There is no shortage of good tenants out there. But great tenants will have many options to choose from. The challenge lies in attracting them to your rental apartment or house.
Invest in the right property
Before purchasing your rental property, do your research to ensure you’re buying in an area that has the potential to attract excellent tenants. Many real estate agents and property management companies provide local knowledge into the demographics of a given neighbourhood, what competitive properties offer their tenants, vacancy rates, and the likelihood of achieving your desired rent.
Advertise to your target market
Put yourself in the shoes of your ideal tenant. Figure out what their needs are and how your property can fulfil their desires. Aim to provide them with more than the basic statistics; write a great rental ad that outlines the recreational, social and emotional life they will lead while living in your rental apartment. Will they spend Sunday mornings at the popular yoga studio or farmer’s market around the corner? Is the apartment a short walk from downtown? Are there nearby dog parks? What are the schools and restaurants like? Make sure to include excellent photos of your rental apartment – see our tips for taking great photos for your rental ad.
Be strategic about where you advertise your rental property
If you have a property with a beautiful exterior in a neighbourhood where many great tenants already live, putting a For Rent sign in the window can be an effective way to attract a self-selecting group of applicants. However, if the exterior doesn’t do the interior justice, online is definitely the best way to reach your target tenants. Advertise your rental apartment on Apartmate for free to reach a target group of renters who care about finding the right place to call home. You may also wish to consider contacting a real estate agent who will handle the screening process for you.
Reward your tenants for referrals
They say that a person can be judged by the company they keep. An effective and inexpensive way to attract wonderful new renters is to reward your existing excellent tenants for referrals they send your way. If you have a good relationship, you can also ask them to advertise the property through their social networks.
Be professional, punctual and tidy
Great tenants are looking for great landlords. Top notch tenants expect landlords who are respectful of their time and privacy, respond quickly to requests for maintenance and obey the rental laws for each province or state. You can attract excellent tenants by treating your property like a business and behaving like a professional. Be on time for viewings, dress neatly, and maintain a respectful distance from each other’s personal lives.
Prepare information sheets about your property to distribute at viewings
Even in a hot rental market, great tenants will have their pick of places. Many may look at several properties in a day and can lose track of which is what. Provide tenants who view your property with a handout that has large colour pictures of the interior and exterior of the property, details on the neighborhood, surrounding schools, shopping, transportation information and everything else you can think of in order to set yourself apart from the crowd.