Finding renters for your property can be overwhelming and frustrating, but there are a few things you can do to find the best tenants as efficiently as possible. Maintaining reliability is crucial to the success of your property rental, so be sure to take precautions before onboarding new tenants. Here are a few tips from Rentable to kick off your search for new tenants:
1. Reliability Is Key (Don’t Rush)
Renting out your property is a great way to inflow some extra cash, but when your current tenants move out there are a few things to consider. If you are in need of tenants, you should always take the time to find tenants who will be reliable. While the search process can sometimes take quite a while, it is important to remember the dangers of renting your property to unqualified tenants. Although you may get tenants more quickly, without a proper screening process you increase the risk of having to evict those tenants. If eviction becomes necessary, you are looking at a hefty cost of money and time only to begin your search again.
2. Advertise Wherever You Can
Advertising is the most important thing you can do to find tenants quickly. There is no limit to the number of places you can list your apartment. The more places your listing shows up, the more renters will find it during their search for an apartment. Here are some of the best places to advertise:
- Zillow, Realtor.com, Redfin, Trulia, Apartments.com, etc.
- Social media (Facebook, Instagram, Twitter, etc.)
- Forums (Facebook moving groups, college groups, etc.)
- “For Rent” signs
Although some of these get more attention than others, there are people looking to rent apartments from all walks of life. If they are only on social media they may find your listing quickly, and if they live in the area they may just as easily drive by your “for rent” sign and contact you. It is important to post your listing in as many outlets as possible to attract the widest array of renters. Don’t forget to spread the word with friends and family, as word of mouth can also go a long way and potentially get you a tenant with a mutual connection.
3. Offer Incentives
Offering small incentives is a great way to set yourself apart and attract more potential tenants to your property. You may mention in your listing that you will offer a discount if a tenant moves in by a certain date, or offer free amenities like a TV, game table, or sofa. This can also be beneficial in securing a longer lease by offering one month of free rent for a year long lease, two months of free rent for a two year long lease, etc.
4. Screen Tenants
Conducting a proper tenant screening process is not only important to find renters you like, but to ensure they have good credit history and are able to pay rent reliably. Set up a specific criteria for each interested tenant to ensure they will never flake on rent. Look at their renting history, require a cosigner, and/or ask for their current landlords contact information. Reaching out to the owners of their current rental will give you the best insight on how they treat their unit.
5. Be Respectful And Communicative
Oftentimes landlords are given a bad rap for being scummy and disrespectful or unresponsive when something goes wrong with a renters unit. In order to maintain good tenants for as long as possible, be as communicative and respectful as possible. Welcome them personally when they move in, show them that you care and appreciate their business. Exchanging personal contact information proves to be a great way to start a good relationship. In order to maintain a strong relationship with your tenants, communicate with them as often as they need and be as prompt with responses as possible. Not only will your tenants trust you more, but they will also recommend your unit to other renters once their lease is up.
6. Create A Sense Of Urgency
When you post your listing in search of new tenants, make it clear that the unit will not stay vacant for very long. Doing so will help potential tenants make a quick decision if they are deciding between your unit and someone else’s.
7. Keep Your Property Desirable And Fresh
In a world of competitive property managers, it is difficult to set yourself apart. Setting yourself apart not only means being a respectful landlord, but keeping your property in the best condition possible at all times. If you are searching for new tenants, make sure you have appliances up to date and functioning, no holes in the walls or scuff marks, and a sanitary apartment floor to ceiling. Conduct a routine inspection with a certified inspector to address any hazards and make sure the property surrounding the unit is clean and safe.
Taking care of your property and keeping it updated will ensure attraction of prospective tenants and keep your renting process moving when your old tenants move out. It is important to do your routine inspections as well as check in on your property periodically to make sure nothing is wrong. When you tour your new tenants, they will be thoroughly impressed by your care for the property, increasing the chance of a signature on a new lease.