Too many times you’ve rented to tenants that looked good on paper and passed the eyeball test, then quickly turned into a nightmare.
In this article, we’re going to show you five ways to find a tenant you want to keep.
1. Find a Tenant By Starting a Waiting List
Starting a waiting list is not hard to do. The majority of successful landlords use them to fill vacancies with quality tenants.
Even when you don’t have current vacancies it’s important to have an active list to go to when you do.
When someone inquires about vacancies and you don’t have any, ask if they would like to be put on a waiting list. Ask for their information (name, email, phone number) and store it in an app like Evernote in a note titled “waiting list”.
When a vacancy opens, send an email to your entire list letting them know the details of the opening.
In the email, ask them to share with their friends if they themselves are no longer in the market.
2. Ask Friends and Family to Share on Social Media
Social media is a powerful tool to help find a tenant you’ll want to keep.
Put together a post detailing the specifics of your rental. Include lots of great photos and videos of the property.
Then ask friends and family to share this post with their friends. Offer a $100 bonus to any of your social media followers who refer a new tenant who signs a lease.
This will give you great reach and help uncover quality renters within your social circle.
3. Make Sure Your Rent Is In-Line
When you want to find a tenant that’ll stick around, the amount you charge for rent is key.
How does your rent compare with other similar properties in the area? Rent that’s too low or too high will raise red flags to potential tenants.
Consider being negotiable on the rent amount if the situation warrants it.
4. Pets are Your Friends
Some wonderful people are pet owners — and most pet owners are very responsible for the actions of their pets.
A great way to exclude a huge portion of potential tenants is to have a no-pet policy. A full 68% of American families own pets. Excluding them is bad business.
Managing pet-friendly properties is a great way to open up your tenant pool.
5. Update Your Rental
When trying to appeal to quality tenants, a few thousand dollars spent on the unit now could pay off many times over the next few years.
Remember: low-quality properties attract low-quality tenants.
Tips on Keeping a Great Tenant
When you find a tenant you want to keep, there are a few things you’ll want to remember. These simple tips will make your tenant want to stick around:
- Always be responsive
- Give them privacy
- Keep up with maintenance
- Resolve problems quickly
- Go above and beyond when you can
Now that you know how to find and keep great tenants, it’s time to fill those vacancies or start building a waiting list.
Don’t have time in the day to manage your properties on your own? Look for an experienced property management firm that can handle it all for you.
As always, here’s to your success!