Attract Great Tenants to Rentals

Become a Magnet for Perfect Tenants

Owning rental property means that you will interact with a wide array of people. Not all will be your ideal renters, but you can take steps to be sure you attract and then retain the very best. Naturally, it is going to begin with finding the ideal renters.

Targeting Ideal Renters

The kind of tenants you think of as "ideal" for your properties may vary widely from location to location. However, an important step is identifying what makes a perfect tenant for you and using this information to target those individuals to make them aware of your property.

As an example, if you believe millennials (ages 18 - 29) are your ideal renters, you may have to get more modern in your marketing. You can either have a property management company take care of marketing or tackle this challenge yourself, but either way you should take a more digitally based focus in your marketing plan. If it is baby boomers you have in mind, new media may still be a good approach but you may also want to think about more traditional forms of marketing.

The information you present will always be the same, as you cannot alter your special offers or deals for each marketing piece. That said, you should aim to include information that will make you irresistible to potential tenants. For instance, our property management group worked with an owner to track their renter's payments. Those who paid at least three days in advance each month received a 2% rebate on their year's rent. This was then mentioned in newsletters, social media, and other marketing. As you might guess, this was very effective when it came to attracting the right kind of tenants.

Additionally, you will want to show how your properties have added value. Some examples include a web portal, assigned parking (use photos to show off the newly painted lines and numbers), and even policies that allow custom decorating such as painting. Social media is great for such efforts, but newsletter articles and emails work great too, it just depends on the market you hope to attract.

Providing Stellar Customer Service

Once you have tenants, the best way to retain them is to provide amazing customer service. One way many owners achieve this goal is by hiring a property management firm, which can be one of the most affordable and professional ways to provide round the clock customer care - the key to your success. Surveys consistently suggest that tenants relocate at the end of their leases as a result of low customer satisfaction. Even if the properties are in the right locations and offer great amenities, tenants are unlikely to renew a lease when they have to wait for a call back from a landlord or receive inferior maintenance. As we all know, losing a tenant means time on market, and time on market means lost profits.

A property management group such as ourselves is on call at all times, has professional service providers to tackle complex repairs, emergencies, and standard maintenance issues. They will also be able to provide a rental property owner with the latest technologies that can allow such customer conveniences as online payments and electronic work order submission. For these reasons many savvy investors will hire a property management company as they know it means less time on market and superb customer service for their tenants.

Ultimately, a property manager is going to treat tenants like customers, which may be difficult for some property owners. When renters leave a property it is not unusual to hear them say that their landlord appeared to view the partnership, and the leasing of their property, as a favor to the tenants. In other words, tenants felt disrespected and unappreciated.

In sum, if you identify your audience, alert them to the features that will appeal to them, and offer stellar customer service, you will find that you attract, and retain, ideal renters like a magnet.

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