Whether you’re renting out one property or many of them, you won’t be a landlord long before learning that dealing with tenants can be tough. From people who don’t pay on time to people who trash your property, there are all kinds of headaches that come with the territory in the property management realm. To save yourself drama, expense, property damage and more, you want to market to the right kind of renters. How? Here are some tips:
Know Your Ideal Tenant. Before you can market to ideal tenants, you need to have a good idea of what those ideal tenants are like. Some good examples of qualities to look for, according to Marv Steier, President of TVS Tenant Verification Service Inc., include stable employment, good communication, respect for property and other tenants, nonsmoker, no pets, etc. Figure out who your target audience is, what they like, what they do for fun, what matters to them in a house rental, etc., and this will help you know how to reach them with your advertising.
Focus on Features That Matter to That Tenant. Make your property appealing to your ideal renter, and you do more than entice them — you also boost your rental value. As real estate investor Julie Broad says at Bigger Pockets, “The more appealing [your property] is to your target market, the higher the rent you can command and the easier it will be to sell at a great price in the future.” Think about that ideal renter you’ve got in your mind and look for features of your property that will appeal to him/her.
Market Online — with Lots of Photos. Today’s professionals rely on the Internet for everything from bank statements to job applications, so you can bet they’ll go online when they’re looking for rentals, too. Make your online ads attractive with lots of clear, bright photos so that potential tenants will want to see more when they see your ad.
Be Professional. Remember, when it comes to renting out properties, your potential tenants aren’t the only ones on trial — good renters have options, and they’ll be looking to see how you communicate and respond. According to Tai DeSa, managing real estate broker, “A professional landlord will attract quality tenants. An unprofessional landlord will attract troublesome tenants.” Respond to queries, be on time, dress professionally, be friendly, clearly communicate expectations and so on. Make it clear to a renter that you’re a good landlord, too.
Put Your Best Foot Forward. Don’t show your property when it’s trashed from the previous renter. Don’t leave tons of repairs neglected when you walk potential tenants through the rooms. Instead, take the time to repaint, make repairs, clean, update landscaping, etc., so that the place looks good when it shows.
Update the Outside. For drive-by potential renters and for those you meet at the building for showings, your building’s exterior makes a loud first impression. If you have the time and resources, add outdoor features that increase the property’s value. Add a an umbrella to the patio, install lights in the front yard and take little steps that make a big impact in terms of rental appeal.
The more you work with tenants, the more you learn, both about how to find good ones and how to avoid the ones who’ll give you trouble. Wherever you are in your landlord journey, use the tips above to draw tenants you can trust.
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