Are you tired of looking for good tenants? Are you at your wit end from finding ideal tenants for the property? Then maybe there is something that you are not doing right. People are always on the lookout for good properties. if you have a good property vacant then you are sure to attract some prospects for that property. But if you are unable to maintain your tenants for a longer period then there must be something that is not right.
Stop trying hard and take this opportunity to set things right. This is the era of smart work and not donkey work so, one should try to get things done in such a way that you can get good returns by making small investments. Looking at the rental properties, you will notice that it follows a successful trend with lots of profits. But that is only possible if you can get good tenants to sign leases with you for long terms.
To make a good mark on your tenants you can take the help of property management companies. They will not only help you with the management of the property but also help you find good tenants. Still, there are a few things that you must-do if you want to retain the good tenants in your rental property. What are they? Let’s check it out.
Ways to Attract Potential Tenants
Start by Planning Tenant Criteria
Before you even prepare the rental property for the tenant make sure you know what kind of tenant you want on the property. The better insight you have on this matter, the smoother will be your journey as a landlord. Many times, property owners go with the demands of the tenants to fill the vacant space immediately, but after sometime, they start repenting their choices and there is a discord between the two.
Prepare a questionnaire that you want to ask the potential tenants such as if they have pets or would like to have one in the future, do they smoke, or have kids at home. This will help you qualify the prospect before the first interview. You can have the answers in written and that will help you streamline your thoughts in a better way. Later you can also use it to protect yourself in the legal war.
Prepare Compelling Listing
You have criteria for selecting tenants but you will have to post an advertisement or promote it to attract valid clients. Just sitting at home won’t get you, good tenants, will they? Come out of your comfort zone and start posting for the vacant property. We are not asking you to go out and do a public announcement but you can try your hands on listing your properties on some of the best property management sites. More so, if you have hired a property management company for this purpose, then you can put this task for them.
One thing that you need to keep in mind while posting the listing is that it shouldn’t belong or boring. Just keep it short, crisp, and descriptive. This helps in catching the attention of the client on one go. They are not even bored and take interest in your listing.
Go for Professional Photography
When you start with the listing of the property, you will know what an important role the photos play in getting the property noticed. If you have a good photo to support your listings then you need to add valid and great visual gifts with it. It is noticed that those with good pictures land best deals whereas those who don’t, have to wait a long time for the tenants to finally notice them.
So, one should be getting a professional photographer for the task and create a masterpiece to attract the right audience. Why do people invest in professional photographers for their listings? It is because people often go with their visual instinct and get interested in the tour by just looking at the visually attractive properties. If you have a good photo attached to the listing, there is a 70% chance that good tenants will come around to take it up.
For this. Make sure you don’t take shabby and bad pictures. This may leave a bad impression on people and they may not look twice towards your listing.
Discounted Rates
Discounts are loved by almost everyone. Even though one may seem cautious in the beginning but in their hearts of hearts they will be giving you blessings. The tenants are no exception and would get attracted to the property if you provide discounted rates. But before you can go on to distribute discounts you may want to sit down and do some maths.
Property management company in Baltimore can help you with this section but if you are confident in dealing with this part then you may want to evaluate all the numbers so that, you are not suffering a loss of any form. You can try zero profit zero loss theory if you are new to the business. Also, you would want to compare the rates with your competitors to ensure that you are not going over or below the price. You will see how well your money and time are saved.
Reduce the Rent
If you are thinking of reducing the rent a bit to lure tenants, then you need to first discuss it with the property manager. The management company or the manager will help you make the right choice as to how much you need to cut the charges and where to do so. This way you won’t be making any loss.
You can attract a lot of good tenants without any trouble if you can lower the rent a bit. This is only possible if you can cut down a few charges. You will find that cutting down extra charges is a much better option than keeping the property vacant for long.
Prepare a Gift for your new tenants
Everyone likes gifts, especially if it is coming from the higher authorities. This is an ice breaker. You can make them feel good by putting together a small hamper for them. If your tenant is late from the move then ordering a take-out will a simple gesture but very crucial to set that sensitive bond right. A bottle of wine, a couple of burgers from the Burger King, or a basket of chocolate and biscuits if they have kids, could go a long way in setting a good relationship between you and the tenant.
Read: How to raise the rent without complaints
Flexible Terms
If you are a strict landlord in terms of bending the terms of the lease agreement then you may have to wait a long time to find good tenants. The sturdier you are with the agreement the more chances of getting bad tenants for your property. When you rent a property, it asks for a lot of commitment and having staunch terms of the agreement can be a big no from the tenants’ side shooing them away. it calls for compromises on both sides and the landlord should be prepared to bend their rules a bit.
Like for instance, the tenant may be happy to make the payment every month by the 5th rather than the 1st. If you turn the tenant away because of that, then you will have a hard time finding good tenants for the property.
