Category Archives: Tenants

How to Effectively Market Your Rental Properties

How to Effectively Market Your Rental Properties

Marketing is not a one-size-fits-all business strategy, and this is especially true when it comes to advertising an available rental property. Though most businesses have an ideal customer in mind, it’s not a problem if they occasionally attract customers who fall outside of their target demographic. However, if you are a rental property owner, you don’t want just anybody to live in your property.

To attract your ideal tenant, you will need to strategically market your property, provide unique listings, and use effective screening tools. Read on to learn some of the best ways to attract quality prospective tenants through effective marketing.

 

Use Effective Tenant Screening Methods

Tenant screening is about more than just weeding out undesirable tenants; it’s also about maximizing your time. By properly screening potential tenants, you will avoid wasting time meeting with multiple people who turn out to be poor candidates. Effective screening also can save you money because you won’t be processing as many costly background checks.

When you screen tenants, you keep your candidate pool low, which allows you to get to know each applicant rather than feeling like you’re rushing through the process. Remember, one qualified renter is better than two unqualified applicants.

 

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So how do you strategically screen applicants to save yourself time and money? Be as detailed as possible in your listings. Clearly state the rent amount, being sure to avoid ambiguous language like “rent starting at” or “rent ranging from.” A lot of property owners use these phrases to attract more renters, but this tactic often backfires. Typically, applicants inquire based on the lowest price and will be instantly put off when they find out that the advertised price is not realistic. By stating the actual monthly rent, you will avoid attracting individuals who are not comfortable with the amount, thereby reducing your pool of unqualified applicants.

You can also research rents in the area and neighboring communities and then price your rental property slightly lower than the maximum for the market. You’ll attract more highly qualified applicants because they have likely done the market research themselves and wouldn’t apply to live in an overpriced rental.

 

Use High-Quality Photos

This tip cannot be overstated. Poor quality or scarce photos are a sure way to reduce the number of qualified applicants. Savvy renters know that if a property has only a few pictures (or none at all), then the property owner may be hiding something. Perhaps the property is in poor condition or hasn’t been professionally cleaned. No matter the reasons, you can avoid turning off potential tenants by investing in a sufficient number of high-quality photos.

Before you take any photos of your property, be sure that everything is in good working order. Inspect light fixtures and windows for visible damage, replace old window coverings, and check for visible hazards like frayed carpeting. Once you have ensured the property is in good condition, invest in a professional cleaner to spruce the place up. Sometimes property owners feel that renters don’t care about things like cleanliness but this is not the case. Highly qualified renters are very discerning and in most markets, they know they have other options.

When taking pictures, make sure you have adequate lighting so potential renters will have fewer reservations about agreeing to see the place in person. Take as many pictures as possible because any rooms that aren’t captured are likely to raise red flags. Most of today’s smartphones take good pictures, but if you don’t have the time and you can bear the expense, it may be better to enlist the help of a professional photographer. Combine your photos with a detailed listing that honestly points out any problems with the property to reduce the possibility of any surprises during a showing.

 

Look for Referrals

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Another way to attract qualified renters is to seek referrals. If you have good long-term tenants, ask them if they know of anyone looking to move soon. You can also enlist the help of friends and colleagues to spread the word. Give them details about the property and relevant information, such as links to your online listing and photos, which they can pass on to potential tenants. If you manage several properties or a multi-unit complex, you might consider offering a referral bonus.

Once a referral contacts you, keep track of who referred them or how they heard about the vacancy. In fact, it’s a good idea to always track how people learn about your property—whether they are referrals or not—as doing so will help you determine which marketing strategies yield the best results.

 

Don’t Limit Your Advertising to the Internet

In this digital age, many landlords believe the only way to get quality renters is to concentrate on Internet advertising. This is certainly a viable way to draw renters, but it’s not the only way.

