Landing great tenants should be the goal of any landlord. Not only do they help a landlord hit their investment return goals, but their rental property is also much safer.
But what defines a great tenant?
- They should be compliant with the terms and conditions of the leasing agreement.
- They are quick to report damages or maintenance concerns.
- Most important of all, the best kind of tenants will be prompt in their monthly rental payments.
The question now remains, how do landlords find these great tenants?
Well, we at Windermere Property Management have put together this article that will give you the knowledge you need to find the perfect tenant.
Finding the Perfect Tenant
Marketing is one of the best ways to find great tenants and there are a variety of different options available to landlords to do so.
Use Listing Websites
One of the great advantages in using the internet to drive your marketing is the access landlords have to tons of free property listing sites. Most prospects conduct rental searches on popular sites such as Craigslist, Zillow, Hotpads.com, Trulia and plenty more.
So now you know where your market is, you should make the most of your opportunity by posting well-crafted advertising copy and professional property photos and video tours. The best visuals and videos tend to attract more interest and gain a higher exposure leading to more property showings.
Build Yard Signs
It’s also effective to market beyond offline especially if your property has a lot of passersby. Erect “For Rent” signs and make sure they’re big enough to be seen by anyone walking by your property.
Yard signs tend to be affordable to produce but be sure to make them attractive. Marketing online and offline means you’re capitalizing on the opportunity to reach as many potential qualified tenants.
You can also post attractive flyers in local businesses and set up signs in areas where people gather frequently. Your signs should be bright enough to catch attention and get people talking. Don’t forget to include your contact information to respond to inquiries right away.
Arrange Open Houses
Open houses are a great strategy as they create interest from a wide variety of possible tenants. Considering that open houses are generally less pressured than formal showings you may get more positive reactions from potential tenants.
A few things to remember about running a successful open house:
- Be ready to respond to inquiries in person.
- Make sure that the rental is in outstanding condition.
- Work out a schedule to show a property with tenants.
If you have any questions about running an open house, we at Windermere Property Management would be happy to help!
Spread the Word
People tend to prefer to work and buy from with those they know well. So, make a point to include your network when advertising an empty unit. You can do this by send a well-written message through social media networks, crafting an email or texting.
Leverage Social Media
Social media advertising can be effective in exposing a wide audience to your property. When you conduct effective social media marketing it’s much easier to gain an interested audience.
Post beautiful images and write detailed property descriptions, this should increase your chances of getting more qualified tenants interested in your offer. Make sure to also monitor your adverts and provide updates to your audience.
Contact Your Tenants
Another great way to land good renters is to seek referrals from existing tenants that you have a good relationship with. They might know someone from their circle looking to rent. This is even more potent if you have long term tenants you have built a good relationship with.
If your current tenant has successfully made a referral, you could reward them. After all, if your rental earns a new occupant quickly, you gain steady returns, and your advertising costs are slashed.
Advertise in the Newspaper
Advertising on newspapers may sound like an outdated marketing strategy. However, some prospects tend to browse classified ads, and should you decide these are the people you wish to target, you may see better returns compared to marketing online.
Set up a Screening Process
Now you have set your marketing campaign you will start to see prospects booking viewings. At this point you will want to set up a comprehensive screening process.
Screening tenants can be tricky as each landlord will not only have their own personal criteria to fulfill, but they will also want a tenant with a verified income, solid credit score and glowing references.
Landlords tend to use checklists and application forms to screen applying tenants, but you could also use a property management company. These companies have years of experience in finding the perfect tenant and may be of help should you struggle to find the tenant you want.
Building a wide pool of prospects through both online and offline marketing helps you find high quality renters. But screening them will also will invariably leave you with nothing but the best tenant options.
If you have any further questions or queries regarding marketing or tenant screening don’t hesitate to contact us at Windermere Property Management. Our team of experienced real estate professionals have the skills to help you land the perfect tenant. So, contact us today!