Every rental owner wants the most reliable tenants possible. Your ideal tenants will pay the rent on time, won’t cause any problems, and keep the property in good shape. If they decide to move out, they’ll give a timely notice, leaving the home clear and clean. However, this kind of a tenant is not very easy to find. Here enters residential property management, with the right tips to attract the right tenants.
How to Attract Reliable Tenants
Getting the best tenants depends on your skill to maintain the unit or the property, choosing a competitive rental price for it, and marketing the property. Here are some residential property management tips for attracting great tenants:
- Attractive Location – The property needs to be located in an area attractive to tenants, which is a topic to think about before buying a property. Having a building close to amenities goes a long way to drawing tenants to your building.
- Consider Upgrades – All sorts of renovations and improvements not only increase the value of the property but also play a role in making the unit more appealing. They also increase the rental value, which will ensure that your future tenants have stable finances. When upgrading the unit, focus your efforts and funds on kitchen and bathrooms, making sure that all fixtures, appliances, and installations are up-to-date and working properly.
- Setting a Competitive Rate – If you want to get a good idea of what rate will be a good match for what the property is providing, look at the similar units and compare the price to rent . Setting the rent too low might draw the wrong type of tenants, while setting it too high might result in an empty unit that no one can afford.
- Advertising – Make sure to post your rental ad on a reliable site, but don’t fail to advertise your rental in all possible places, utilize all forms of advertising that you can. Don’t choose between online and offline advertising – go for both. Use websites you know are popular for rental listings, and set up your flyer wherever you’re allowed. This way, you’ll make sure that the largest number of people possible see your ad.
- Research the Applicants – If you’ve done your job right with upgrades, setting rates and advertising, many people will be interested in your unit and apply to be the tenants. Among all of the applications, make sure to run all of the checks that might indicate there’s something concerning about the person. History of trouble with the law accompanied with frequent changing of jobs and moving to new areas without a genuine reason, as well as low credit score, might be a red flag that you’re dealing with someone not-so-reliable.An ideal tenant has a long list of genuine recommendations to display, and a stable career behind them. They don’t have to be a high earner, just display enough responsibility for you to be sure that paying rent will be their highest priority.
Find the Perfect Tenant with Latitude Properties
Residential property management includes screening for and making the right adjustments to find great tenants. If you’re feeling lost in all of the work or having trouble attracting great tenants, Latitude is here to help. We will ensure only the the best tenants are living in your buildings.