How to Attract Good Tenants to Your Rental Property

Good tenants can make being a landlord a breeze. They pay on time, let you know promptly when something breaks, and take care of your property as if it was their own. Bad tenants, on the other hand, can make being a landlord a nightmare. They may disturb their neighbors with loud music and parties. They’re rough on the property and cause damage. They may not pay on time, and you might have to go to court to evict them. You can save yourself potential headaches by learning how to draw good tenants to your rental property.

Here are some ways you can find good tenants. The more suggestions you use, the more likely you can find quality renters.

Clarify for Yourself the Tenants You Want

Before you even consider listing the property, determine what type of tenants you want. Do you want a family? A single person? Will you allow the tenant to have pets? To smoke?

Make a profile of the type of person or people you’re looking for. This information will help you determine where to list your property and how the property should look and what information you need for prospective tenants.

Make the Property Attractive

Once you decide what type of tenant you would like, take the time to make the property attractive. An unattractive, neglected property likely won’t draw good tenants to your rental property.

Spruce Up the Property

If you take the time to refresh the property, prospective renters will notice and more likely want to live there.

For instance, our best landlord always took the time to repaint the entire apartment when a tenant moved out, which helped the property look fresh and appealing. He also used the time when the apartment was vacant to make any upgrades he felt were necessary. Because of his diligence, his apartments rarely stayed vacant long.

Stage the Apartment

If you have an upscale apartment to list, stage the apartment. A staged apartment will look bigger to prospective clients than an empty one and will look better in photographs. In addition, staging helps people imagine the possibilities for the space.

Have Professional Photos

When you get ready to list the property, don’t take a couple of quick photos to add to the listing. Have professional photos taken. Yes, this is an added expense, but properties listed with professional photos will attract more prospective tenants. In addition, you’ll likely be able to rent the property quicker, meaning there is less time when you’re not earning money from the property. Investing money up front with professional photos will ultimately save you money because you don’t need to eat the costs of a vacant property.

Successfully Advertise the Property

Long gone are the days when you could advertise a property in the newspaper and wait for people to call you.  Instead, you have to up your game.

List in Multiple Places

Are you relying on a Craigslist ad to draw your prospective tenants? If so, expand your search area to reach the type of people you want to attract. Consider listing your property in places like Apartments.com, Avail, or Zillow, to name a few. You’ll reach more people and attract more potential tenants.

Meeting the Prospective Tenants

Now that you’ve done all the work to prepare your property and attract prospective tenants, you’ve reached the essential part of the process—meeting face-to-face. Take these steps to make sure it goes smoothly.

Be Flexible with Meeting Times

Some landlords like to save themselves time by having an open house and meeting all prospective tenants in a one-hour or two-hour time slot. While this is convenient for the landlord, it may not be for the prospective tenant.

Not All Can Come at That Time

Remember, not all tenants can come at the time that is convenient for you, so you’re culling some potential tenants. Avoid this by showing the property individually to tenants when they can meet. That may be early in the morning or at eight o’clock at night depending on their work schedule. Yes, this means more work for you, but that’s how you may get the right tenant.

Not All People Will Have Time to Ask Questions

If you have an open house, you may have so many people that you won’t be able to interact with and answer the questions everyone has. You may talk to just a few people who dominate your time while the others slip away before you can engage with them.

Know Nearby Amenities

When you’re meeting people to show them the property, know the nearby amenities. You’ll want to be able to tell people where the local parks are, what dog parks are available, and where the nearest restaurants and bars are. If there’s public transportation available, you’ll want to know which routes lead to which destinations. You want to be knowledgeable and show the individuals that your place is right for them in part because it’s conveniently located close to the services they need.

Do Your Research

Once you have potential tenants in mind, conduct research to determine if they’re a good fit. You’ll want to screen their credit report, of course. However, you likely need more than that. Have they ever been evicted before? Do they have a criminal record? If so, for what crime?

Each time I’ve rented in the past, I’ve had to pay for the landlord to run my credit report. Having the prospective renters pay for this is not unreasonable and lets them know you will do your due diligence.

Final Thoughts

Having a good renter is essential to the success of your rental property business and for your peace of mind. If you know how to draw good tenants to your rental property, you’ll save yourself from bad tenants that destroy your property or that you need to evict. Avoiding these problems is worth the extra work it takes upfront to draw reliable renters.

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