A 2016 Pew Research Center study found that 36.6 American households rented their primary home. Each time a tenant signs a rental agreement, the landlord is taking a risk. One way to minimize this risk is to get the attention of quality, responsible tenants. Here are a few tips and tricks to help you attract amazing tenants to your rental property.
Create A Straightforward Advertisement
In addition to highlighting all your property's amenities, amazing location, and enviable school district, let potential tenants know exactly the type of renter you're looking for. For example, if you're insisting a renter's credit score be at least 600, place that in the ad. Let tenants know you will also be performing a thorough background check and contacting former landlords.
Informing potential renters of exactly who you are looking for will save you time and money as well. Individuals who do not meet your minimum requirements won't complete an application, which means you'll spend less time and money pulling credit reports and contacting former landlords.
Brag about yourself in the advertisement. Let potential tenants know that you are a quality landlord with many satisfied tenants, how long you have owned rental properties, and that you work with a reputable property management company.
Maintain Your Property's Exterior
If your property's exterior and landscaping is unkempt, quality tenants who have a healthy income, competitive credit score, and perfect references will think twice before looking at the property's interior. It doesn't have to cost a small fortune to update your property's exterior. For example, plant some colorful, inexpensive annuals along the front path.
Upgrading your exterior lighting and pruning overgrown trees and shrubs will help make your property's exterior more inviting.
Offer Out-of-the-Box Amenities
Younger renters with disposable incomes are looking for unique amenities that not only save them time and money but also work with their on-the-go lifestyle. Here are a few unique amenities that are sure to catch the attention of renters:
- Bike storage. Provide tenants with sheds, locks, and racks to protect and safely store their bikes and biking gear.
- Charging outlets. Swap out your existing outlets with USB-enabled charging outlets. Gadget-loving renters will notice this small, inexpensive upgrade.
- Smart thermostats. Invest in programmable thermostats that allow tenants to control the temperatures in their apartment, home, or townhouse with their smartphone.
- Dog park. Transform a portion of your property into a small area for tenant's dogs. Include benches and baggies to allow tenants to clean up after their pets.
- Modern fitness areas. Create a space that tenants can use to practice yoga, Pilates, and other popular fitness trends.
- Modern website. Create a website that allows tenants to pay their rent or contact the property management directly.
Host a High-End Open House
An open house is an inexpensive way to showcase your property's amenities and allow tenants a closer look at the bedrooms and bathrooms. Create some buzz about your property and draw in quality tenants by hosting a posh open house. Begin by getting the word out about your soiree on social media or through word of mouth.
Offer your potential tenants a glass of champagne and hors d'oeuvres while you take them on a guided tour of the apartment. Provide them a pamphlet with quality photos of the property. Ask for the address or phone number of qualified, interested applicants. Send the applicants thank-you notes or call them and thank them for coming to the event a few days after the open house.
From upgrading your home's exterior to providing unique amenities and hosting an unforgettable open house, there are several ways you can attract quality tenants to your rental property.