How to Attract More Tenants to Your Rental Properties
April 21, 2021 | Kirk Callender
Vacancies are a rental property manager’s nightmare. When you are not able to fill a space, you also lose money, and the property could lose value over time. To avoid this, you need to bring in more tenants to your properties.
Learn to Market Your Property
Marketing is everything when it comes to attracting more tenants. Marketing also determines what kind of tenants you have. If you market your property as a great place to raise a family, you will likely attract a young family. A great way to market your property is online, through online listings or social media, meaning that you need great pictures and possibly a video tour of the property to upload. Most of your future tenants will first interact with the property online before they see it in person, however, it is also important to showcase your property in the community and highlight its best features. You can do this through listings in the newspaper and utilizing outdoor “for rent” or “open house” signs.
Create a More Favorable Lease Agreement
If a tenant moves in mid-month, charging prorated rent can show your good faith. This would encourage renters to move in right away and choose your property over others because you are not charging them for living somewhere, they did not yet. A flexible rent also allows you to save more money as vacancies can be filled faster, even if the old tenant leaves mid-month. This can seem riskier, but if there are guidelines set up, you will still collect rent regularly.
Attract Who You Want
Most renters want to live around people who are similar to themselves. Families want to live around families, and retirees want to live around other retirees. Keeping this in mind, you can tailor your marketing in a way that attracts the kind of tenants, meaning that your marketing can create a community of responsible tenants. This also helps you reduce the risk of who you decide to rent with because you will get more applications from people who fit your idea of the perfect tenant.
When your rental properties are filled with happy tenants, you can rest assured that you are successful as a property manager. Your tenants will also want to continue to rent from you, which keeps you steadily in business. All you need to do is put your best foot forward and show off your property’s assets.
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