Are you wondering how to find new tenants easily and hassle-free?
It’s no good having vacant properties. If you want to keep a healthy bottom line, you need to find tenants. Having steady, reliable tenants can be the key to long-term rental income success. But with so many places to look, it can be daunting to know where to find the perfect ones.
Read on for our 9 tips for how to find tenants for your property with ease.
1. Advertise Your Rental Property Properly
It’s not easy finding tenants in this age of technology. Tenants have become pickier and technology has advanced. It’s crucial you’re advertising your property properly. Otherwise, you’ll find your properties empty and that rental income stalling.
It might sound simple, but one of the best ways to attract tenants is to advertise your rental as a listing. The catch is that your listing needs to stand out. So here are the important parts to focus on.
A must for standing out from the crowd is to write a catchy, inviting and unique property description. Before rushing in, it’s a good idea to take your time and check out your competition. This will help you tailor something eye-catching enough to stand out.
Use attractive language and include vital information such as:
- Number of bedrooms
- Number of bathrooms
- Square footage
- Distance from supermarket
- Local schools
- Public transport links
- Local leisure facilities
Make sure to write with correct grammar and adhere to spelling standards. You want your add to be clear, professional and easy to read. It shouldn’t be so professional that it’s impersonal though. You want to invite prospects in.
Providing a visual representation of your property will be a huge first impression. It’s important to get this right. Prospective tenants aren’t likely to get past your listing if you don’t provide photos.
Get a professional to take pictures of your rental property. They’ll know how to get the best out of it. Ensure the property is clean and tidy, and make it look as inviting and homey as you can.
Aim to have the photos make future tenants think of a future home. No one wants to feel as though they are simply living in someone else’s apartment.
2. Go Online Where You Can
As technology has developed, it would be silly not to make use of all the internet has to offer. Don’t rule out traditional magazine and newspaper ads though. It’s OK to advertise in more than one place. But going online will allow you to reach more prospective tenants faster.
Make use of social media sites like Facebook to reach specific target groups. It’s easy to advertise to specific demographics by filtering for:
- Relationship status
You can target your listing according to their interests and search histories too. By using the online tools at your disposal, it can be a quicker more hassle-free process beyond only relying on traditional methods.
3. Set Your Rent Right
A key tip for finding tenants quickly is to make sure you’re setting an appropriate rental price. But this is also one of the most problematic parts for rental owners. It can be difficult to know what prices to set.
Conducting real estate market analysis is a must before you decide on rental prices. This will allow you to check out the local market in general. You’ll also be able to see what your competition charges for similar properties.
Asking a realtor to conduct a rental evaluation will also help give you an idea of what you should be charging. Get a few different real estate companies around so you can work out an average. Usually, the estimate they go by is around 8-10% of your property’s value.
4. Bring Top Class Property Management Skills
Another tip that might seem simple is to make sure you’re being a good property manager. Part of this is making sure you keep your properties in good shape.
When your previous tenants leave, take the time to inspect for wear and tear, and damage. If you find any, rectify it. People will be more attracted to homes that look new and well-loved than those that look a little worse for wear. If your property is furnished, make sure it has furniture that will attract a tenant, rather than put them off!
Be responsive at all times. When you’re contacted by a potential tenant, make sure to respond in a timely fashion. Any questions they might bring, answer them in detail and always be polite.
Anyone that wants a viewing, you should schedule it as soon as possible. Try to be flexible with times too, as this will go a long way. Before the viewing, double-check the property is clean and welcoming.
Where to Find Tenants
5. Yard Sign
It might be one of the oldest ways to find a tenant, but it’s still one of the most successful – a yard sign. You can usually pick up a ‘for rent’ sign from most hardware stores. Once you stick in on the front lawn, you’re good to advertise immediately.
You should include all the important information on the sign, as much as you can fit. This will help you avoid having your time wasted by people who don’t qualify. For example, you don’t want people who can’t afford the price bombarding you day and night.
You should try to include:
- Security deposit amount
- Amount of bedrooms and bathrooms
- Contact number and email
If you have space after, you can add things like ‘no smokers’ or ‘at least a credit score of 650’. Include as much detail as you can fit without overwhelming the sign.
Over recent years, craigslist has become a popular forum for attracting rental tenants. It’s the world’s largest classifieds website and do you know the best part? For most areas, it’s free to post a ‘for rent’ listing. Your listing will have exposure to potentially thousands of users.
When making a Craigslist listing, follow the tips of writing a description. You want to be as descriptive as possible, include as much information as you can and catch people’s eye. The more photos the better too.
Be clear with what your property can offer as well as your basic requirements. This way people can decide before calling you whether it’s for them or not and no one’s wasting anyone’s time.
One thing you shouldn’t do is include the property address. This could encourage burglary or vandalism. Instead, use Craigslist’s feature that lets you put the name of nearby cross streets. This will allow users to get a general feel for the area your property is in without putting it at risk.
While the age of printed news is set to come to an end, newspapers are still effective in luring in tenants. It will cost you, but it can be worth it. An average cost would be around $50 for a simple ad but this varies from paper to paper.
You don’t need anything fancy though, a simple ad can be just as effective in this case. The purpose of a newspaper ad is to provide the key information in short form. Abbreviation is your friend here and only stick to the key facts.
8. Multiple Listing Services
Multiple Listing Services (MLS) have become the major driver of tenants in most large cities.
Although MLS are primarily used for listing homes for sale, rental properties are increasingly listed. This allows multiple real estate agents to bring tenants to you. Most agents will charge a finders fee when your property is rented – but this is a small price to pay to find a long-term tenant.
If you intend on using the MLS to list your property, be sure to speak with your real estate agent about how it operates in your area. Make sure you are aware of all of the charges so you have a full understanding of the price you may end up paying.
9. Existing Tenants
If you own a bunch of rental properties, you can use your current tenants to find new ones. You could send a mail out to your existing tenants with something like ‘choose your neighbor’. Who doesn’t want the prospect of their friends living down the hall?
You could also offer a cash incentive or referral prize if they recommend a tenant and you accept them. Something like $100 or so. You’d only give this out once the friend passes all your checks, pays the deposit and moves in.
How to Find Tenants the Easy Way
As long as you follow these tips on how to find tenants, you can avoid a real headache.
Making your property attractive to tenants, and also knowing where to look are vital. You need to make sure you are charging a reasonable rent, and your photos and adverts do your property justice. Then it is all about advertising in the right places.
Now that you know how to easily find tenants, make the most of your property by reading our tips on renting out your house for maximum profit.