What is a quality tenant?
Some landlords believe that a quality tenant is one who pays the highest rent, or the one who’s been renting the longest. For others, it can mean a combination of different factors.
At Braden Equities Inc, we believe that a quality tenant is a tenant who always pays their rent on time, respects the building—its rules outlined in their lease and all of the other tenants.
Managing a successful rental property requires attracting great tenants. That is to say, to manage a successful rental property, you need to have quality tenants.
Before you invest in rental properties, you should consider that it is more beneficial to your pocketbook if you buy a multi-family property with a good tenant base at market rents. In fact, before making your investment, you should most definitely take into consideration the building's tenant profile.
For instance, imagine that 90% of the tenants in a property are in arrears or do not pay rent. When making your investment choice, we recommend that you err on the side of caution and keep in mind that a property can look profitable on paper, but that the reality can be much different.
Related blog: 7 Ways to Attract Tenants Conducting an Apartment Search
When you attract quality tenants, you are essentially protecting your investment. That’s because these tenants will be compatible with you and the rest of the tenants in the building.
How to attract tenants for your rental property
Here, we outline the four key elements you need to attract great tenants to your rental property.
- Writing a great advertisement
- Preparing your property to attract tenants
- Hiring a site manager
- Expediting the rental process
Writing a Great Advertisement
Advertising has never been easier thanks to the internet. Social media should be in your arsenal when looking for quality tenants. Considering the various social media platforms and the vast number of people you can reach, you should be able to generate a few serious inquiries from using social media. The more exposure your property gets, the more likely you will attract interest.
When writing your advertisement, you have to assume that the reader knows nothing about the unit or location. Put all the pertinent information on the listing, including items such as security deposit amount, the included amenities, washer/dryer access, parking availability, move-in dates, and smoking or pet restrictions; this is in addition to a description of the property, room count and local amenities, such as a grocery store, gym, or schools.
Location plays a vital role in attracting quality tenants to your multi-family property. Some areas of the city will naturally attract great tenants and are very desirable, while others are not desirable and will not attract as many quality tenants.
In the advertisement, use quality pictures of the interior and exterior and provide as much information about the property as you can.
Preparing Your Property to Attract Tenants
Good exterior pictures are only possible with great curb appeal. A well-maintained lawn with shrubs, flowers, and cleared walkways will always make a property more attractive. These pictures of well-landscaped properties are likely to attract more leads to your property.
Quality pictures also depend on the overall property appearance. From the exterior to the common hallways and the interior look of the suite, you have to showcase your property’s best attributes.
When prospective tenants visit your property, you want the hallways and suite to smell nice; this can make a big difference. Not too many quality tenants will rent a unit that looks dirty, even if it is newly renovated.
Hiring a Site Manager
A site manager is someone who will be a prospective tenant’s first point of contact. Site managers will answer the phone, emails, or any inquiries you may get about your unit. You will need this individual to communicate to these quality tenants and answer the pertinent questions they may have regarding any unanswered questions.
A great site manager will have a significant impact on getting quality applicants to rent.
Expediting the Rental Process
Often, landlords will inadvertently lose out on quality tenants because their rental process takes too long. For example, they might have a hard time processing applications promptly.
That’s why you should always keep in mind that a good tenant is in high demand. A quick application to approval experience is essential, or these tenants will more than likely rent somewhere else due to frustration.
Attracting great tenants is key to running an excellent rental property, but finding the right tenant is always a challenge for property managers. Quality renters are out there, but they won’t fall on your lap. Spend the time to come up with good ads that will attract quality tenants.
You never want to be forced into a position where you have a sub-par tenant as your only option. When you screen new tenants and start the process early enough, it will give you some time and tenant options from which to choose. That’s why attracting quality tenants is imperative.
Invest the time, the resources, and the energy to attract quality tenants and you will protect your investment property for the long-haul.