Five Tips for Attracting Quality Tenants
Having splurged significant amounts of cash in your rental property, you want to see the returns on investment (ROI). Minimizing tenant turnover provides a practical and cost-effective means of managing the income-flow from rent collection. If you’ve incurred the total costs of securing a hard money loan for a rental property, you understand the significant cash you save, rather than finding new occupants now and then. Therefore, finding and keeping quality tenants should appear high on your priority list if you want to maximize your revenue. Here are some suggestions of what to do when finding your dream renters.
1) Have Stand-Alone Property Listings
You need to understand the needs and wants of your target clients when marketing your property. Ask yourself questions like: “Why would a potential tenant want to rent my property?” After figuring that out, ensure you clearly list the benefits of living in your property. For instance, if you have amenities such as a gym, lounge, or proximity to a school district, ensure you highlight them. Such perks are some of the things that mean the difference between your property and a competitor.
2) Take Outstanding Photographs
You may have a tip-top description on your property listings, but without including captivating and excellent pictures, attracting the ideal tenant may be next to impossible. Beautiful images create an attractive appeal. They also allow the property hunter to have a virtual tour of the space.
A survey by the Wall Street Journal indicated that Americans searching for rental properties spend 20 seconds on listings with an image. That’s extended time, considering your listing without a photograph only gets a 2-second glance. Therefore, if you think your brightly lit master or your multi-hued living room is worth mentioning, don’t fail to have a visual expression of it.
3) Have an Idea of Your Ideal Tenant
In most cases, landlords never get to understand the character and principles of a renter until they’ve interacted on their landlord-tenant matters. Hence, before you embark on any advertising campaigns, have a perfect description of the sort of tenant you need. Some of the key factors you need to look for in a renter are:
- Stable income
- Observance of the rental
- No criminal record
- Ability to live with other neighbors harmoniously
If perhaps you don’t prefer tenant who smoke or those who have pets, ensure you let your potential renter know about such specifications.
4) Maintain Clear Communication
One of the characteristics that a quality tenant wants to see in a property manager is top-notch communication and interpersonal skills. Make sure you are reachable through any means possible. Your mobile phone should be on at all times. Additionally, ensure you respond to the emails you receive from them [renters] so you can offer timely solutions to their queries. When you streamline communications, you can easily understand the tenant’s lifestyle and personality. On the other hand, the renter receives excellent client experience.
5) Keep an Open Mind
You may have already conjured up an imaginary tenant based on the traits you have for your ideal renter. Even so, you need to have an open. When screening a potential occupant of your rental property, s/he may not have the physical appearance or other traits you listed down. Judging a prospective tenant based on their physical appearance, dress code, or religion is not only illegal but also makes it difficult to find a responsible tenant.
At Wildcat Lending, we understand the financial obligations of investing in a rental property. That’s why we provide “buy and hold” money loans to help you acquire a rental property and extend your real-estate investments portfolio. Based out of Plano, TX we are currently offering loans in Texas and Tennesee. For more information about our buy and hold loans, please contact us on 972-525-4777 or visit us online.