As a landlord, attracting high quality tenants is crucial for the success of your rental property. High quality tenants are reliable, responsible, and respectful of the property, which can help reduce the risk of damage and vacancies. In this article, we’ll outline some strategies for attracting high quality tenants to your rental property.
The first step in attracting high quality tenants is to make your property as attractive as possible. This includes taking care of any necessary repairs or updates, and ensuring that the property is clean and well-maintained.
Consider making renovations or upgrades to the property, such as updating the kitchen or bathroom, or adding new appliances or fixtures. These updates can make the property more appealing to potential tenants and increase its value.
Also making sure to have high quality photos with a great description. The landlords on RentFund that are seeing great success do a virtual staged place, this can really increase the look and feel of the rental property from a visual standpoint and really make it stand out amongst all the other rental properties.
Setting competitive rent prices is another important factor in attracting high quality tenants. If your rent prices are too high, you may have a harder time finding tenants, but if your prices are too low, you may attract lower quality tenants.
To set competitive rent prices, research the local rental market to determine the average rent for similar properties in the area. You can use online real estate platforms, such as Zillow or Redfin, to get an idea of the going rate for rentals in your area or you can get help from the RentFund support team to determine a great place to rent your property at. You can also consult with a local real estate agent or property management company for more accurate and up-to-date information.
Something that has been working really well for our rental properties is setting a bi-weekly payment price. Simply divide your rental payment into 2 payments and it will attract more clicks and attention to your rental properties.
When creating a rental listing for your property, it’s important to be as detailed as possible. A detailed rental listing will help attract high quality tenants by giving them a clear understanding of what the property has to offer.
Include information such as the size of the property, the number of bedrooms and bathrooms, any amenities or features, and the location. You should also include photos of the property to give potential tenants a visual idea of what the property looks like.
Here’s a quick video to explain how to write a killer description for your rental property;
Screening potential tenants thoroughly is an important step in attracting high quality tenants. This includes conducting background checks, verifying employment and income, and checking references. If you're using RentFund to do this it will all be done automatically for you and dramatically speed up the process for you to get your next high quality tenant.
By taking the time to screen potential tenants thoroughly, you can ensure that you are choosing the best candidates for your rental property.
Offering incentives to potential tenants can be one of the best ways to attract high quality tenants to your rental property. This can include offering discounts on rent, providing free amenities, or offering flexible lease terms and most importantly an investment option for them to grow their investment fund through RentFund.
By offering incentives, you can differentiate your property from others in the area and make it more attractive to potential tenants.
Attracting high quality tenants to your rental property is important for the success and profitability of your investment. By following these steps, you can make your property as attractive as possible, set competitive rent prices, create a detailed rental listing, screen potential tenants thoroughly, and offer incentives to attract the best candidates. By taking the time to carefully consider these factors, you can increase the chances of finding reliable, responsible tenants for your rental property.