent discount is only good for the month. On the other hand, do not offer to waive the security deposit. The security deposit is in place to protect the property owner if your “quality” tenant disappoints by damaging property or moving out without paying. You could offer the first month free month or a monthly discount. Many renters respond better to the first month free since they have a lot of other expenses such as the security deposit and new furniture.
Making yourself available
Another way to quickly find tenants is by constantly networking and letting people know you manage rental properties or own a rental home. Always answer your phone and promptly show a rental home to potential tenants. According to an article by USAA.com, real estate investors can find tenants the hard way or the easy way. The easy way is to work with a certified property manager. Property managers know that it’s not just about advertising a property or putting a “for rent” sign in the window. It’s also critical to tidy up the rental home, repair and paint and keep an upbeat attitude when showing the home. By making yourself available as a property manager to the owner as well as potential tenants, you meet the goal of getting homes occupied by the right people.
Performing tenant screenings
Tenant screenings are more complicated than some people realize. Some of the red flags such as bankruptcy do not necessarily mean a tenant won’t pay rent. Some people declare bankruptcy due to illnesses in the past, but currently have steady income. A good property manager performs a background check and verifies income. An online or paper application doesn’t tell you everything you need to know about an applicant.
After you choose a tenant for a particular rental property, continue to keep the rapport going with the tenant. Keeping a professional attitude often wins you respect. Also, keep the rental property properly maintained by using reliable plumbers, electricians and contractors. How you treat your tenants and clients affects future business.
At The Landlord Property Management Academy, we educate and train property managers. Our services include coaching with real estate guru, Bryan Chavis. We can answer questions such as, “What is the best way to quickly find quality tenants for a rental property?” For more information on becoming the best property manager, please contact us.