Tips to Finding New Tenants Quickly
Renters Warehouse Blog
Is your rental property sitting empty for extended periods of time?
Long void periods are every landlord’s nightmare. Empty rental properties still cost you money with ongoing costs like the mortgage, utilities, taxes, and insurance, all of which still should be paid, even if there’s nobody home.
On the other hand, a regular, steady income from your rental property can help to put you on track to reach your goals of financial freedom. When combined with the right strategy, It can also free you up to earn passive income from your investment.
If you’re trying to rent out your house or apartment and feel like your efforts are not going anywhere, don’t panic. By changing a few things and promoting your property the right way, you’ll be able to find those (qualified!) tenants quickly.
Ten Tips to Quickly Finding Your Next Tenants
1. Price It Right
First up, one of the most important factors that tenants consider before renting is the price. If your monthly rent is unrealistically high or above the market value, then it will be extremely hard to find a tenant quickly. On the other hand, though, you’ll want to avoid pricing your rental way too low. The secret is finding the sweet spot, not too high or too low. Try to understand the real estate market in your area before setting your rental price. You can take a look at websites like Zillow and Trulia to get an idea about what other similar properties in your area are renting for. Curious about what you could be getting for your rental? Get your Free Rental Price Analysis! Our team of experts will assess your property and the local market to see what you could be charging for your rental.
2. Take High-Quality Photos
They say a picture is worth a thousand words, but pictures could be worth much more in revenue when it comes to marketing your property. Aside from the price, photos are one of the first things that catch a renter’s eye in a listing. Some 67% of house hunters said they loved their home at first sight, so property photos can be the starting point for many people on their house-hunting journey. Images will also give prospective tenants a clear idea of exactly what the property looks like, which can cut down on inquiries that just end up being a waste of time.
Tips on how to get great photos of your property:
- Take photos during the daytime, when natural light is the best. This gives your property photos a more inviting and warmer feel. Be sure to open blinds and curtains to help flood the room with natural lighting.
- Highlight things that you know tenants look for in a property. Try to include images that can give tenants an idea of its potential, highlighting areas where they can add their own decor as well. Features such as a washer and dryer, new appliances, outdoor space, and parking spaces can all be included as well.
- Crisp, professional photos are always best. Use a camera that takes high-quality photos. You can take these photos yourself, or if you have the budget, you can hire a professional who can do this for you.
3. Create Detailed Listings
Writing a detailed, comprehensive listing can also help your property to get rented quickly.
Most renters already know what they look for in a property, so presenting them with a specific and complete list of all your property’s features will help them decide faster.
What to include in your property listing description:
- Dimensions of rooms: Especially if you have a larger property.
- Type of flooring or carpeting: Especially if they’re new.
- Heating or air-conditioning
- Balconies or patios
- Washer/dryer availability
- Accessibility features
- Nearby public transport
- Rules about pets: Mentioning if your property is pet-friendly or not can help to save you time fielding phone calls from prospective tenants asking if you allow pets.
4. Spot and Highlight Its Strengths
Maybe your property has a walk-in closet that will make a fashion-lover happy, an in-unit laundry to make life easier for families, or a modern, fully-updated kitchen that will impress home cooks? Or perhaps you have a backyard or a garden in a neighborhood where you don’t often see those. Identify features of your property that will make it stand out from the rest, and be sure to play them up to potential renters. Include them in your listing, along with some photos. Be sure to point out these features during house tours as well.
5. Upgrade Appliances, Paint, and Carpets
It can feel like you’re starting over from scratch when a tenant leaves your property. If you want to impress your prospects and get them to sign a contract quickly, make sure your property doesn’t look tired and worn out. Consecutive tenancies can take their toll on your property’s walls, carpets, and appliances.
Tips to refresh the look of your house or apartment:
- Give your walls a fresh coat of paint. Stick to neutral colors to make it appealing to more renters. Steer clear from bright colors or patterns which aren’t suited to everyone’s tastes. Some landlords use the same color schemes in all of their rentals to make it easier to order paint that matches what’s already there.
- Deep clean any carpeting and remove stains. Replace carpets that look old and worn. This is especially important in high-traffic areas. If you’re making your rental pet-friendly, consider upgrading old, worn-out flooring to hard flooring. Hard-wearing laminate is a good option.
