How To Attract More Tenants to Your Rental Property
Owning commercial real estate is a smart investment. But it’s only beneficial if you’re making money off the property—and that only happens if you have tenants. However, you want good quality tenants in your units because they help make the building’s property value increase. Let’s get rid of those vacant signs and keep your resident building full. Learn how to attract more tenants to your rental property.
Know What You Want
It all starts with your wants and needs. Take the time to clearly establish what you want from your tenants before making any improvements or changes. What does your ideal tenant look like? Getting a better idea of who you want to market to helps you understand what direction to aim for.
Establish your criteria and list of rules so that you and your applicants stay on the same page. Miscommunication in real estate is dangerous. Keep the lines clear to ensure current and potential residents understand the property’s rules. Tenants and landlords need to be a good fit together, as significant problems could arise otherwise.
Get It in Writing
Once you know what you want, get it down on paper. Potential tenants expect to receive most of the information they need about a unit and the property in the listing. Remember that the real estate listing is a sales pitch, so it needs to be compelling and enticing.
The description should hook them, and once they visit the property, your tour should help reel them in. Be honest about the listing. There is a clear difference between embellishing and lying. Never lead tenants to believe a property offers something that it doesn’t. The pictures need to accurately portray and reflect the nature of the rental.
Boost Curb Appeal
After they read the listing, interested parties will want to pay a visit. Use this chance to really dazzle and wow them. Keep up with regular maintenance for the interior and exterior. You need to boost the curb appeal of the property because first impressions are everything.
As they approach the building, they will have commentary, and you want it to be good. Make sure there isn’t any trash left lying around. You need to manage the waste of the multi-resident building to ensure it’s not overflowing or unsightly when potential tenants visit the property.
Get Current Tenants’ Approval
Nothing convinces new tenants to move in more than the stamp approval of old tenants. They currently live there, and their recommendations will go a long way. Applicants don’t always trust landlords or property owners because they know the goal is to fill up vacant spaces.
Hearing from current tenants that the building is a good place to live encourages applicants and gives them more confidence to take the plunge and move in. Get a few referrals from some of your favorite tenants.
Attract good quality tenants for your rental property and keep your investment thriving.