Whether a first-time landlord or a seasoned pro, it’s always helpful to have a few tricks up your sleeve to attract tenants. The rental market can be competitive, so if you want to stay ahead of the game, you must make sure your property is as appealing as possible. According to the National Association of Realtors, the average vacancy rate for rental properties was 7.1 percent in 2017. While this number has been declining in recent years, it’s still important to take steps to make your rental stand out.
Here are a few tips to help you attract more tenants to your rental home business:
1. Keep your property well-maintained.
One of the most important things you can do to attract tenants is to keep your property in good condition. This means regular landscaping, painting the exterior and interior of the house as needed, and addressing any repair issues promptly. Tenants are looking for a comfortable place to call home, so if your property looks like it needs some work, they’ll likely go elsewhere.
While you want to keep your property in good condition, you also don’t want to go overboard with the renovations. Stick to cosmetic updates that will make a big impact without breaking the bank. Of course, you also don’t want to skimp on necessary repairs or updates, as this could cost you more in the long run.
2. Ensure your property is energy-efficient.
Tenants are increasingly looking for energy-efficient rental properties, as this can save them money on their utility bills. Making your property more energy-efficient is a win-win for both you and your tenants. You can save money on maintenance and utility costs, and your tenants will be happy to know they’re doing their part to save the environment.
There are a number of ways to make your property more energy-efficient. One of the most cost-effective ways is to order an EPC (Energy Performance Certificate). This will give you an idea of how energy-efficient your property is and what improvements you can make to save money. If the performance certificate indicates that your property could use some improvements, several tax credits and subsidies are available to help offset the costs.
3. Offer competitive pricing.
Another critical factor in attracting tenants is pricing your rental property competitively. Be sure to research other similar properties in the area and price yours accordingly. Potential tenants will look elsewhere if your rental rates are too high; if they’re too low, you could lose money each month.
Some landlords choose to offer incentives, such as a discounted rate for the first month or two, to attract new tenants. This can be a great way to fill your rental property quickly, but be sure to raise the rates after the initial discount period is over. You don’t want to get stuck in a situation where you’re not making enough money to cover your costs.
4. Advertise online and offline.
To really get the word out about your rental property, you need to advertise both online and offline. Post listings on popular real estate websites and include photos of the property (inside and out). You should also put up signs in the yard and distribute flyers in the neighborhood where the house is located. The more people you can reach, the better your chances of finding tenants for your rental home business.
But you should avoid using vague or misleading language in your ads. Be sure to include all important information, such as the number of rooms in the house, the square footage, the rent price, and other special features or amenities the property offers. You don’t want tenants to be surprised when they see the property in person and find that it doesn’t meet their expectations.
5. Screen tenants carefully
More tenants don’t always mean more business. You want to be sure you only accept responsible tenants who will take good care of your property. That’s why it’s important to screen potential tenants carefully. Don’t be afraid to ask for references and run a credit check. These measures will help you weed out those who are likely to cause problems down the road.
You should also have a solid lease agreement in place. This document should spell out the expectations and rules for both you and the tenant. Be sure to go over the lease agreement in detail with the tenant before they move in to avoid any misunderstandings.
With these simple tips, you can attract more tenants to your rental home business in no time! You just need to be patient, do your research, and price your property competitively. By taking the time to do things right, you’ll be sure to find the perfect tenants for your rental property.