Acquiring a rental property and getting through the legalities is only the start of becoming a landlord.
If you’re going to turn a profit on your investment property one of the next, most tedious tasks of all are finding the right tenants to occupy the unit.
Sure, there are thousands of renters in the area looking for the perfect place to call home, but getting them interested in your place goes beyond putting a for sale sign in the window.
If you’re going to attract reputable, long-term tenants who will treat your property with respect, pay rent in a timely fashion, and make the property investment experience as smooth as possible, you’re going to need to draw them in. Here’s how:
Get Your Property in Check
Tenants are looking for a place to reside that will create the most convenient for them.
Though they’re not legally responsible for the maintenance and repairs that homeowners are required to cover, they don’t want to move into a location where there are a lot of issues.
Before you can attract tenants to your rental property, you need to make sure it is in check. This not only means making sure that it passes city inspection standards and is up to code but making changes such as those listed below to appeal to your target renters:
If the appliances on the premises are still in pretty good condition, make sure that they are serviced.
Have the vents cleaned and filters changed on the HVAC system, clean and change filters on the refrigerator, clean and maintain the oven and stove, and have the hot water heater serviced.
Clean the property
No one wants to move into a unit that they have to do a deep clean on before they can unpack and get comfortable. So, have the premises cleaned thoroughly from the inside out.
Clean carpets, wash walls, declutter cabinets, mop, vacuum, and whatever else needs to be done to make sure the rental property is move-in ready.
The outside of the house matters just as much as the inside. A property that looks unkempt from the outside won’t interest the quality tenants. Tend to exterior maintenance regularly to avoid the small jobs becoming full replacement at a much greater cost. Keep the roof maintained, gutters cleaned, and regularly check the cladding.
Depending on who your ideal tenant is, consider landscaping, but first check sites that offer tips like Nature’s Seed blog. Adding the right amount of low maintenance greenery, and maybe a deck and some outdoor lighting can entice the tenant you want in your property.
Price it Just Right
The rental market is very competitive as more individuals move away from homeownership for the convenience of renting.
That being said, your rental rates need to be attractive to prospective tenants while also being lucrative for you.
Here are some factors to consider when pricing your rental unit:
Consider what needs to be covered
There are a few things you’ll want the tenant rent to cover to prevent your asset from becoming a liability. This includes the mortgage (if necessary), maintenance, repairs, and small profit.
To price your rental unit, first take a look at other properties in the area that are the same structure as your own. Pricing just below theirs gives you an advantage.
Are there conveniences a tenant might get with renting from you as opposed to another property? Did you upgrade the kitchen? Do they get a better view? Are they closer to public transportation or tourist attractions?
Finding the Right Platform
Now that your property is up to par (both structurally and aesthetically) and you’ve decided on an attractive price, the next step to marketing your rental property is finding the right platforms to reach your ideal tenants.
Draft a detailed property description along with key benefits and tons of pictures then decide where you’ll post.
Here are a few suggestions:
Free classified sites such as Craigslist
Rental sites like Trulia, Zillow, or Apartments.com
Social media sites like Facebook, Twitter, or Instagram
If you’re going to find the perfect long-term tenants for your new rental property you’ll have to work hard. In order to draw in reputable renters, you must have a property that is intact, aesthetically appealing, convenient, and priced efficiently.
Once you have that, it’s all about finding the right platforms to reach your audience. Hopefully, these tips will put you just a bit closer to finding a resident that will treat your property with care for years to come.