There is a list of DOs and DON’Ts in almost all kinds of business, following which would determine whether the business succeeds or fails in its pursuit. Likewise, in rental business we do have a list of our own. Having right tenant to your property is the key to running a successful rental business; hence it becomes imperative to understand the nitty-gritties to find one. In this quest of yours, there are important aspects that need to be avoided to attract the chosen one! Let us delve into the list of DON’Ts.
Suggested Reading – Things that you must do to be successful as a landlord.
Important to Remember!
The by-products of renting your property to dependable and responsible tenants often include– lower property damages, steady rent income and lower vacancy rates. Follow this list of DON’T’s to attract high-quality tenants to your properties.
- Do not leave it to nature to find you good tenants – Dynamics of rental marketing have changed drastically over the last decade. With more and more prospective tenants getting access to the internet and with contemporary marketing avenues taking shape day by day, your reach out campaigns should evolve akin to them. Just putting a banner in front your property and waiting for tenants to walk in is surely not enough in the current scheme of things, but trying out all tactics in the book should take you long distance in your pursuit. Here are some of the schemes you must delve into –
- Rental Listing – Go ahead and list your rental properties on listing websites as they attract huge number of visitors on a daily basis. Possibility of bumping into your dream tenant will surely increase many folds.
- Social Media –Reaching out to your target market via Social media platforms such as Facebook, Twitter, LinkedIn etc is one marketing method you must try. With targeted marketing options that these platforms offer, one simply should not brush away this marketing campaign under the carpet.
- Tenant Referral Program – If your current tenant, who has been your ideal one, is moving out, offer them rewards if they can bring a suitable replacement on-board. Rewards in the form of gifts, complete advance repayment etc should work wonders.
- Do not dither to point out proximities –Mentioning proximities of your property to important landmarks near it is a must in your ad-copies/advertisements. This will assist prospects to estimate distances they need to commute/travel to destinations that they need to travel on a daily basis. If you feel your property is located away from these landmarks, you need to work on your rental estimations. There are always target groups that compromise between proximity vs rental expenses.
- Do not hesitate to take help when needed – Property Management services are a great way to get right tenants on-board. With services such as tenant verification, hassle free tenant on-boarding, maintenance etc., landlords having trouble getting right tenants should try this professional help.
- Do not be oblivion to competition–The adage ‘Know your enemy and know yourself and you can fight a hundred battles’ is very apt to rental business as well. Get acquainted with rental properties, their rentals and services around your property. This will lend a hand in identifying your target market and in positioning your rental property. This tactic is sure shot value-add if you are planning to rent your house all by yourself, without professional assistance.
- Do not allow laxity to creep in during tenant verification– Believe it or not! Having a sneak peek into a prospective tenant’s ID verification, Address check and Employment check can be a real boon. As a landlord, due diligence should be made with sound background verification to avoid inviting any trouble. Tenants with bad history can be a ticking bomb, just waiting to explode.
Although there is no ONE guaranteed path to succeed in getting the right tenants on-board, but we can still learn from people who succeed on what not to do if you want to accomplish as a landlord.