How Can You Attract High-Quality Tenants as a Landlord?

There are some specific tricks when it come’s to attracting high quality tenants to your property, keep reading!

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When you’re a landlord, you might do everything you can to go about adding value to your multi-family home and making it a lucrative investment. However, at the end of the day, you also have to have quality tenants in order to get a positive return on your investment.

The following are tips for attracting tenants in general and high-quality renters.

Know the Features They’re Looking For

If you’re spending your time and money on projects to add value to your multi-family property, make sure that’s what you’re actually achieving. You want any investment you’re making to be geared not only to attracting good-quality tenants but also to increasing your ROI. For example, depending on the type of property, maybe you create a fenced-in backyard, which is good to appeal to families and pet owners.

Renters appreciate nice appliances and countertops and a sense of safety and security. As far as safety and security, many of the updates you could make for this are relatively inexpensive and easy to implement but can go a long way in the eyes of potential renters. For example, alarm systems and security cameras are simple to install and use.

Storage and walk-in closets are also attractive features, as are smart home features. When you have great features, not only can you keep your units filled, but you can reduce your overall turnover.

If you’re in a higher-income market, you especially want to constantly think about how you can increase the value of your property in the eyes of potential tenants. If you aren’t sure how to do that, take a look around the area and see what other landlords are doing.

Create a Compelling Listing

It sounds simple, but so many landlords fail to understand the importance of creating a visually compelling listing for their rental. More than 90% of tenants go online to find their homes, which is the first step to attracting tenants.

You want to be clear and concise in your description and provide details. Make it easy for people to contact you and get professional photos. Professional photos can make a world of difference in attracting tenants, especially high-quality ones.

Professional photography doesn’t have to break the bank, and the money you put it into will pay off.

Know What You Want in a Tenant

When it comes to marketing in business, you’ll often hear the advice that you should create audience personas. These are profiles of the customers you have in mind. The concept here is that when you create personas, you will be able to speak to the people you’re targeting more effectively.

Do the same if you’re a landlord. 

Create tenant personas that will help you know what will most appeal to your audience and the channels where you reach them most effectively.

Across the board, regardless of where your property is located or its features, a good tenant is going to be someone who pays on time, is responsible, and has the potential to rent from you long-term.

Consider the neighborhood where your rental is and what features the community has that might appeal to certain types of renters. Location is crucial to most renters, so as you’re creating listings and showing your property, keep this in mind. Many desirable renters, such as professionals and families, will forego some of the interior features of a property that they might otherwise prefer to be in a good neighborhood with many amenities.

Think About Timing When You Show the Property

When you have a rental property, you want to understand its best features as you write listings and market it and when you schedule to show potential tenants the property. If there’s a certain time of day when the light is beautiful, for example, then base your showings around that whenever possible.

Screen Applicants

Finally, even if your biggest goal is to fill a unit, you always need to screen applicants. Have a set procedure you follow for every single applicant. Your screening should include the basics of credit and employment history, a background check, and personal references. Beyond that, you might also want a letter of recommendation from a previous landlord.

To protect yourself financially, you need to have a thorough picture of who you’re renting to, and you need to verify they can afford the rent each month.