Consider old-school advertising methods like flyers or yard signs. A lot of potential renters drive around searching for properties with For Rent signs out front. Some prefer dealing with private landlords and feel that the process will be more personal when someone takes the time to use traditional advertising. Physical signs also encourage potential renters to take a look at the property and its location to determine if it’s somewhere they would want to live.

Finding a quality tenant does not have to be a stressful process. By putting yourself in the shoes of a potential renter, you can improve your advertising efforts and save yourself valuable time and money. No matter how you choose to advertise your property, using these tips will help increase the odds of attracting the best tenants.

How to Deal with Problem Tenants

How to Deal with Problem Tenants

Owning a rental property offers several benefits and can be a rewarding experience, but there are some pitfalls that inevitably come with the territory. Most tenants won’t cause significant problems—usually, they will pay on time, they’ll get along with the neighbors, and they won’t destroy your property. However, there are always exceptions. Problem tenants not… Continue Reading

Easy Ways to Raise the Value of Your Rental Property

Easy Ways to Raise the Value of Your Rental Property

Owning a rental property can be very lucrative, and if you got a great deal on the property itself, the deal may be even better. Making improvements to the property can enhance its value further. Appearance is everything in real estate, but some landlords don’t seem to take as much pride in their rental properties… Continue Reading

5 Ways to Keep Your Tenants Satisfied

5 Ways to Keep Your Tenants Satisfied

Finding new tenants is frequently one of the largest expenses that property managers face. Aside from the loss of rental income that occurs during the time that a property remains vacant, property managers also must deal with the expense of screening new tenants and placing advertisements. When landlords find good tenants, they will want to… Continue Reading

What You Need to Know about Investing in Multifamily Properties

What You Need to Know about Investing in Multifamily Properties

Many financial experts believe that real estate is a sound investment that’s almost guaranteed to be profitable. When looking to purchase a home, a lot of people buy single-family residences that they intend to live in and don’t consider the possibility of later renting them out. Those who consider the purchase of a home to… Continue Reading

4 Things You Need to Know about Setting up a Rent Collection System

4 Things You Need to Know about Setting up a Rent Collection System

While multifamily rental properties are a great source of steady income, late and unpaid rent can severely impede your cash flow. Therefore, it’s vital that you have a comprehensive system in place for collecting rent regularly and on time and for handling tenants who don’t pay on schedule. To ensure the success of your rent-collection… Continue Reading

5 of the Best Reasons to Outsource Management of Your Property

5 of the Best Reasons to Outsource Management of Your Property

Managing a multifamily rental property requires a significant investment of resources. Screening and dealing with tenants, especially problematic ones, can quickly fill up a property manager’s schedule, while paying for maintenance and repairs can cut deeply into profits. For these and other reasons, real estate investors often look to outsource management of their multifamily rental… Continue Reading

Trends in the Latin American Hospitality Industry You Need to Know

Trends in the Latin American Hospitality Industry You Need to Know

Recent years have seen Latin America encounter a number of challenges. Factors such as government corruption, a decrease in the value of commodities, and high inflation have gripped parts of the region, resulting in slow economic growth. In response, the Latin American people have begun to elect more business-friendly political leaders. This news, combined with… Continue Reading

Handling Problem Tenants – 8 of the Best Tips for Landlords

Handling Problem Tenants – 8 of the Best Tips for Landlords

Every landlord at some point will encounter a problem tenant. From a perpetually failing to pay rent to destroying property—eventually, a renter will cause some sort of issue that you need to address. While a stringent screening process greatly reduces the likelihood of ever allowing a troublesome tenant on your property in the first place,… Continue Reading

Top Tips for Selecting Tenants for Your Rental Property

Top Tips for Selecting Tenants for Your Rental Property

No part of investing in a rental property requires as much attention as selecting tenants. As experienced landlords know, the difference between a good and bad tenant can be the difference making and losing money on an investment. While a bad apple will occasionally slip by even the most assiduous screening process, landlords can ensure… Continue Reading