Are you looking to find tenants to fill your rental property? There are lots of tried and true secrets that’ll help landlords and property managers accomplish that. Landlords who have low vacancy rates are a hot commodity, so how you can become like that one? Despite what you may think, landlords can keep their properties consistently full without having to provide incredibly lower rent costs. Our realtors at The Pyramid Group have these tips to learn how you can keep your vacancy rates at 3% or less. Here are a few steps a landlord needs to consider to find a good tenant to fill a vacant property.
Prepare and do your research
Firstly, you must do the research. Because a lot of jurisdictions regulate advertisement and the tenant process of selection, so it’s essential to get aware of federal, state, and local housing and tenancy laws that can apply to you. This info is available on the United States Department of Housing and Urban Development website. Also, another good source to refer to maybe your local attorney bar association. Finding better tenants begins with having the best property. If the property is in better condition, you might have an easier time attracting a further qualified tenant. If you keep the rental property in best shape then it will help to set the standards in which a tenant is expected to leave the property. When you keep the property in good condition, it will signal the tenant to respect the property as well.
Now that you have polished the property and conducted fair market rent research, you have ready to begin advertising. Nowadays, it is great to skip the expensive flyers and stick to online options. Online advertising is now the industry standard thanks to its capability to reach several potential renters, relatively lower prices, and the popularity of online rental housing sites with renters. There are many websites that can list your rental property on and some will send your ad out to other sites for more publicity.
Utilize Social Media
Not are social media platforms an incredibly powerful marketing tool, they’re free of charge. Facebook Marketplace is one option to get eyes on your rental property. Twitter and Instagram are the best ways to reach lots of people rapidly.
Providing incentives like discounted rates if a tenant moves in by a specific date or a free TV are many incentives that may help fill your vacancies faster. Move-in and referral fee bonuses are some ways to make people excited about taking your rental property.
Require Renters Insurance
During the application procedure before a lease is signed, allow your potential tenants know you’ll request that they show proof of renter’s insurance on the move-in date. Renters insurance will cover the price of the belongings of tenants and damage they can cause to your home. Think about buying landlord insurance in order to offer the coverage you need to protect the rental property.
It may look like common sense to conduct interviews as part of the screening procedure, but it is advised to go against it. That alone can open you up for Fair Housing lawsuits. Also, the way people dress or act in person does not tell you how they can perform in a lease agreement.
Do Background Checks
The only way you can determine whether they’ll be better tenants is based on their past history. Many websites will research a candidate’s employment, credit history, bankruptcies, and criminal records. Fees for these reports run from $10-$70 per adult screened. ensure you or the company you hire calls the employer of the applicant to verify their income.
Part of being a landlord means being in constant communication with current, and particularly, prospective tenants. If you fail to answer your phone or respond to emails fast, the chances are that the prospective tenant is talking to someone else. Setting up a Google Voice account is the best tool for landlords to use if they do not feel comfortable advertising their personal phone numbers online.
Look in The Newspaper:
Listing ads in the local newspaper is a true way to attract tenants. Note to landlords: Advertise your vacant unit on the weekend (especially Sunday) as this’s when newspapers see the most traffic.
Maintain mutual respect to retaining good tenants
Once you find a better tenant, a mutually respectful relationship will help to make sure the long possible stay. Just as you expect them to pay their rent on time and keep the property in better shape, they expect you to keep up to date with maintenance and repairs. A lease agreement that outlines all of your policies (many persons in the rental, payment due date, smoking regulations, late fees, pets, insurance needs of renter, etc.) may help to prevent confusion and miscommunication down the line.