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It may seem like great tenants are hard to come across, but with the right strategies, they can be easy to keep and retain. Great residents ensure you gain back your return on real estate investments quickly.

Identifying Signs of an Excellent Renter

High-quality tenants stand out by:

  • Paying their rent on time
  • Treating the rental well
  • Reporting any property issues to the landlord
  • Living peacefully with other renters or neighbors
  • Leaving little to no property damage

Finding Exemplary Renters

Landing high-quality residents requires executing a well-planned marketing campaign and running a detailed tenant screening procedure. If you have good marketing results but fail to screen renters, you can still end up with a problematic resident.

On the other hand, you can follow a meticulous screening procedure but still end up with limited choices if your marketing effort is not enough.

Attracting High-Quality Residents

Take Time To Research And Figure Out The Best Target Market

First, you need to find the demographic to target that best fits your rental home. Check your location. Is it near schools, parks, a business district, or local attractions? From that information, you can already discern if you need to attract students, professionals, families with kids, or tourists.

A family making dinner at a counter.

Promote Your Property Amenities

Given that renters compare the different property features and amenities between rentals, you need to advertise what your property offers. Take a look at the most sought-after amenities and list them down in your ads. Many renters prioritize outdoor spaces, storage, and parking areas.

Make Sure To Assign The Right Rental Fee

Assigning the rental price requires thorough research. See the current prices for similar properties in your neighborhood and property listing sites.

Look at what your competitors are offering to ensure your rental rate remains competitive. Otherwise, if your rate is too high, you can miss out on excellent residents.

Match Your Ads With Your Chosen Demographics

If you are advertising to students, they are likely to spot vacancy ads from school bulletin boards or video tours on online sites catering to students. You can also make fliers available near the schools.

For families, you can choose to do your marketing at grocery stores or places where families tend to gather. The important thing is to use advertising vehicles that your target market has access to.

Reward Referrals

When you have property vacancies, you can also ask for referrals from current or past renters. They can vouch for your rental space and can help advertise your unit to their social circle looking for a place to stay. If they successfully referred someone, provide a referral fee.

Ensure You Post On Popular Property Listing Sites

You can advertise without spending a lot by placing an ad on well-known real estate sites. Most people seeking a rental will scout for a vacant unit online.

A person on a laptop.

Posting is often free and the viewership is high. Make sure to add eye-catching images, well-made video tours, and thorough property descriptions to entice more potential residents.

Install Yard Signs Outside Your Unit

Direct advertisement by putting up signs works effectively. Some potential tenants won’t be able to spot online ads and will learn about a vacancy through a yard sign.

Make sure that your sign is clear and visible so it can be easily read by passersby. Add a contact number for prospective renters to call for inquiries.

Sometimes we forget that marketing within our contacts can be highly effective. Promoting vacancies in your network can lead to great referrals.

In addition, it will be easy to regularly communicate with your social network, so don’t take this marketing method for granted when looking for more tenant prospects.

Hold An Open House

Among the best marketing strategies is conducting an open house. Many people like dropping by open houses to learn about the property offerings without committing immediately. They can look around and decide whether your unit matches what they are looking for.

Landlords can also stage the property so renters can picture out what a furnished unit looks like. Keep the unit tidy.

Keep A Strict Tenant Screening Procedure

Be meticulous when screening candidates for your rental property. You should find renters with a good tenant history. Reach out to former landlords to learn how they were as a renter in the past.

A landlord on a phone call taking notes.

Even if the renter was responsible for property damage, find out if they fixed the situation by contributing to repairs. The important thing is whether they took responsibility for their actions.

Attend Community Events

If you want to find local renters, you can participate in community events. Distribute fliers and network with the neighborhood.

Joining local events also helps you find out any news of developments and trends that you may not know yet.

Be Transparent To Prospective Renters

You want to start on the right foot by being transparent with information. Offer full disclosure to avoid disappointing potential residents. Tell them the inclusions to the rental price and if they need to pay additional fees for utilities and other amenities.

According to laws surrounding rental safety standards, you also need to reveal potential lead exposure if your rental was built before 1978.

Hire An Excellent Property Manager

If you are a new property owner or someone who prefers to have a hands-off management approach, you can engage the services of companies that have plenty of marketing resources. They can tap into their networks and can create powerful ads on your behalf.

Bottom Line

Great tenants are accessible if you successfully attract them. It requires being savvy at marketing strategies and running detailed tenant screening. You can also seek support from third-party service providers, such as Campus Connection Property Management. Contact them today!