A great success of real estate investing lies in finding out the best tenants and ensuring that you secure them as long as possible. Keeping a good tenant for a long time not only reduces turnover rates but also maximises profit.Every landlord gives his best shot to attract the perfect tenant by involving in good maintenance, putting up plenty of ads and fair market rent pricing. But often he misses some critical pieces of the puzzle. Let’s collect all those crucial pieces and hit the bull’s eye:
Define your ideal tenant: Everything will be in vain if you don’t know what exactly you are looking for. Before hitting that perfect tenant, get an idea in your mind of who your ideal tenant would be.Look for important characteristics such as stable employment, timely rent payment, past history, polite attitude towards people, no history of eviction, timely rent payment and so on while searching the right candidate. Have a clear understanding of your expectations from the prospective tenant. Keep in mind those special considerations related to smoking, pets and other rules.
Know your rental market: It is crucial to monitor the trends in the local market. Dot the I’s and cross the t’s to know what other landlords are offering. You certainly do not wish to underestimate or overestimate the amount of rent you expect for your unit. As top coaches review the tapes of other athletes or top restaurateurs visit restaurants to analyse, Top landlords pay attention to every detail of their business. Good tenants always fix the deal where their needs are met. For e.g.: A family with kids would love to stay near shopping malls and other entertainment options to enhance their lifestyle. An avid athlete would love to hear that there is a jogging trail or well-known gym nearby. Understand and sell the benefits of staying in your rental property.
Consider all communication modes: Make sure you know whom you want to communicate and how they prefer to be communicated. Putting a sign board at the exterior will not always attract the best of tenants. As technology has taken over, emphasis on other means of communication as well. Advertise online on the recognised property websites; let them share some burden of yours. Use photos to showcase the uniqueness of your property.
Beautify your property: To beautify means it should look impressive by doing a deep cleaning inside and out. If a tenant is looking for a long-term home, he is certainly expecting a tidy and maintained place. You have received enormous calls by the effective advertising but those tools lying around, cracking walls, garbage piled high and broken windows are enough to lose the opportunity. Show the property when it is move-in ready because the first impression is the last impression.
Be professional: It is true that professionalism goes a long way. You have to be professional in your personal appearance, manners and attitude. A confused person never impresses people so be organised, up-to-date and focused. Set the tone with your prospects from the very first interaction. Be professional while replying to texts, emails and calls as well. When you take care of every detail, you are sure to attract quality tenants.
Attitude is a little thing makes a big difference so be positive and let it reflect in your work too.
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