- Replace old appliances. New appliances can go a long way when it comes to potential renters. If you’re having trouble renting out your property, out-of-date appliances could be one of the problems. This is especially true for the kitchen. You can replace your old refrigerator, stove, and oven without blowing your budget by going to a distributor or warehouse for a lower price or buying all of them from the same place to get a bulk discount.
These updates may cost you money but think of it as an investment. What you spend is likely going to be less than the income you lose during long void periods. Of course, it’s a balancing act, and you’ll want to consider carefully whether the expenditure is something that will more than just pay for itself in the long run.
6. Do Routine Inspection and Maintenance
Regular, routine maintenance can help your property to look its best, something that will help to draw good prospective tenants in. It makes sense if you think about it; you don’t want to attract would-be tenants who don’t care about the condition of the property.
Likewise, inspections are important for helping to ensure that the property is safe to live in. Ideally, landlords should do routine inspections once a year. It’s also good practice to do it each time a tenant leaves your property. That way, you can catch minor problems and repair them before they become bigger.
What to check during routine inspections:
- Interior: Check the locks on doors, do a brief electrical inspection, look for signs of pests, check for water damage on ceilings and walls, and inspect your HVAC system. Test smoke and CO2 alarms, and replace batteries while you’re there.
- Exterior: Check for leaky roofs, potential hazards in the garden or backyard, and locks on windows. Check the condition of the gutters to make sure they’re not loose.
Performing routine maintenance and safety inspections can help to keep your tenants happy while keeping your property in good condition as well.
Routine Inspections: See why they matter.
7. Consider Allowing Pets
Is your rental pet-friendly? Increase your property’s market reach by considering pets. As of 2021, 67% of households in America have pets, and pet ownership continues to rise. A no-pet policy could mean that you’re excluding a significant number of potential renters. Fortunately, this new trend has produced solutions that protect properties from possible damage from our furry friends:
- Include pet policies in your lease contract to protect you and your property. You can include the type of pets, the quantity, and the breeds that you allow and restrict.
- Ask for a pet deposit in addition to the security deposit. Remember to make it reasonable. Some places have restrictions in place limiting the amount that you’re allowed to charge for a security deposit. A monthly pet rent of $150 to $200 per pet is reasonable.
- Consider asking your tenants to have renters insurance that covers pet damages to property.
8. Provide Wi-Fi
Wi-Fi is a top priority today. And with remote work being more and more common, a fast Wi-Fi connection is something that could make your property stand out. Tenants already have a lot to think of when moving, so taking out the hassle of applying for an internet subscription can help them decide on the lease quicker. It’s an extra expense, but there are great deals on Wi-Fi subscriptions out there.
9. Consider Offering Incentives
Property managers or landlords sometimes offer these deals in order to get a lease signed quickly, especially in a market where properties take longer to rent. You can offer gift certificates, cash incentives, or a discount on the first month’s rent. Another idea is to offer your outgoing tenants an incentive to find someone to replace them. A $200 or $300 thank-you could be just what it takes to encourage them to pass the word on and put a good word in about the place for you. Sure, it’s an initial expense, but it’s much more cost-effective than an extended vacancy.
Another way to encourage longer tenancies is to offer a discounted rental price for a longer lease. For example, you can offer 20% off the final two months’ rent if a renter signs a one-year lease. Or you could offer one month of free rent in the contract. Longer rental agreements are especially ideal if you’re looking to encourage a current (and great!) tenant to extend their lease.
10. Consider Hiring a Property Management Company
Looking for qualified tenants can be time-consuming and involves a lot of hard work. If you have another job or live far from the property you’re trying to rent, hiring a professional might be the key to renting out your property faster. Don’t waste any more time and outsource tasks like property viewings, receiving calls, and marketing to the professionals. Plus, a good property manager will have policies and screening procedures in place to ensure that applicants are screened carefully, and fairly, helping to drastically increase your likelihood of ending up with a qualified applicant in your rental, someone who will pay the rent on time and follow the terms of the lease. See: Ten Signs You Should Outsource Your Property Management.
Owning rental property can be an excellent investment, but not when that property is sitting vacant and isn’t bringing in any income. Maybe your current tenants just ended their lease, or you just purchased your first rental property and are about to start your journey as a landlord. Either way, long vacancy periods are something you’ll want to avoid. With the right property upgrades and management assistance, you’ll be finding your ideal tenants in no time.
These days, you can outsource many aspects of your property management tasks to experts. Learn more about reducing your property’s vacancy rate.
Ready to outsource to the professionals? Start by getting your FREE rental price analysis, and seeing how much you could be getting for your property.
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