5 Tips For Finding Great Tenants for Your Rental Properties
Finding great tenants for your rental properties isn’t incredibly difficult if you consider the same approach as your investment strategy – research, planning and timing. Look for a tenant that matches your neighborhood feel, location and property, and they may be signing your lease before you know it. Below are five tips to consider when looking for your tenants:
Appeal to the Specific Tenants You Are Looking For – Your advertisement should speak to the type of tenants you want, and not to those you don’t, however, it should never discriminate. The simplest way to do this is to list attributes in the ad that your audience will associate with. For example: No smoking of any kind, small dogs ok, no cats, large backyard for kids, etc…
Promote the Characteristics of the Neighborhood – Are new restaurants and shops opening up? Are there great schools nearby or a new park under construction? Let your possible tenants know in your ad.
Share Homeowners Association Information – Letting tenants know about the rules of the neighborhood, and that they are expected to maintain the yard and remove trash cans within a 24 hour period, will be very appealing to those that care about where they live. It will also set expectations early regarding how to treat your property.
Consider the Social Media Sites Your Prospects are Using – This will help you determine where best to place online ads. For example, college students are more likely to use their college online resources, as well as sites built specifically for college housing. Craigslist users may be looking for more of a deal on a rental unit than premium housing.
Specify the Application Process – The first thing an interested applicant should do is fill out your application and send it to you. Then require a phone interview before an in-person walk-through. This will give you two important pieces of insight:
- Applicants need to do a little work, which may weed out applicants you don’t want.
- You’ll be able to ask questions and see their attention to detail in the form of their answers.
The information on this page is provided for informational purposes only and does not constitute investment, real estate, or legal advice. This information should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. No representations or warranties whatsoever, express or implied, are given as to the accuracy or applicability of the information contained herein. The information may be modified or rendered incorrect by changes in the marketplace or developments in the law, or for any other reason, and may not be applicable to any individual reader’s facts and circumstances.