Vacancy rates have mushroomed to a 23 year high, close to 8%. As inventory of vacant residential rental properties is increasing, rents are dropping. Even then, savvy do-it-yourself landlords and property managers are still able to attract high quality tenants and keep their residential rental properties occupied.
Are you able to attract high quality tenants or is one of your tenants leaving soon? Here are steps to take to have high quality tenant line up to rent from you making your experience as a landlord or a property manager enjoyable and profitable.
1. Approach your property from the eyes of the tenant and make sure that it has curb appeal. A property that is very attractive from the curb will rent itself.
2. Create an ad targeting your prospective tenants. Landlords or Property Managers can determine the target tenant based on the location and size of the property. Depending upon the features of your residential rental property a target tenant could be a student, couple or a family. In the ad, highlight the features of the property that would attract the target tenant.
3. Advertise your property in Craigslist, the most popular rental property listing site. If you are a do-it-yourself landlord, contact your local rental property management company and pay for their service to find and do tenant screening. You can also advertise on various rental sites on the internet like rent.com, etc.
4. Respond to emails, phone calls from prospective tenants to keep their interest high in the property and highlight the features of the property in your response.
Until you get into the habit of looking at your residential rental property from the eyes of the target tenant, pin these 4 tips where they stay in front and follow them rigorously. Make attracting high quality tenants a high priority for you and you will have target tenants lining up to rent your property.
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