Great tenants come to you by design, not by accident. There is no shortage of good tenants out there. The challenge is how to attract them to your property. A professional manager will attract quality tenants, so read these tips on how to manage in a professional manner.
1. Understand your target market. Focus on who lives in this area and what kind of people is it already attracting. Figure out what kind of tenants you want for a particular property. Is the property larger than regular? Does it have parks nearby? Maybe you want to attract families to your apartment. Properly understanding who your dream tenant is, will start you on the way to getting them.
2. Advertise accordingly. Once you know who you want, look for them where they are. Decide where your advertising dollars will be best spent. If your target is young students around a college, make sure you advertise near campus or in material that they have access to. Make sure to advertise in the weekly rental magazines that are distributed free in supermarkets to reach families.
3. Make sure to advertise online. Renters are online today. It’s the best place to attract a lot of interest in your apartments. There are great places like Kijiji.ca and Craigslist.ca where you can post your rental for free. Or for better results, there are companies like Rentseeker.ca who offer Internet listing services at very competitive rates and even give you the option to syndicate to other advertising channels as well. And don’t forget to post great pictures.
4. Show a finished product. Most tenants can’t imagine what an apartment will look like once renovations are complete. So don’t lose prospects by showing them an incomplete job. Touch it up and don’t forget to make sure it’s spanking clean.
5. Your appearance counts. Your tenants want to know that their property and quality of life will be taken care of. By dressing well, looking professional and put together, it inspires confidence that your company’s management skills are up to par.
6. Sell the areas amenities. Great tenants want to live in great areas. Educate people on the hot spots of your location. Tell them about the parks, the shops, and even about that great restaurant that just opened!
7. Open houses work. Many scheduled showings don’t actually materialize. Having open houses from time to time, allows for non-pressured, no commitment drop ins, which have a good rate of obtaining real tenants.
8. Keep an eye on the competition. Know their pricing. Understand what they’re offering and act accordingly.
9. Refer to your tenants as “residents”. Tenant, to some people, has a negative connotation. Resident is softer and more respectable. Why not make them feel good.
10. Offer other payment options. Accepting credit cards online is easier than you think. You can set up a Pay Pal account fairly quickly online. Or use a company like Payquad that specializes in online payments for property managers. Some renters will prefer one apartment over another because of the additional payment options provided.
11. Be friendly but firm. Managers need to create boundaries with their tenants. Be fair and cordial with them but don’t become too friendly with your tenants. It will come to bite you down the road.
12. Reward your tenants for referrals. A fantastic and inexpensive way to attract new quality renters, is to award your existing tenants for their referrals.
13. Be a good listener. Pay close attention when your prospective tenants are talking. Listen for clues as to what kind of tenants they are and what they are looking for. For example, how they refer to past managers and experiences. Or do they repeatedly ask about tenancy laws. By keeping your ears perked you can avoid trouble down the road.
14.Do your homework. Now is the time to find out about your soon to be tenant. Speak with previous landlords. Call their employers. And don’t forget to do a credit check. An ounce of prevention is worth its weight in gold.
15. Full disclosure. Don’t hide things from your tenants. Tell them what’s included or not included in rent and how far the walk is to the local grocery. They’re going to figure it out sooner or later. A disgruntled tenant is the worst tenant. They can make your life miserable.
Good luck on getting great tenants for your properties!
