Last Updated on October 24, 2023
Let us tell you the truth, rental property success is difficult. Plain and simple. There are a lot of things in the market valuation calculator and on top of that you have no idea how hard it is to find a good tenant who is perfect from start to finish. Like paying rent, keeping the unit in pristine condition, and lastly staying for a long time.
With few yet notable changes in your unit can bring a ton of applications. From there you screen your tenant and possibly get that long-term stay tenant.
We came up with these steps to attract quality tenants and even retain them for a long stay.
Understand What Tenants Want
To get great tenants, you’ve got to see things from their point of view. Tenants want:
- Location – It’s important to be close to work, school, and stuff like stores. Being near public transportation is a bonus.
- Condition – Tenants like places that are clean, well-kept, and with working appliances. Fresh paint and clean carpets make a place more attractive.
- Price – Rent should be competitive compared to other similar places in the area.
- Extras – Things like having a washer/dryer in the unit, outdoor space, enough storage, and parking are big pluses. Cool things like a keyless entry system also make life easier.
- Safety – People want to feel safe, so having things like good outdoor lighting, strong locks, and even alarms is reassuring.
If you work on these things, your place will look really good to potential tenants.
Define Your Ideal Tenant Profile
Before you put up an ad for your empty place, figure out who you want to rent to. Here’s what you should think about:
- Income – Decide how much money renters need to make to afford the rent.
- Credit Score – Set the lowest credit score you’re okay with.
- Background Check – Decide what you’re looking for in their background – like criminal history or rental history.
- Pets – Figure out if you’re cool with pets or not.
- Number of People – Decide how many people can live in your place.
- Other Rules – Think about any other stuff you want, like no smoking or whatever.
This helps you show your place to the right people and keeps you from breaking any housing laws.
Use Professional Photography
Having awesome photos makes a big difference when you’re trying to rent a place out. If the place is empty, set it up nicely so it looks inviting and roomy. Take pictures from lots of angles to show everything – the rooms, bathrooms, closets, and even outside spaces.
Zillow, a place where people look for houses and apartments, says that listings with really good pictures can get up to 200% more views. If your place is empty, it’s a good idea to get a pro photographer who knows how to make it look amazing. They’ll take pictures that show your place in the best way.
Provide Abundant Storage
Storage inside a residence is highly valued by many renters. So, make the most of closets, cabinets, and pantries in your units. You can also add shelves and organizers to make the space work better.
If you’re doing upgrades to the place, think about putting in things like pull-out pantries, kitchen drawers (probably the deeper ones), storage towers in the bathroom(s), and an easy way to the attic for storing seasonal stuff.
Also, if you have storage like a shed or garage, the chances of picking your place are high. But you have to make sure that your garage is pristine in condition both in functionality and ambience. A clean spot gives you this big-area” vibe even if the garage is smaller. So, always make sure that you keep it nice and tidy before the tenants visit your place.
Prioritize Safety and Security
Safety is super important for tenants, especially families. Here’s what you can do:
- Lights Outside – Make sure the outside is well-lit. This helps stop bad things from happening and makes people feel safer at night. You can add lights that turn on when they sense movement.
- Good Locks – Use strong locks on all doors and windows. You can even use smart locks that let people in without keys.
- Security Stuff – If you can, work with security companies to put in alarms, cameras, and people who watch out for trouble.
- Tenant Checks – When you’re checking out tenants, make sure to look into their past. If they’ve been kicked out before, got into trouble, or had money problems, that could be a red flag. Also, talk to their old landlords to see if they were good renters.
- Renters Insurance – Ask tenants to get renters insurance. This helps if there are damages or accidents.
Taking safety seriously helps make sure nothing bad happens and also makes renters feel good. You can even use cool tech like smart home stuff and cameras to keep an eye on things.
Maintain Properties for Curb Appeal
Doing regular upkeep is key to keeping your places in top shape. Plan for thorough cleanings and fixing things up when people move out. This makes it easier to get ready for new tenants.
Deal with stuff that’s been put off, like fixing chipped paint, doors that don’t work well, leaky faucets, and getting new appliances if needed. Don’t forget to take care of the yard, clean the gutters, and give things a good wash to make the outside look nice.
Fixing things before they get worse is smart – it saves money later on. And your tenants will see that you’re committed to making sure everything is good.
Update and Modernize Units
Even really nice places can start looking old after a while. As time goes on, it’s a good idea to update things to keep up with the competition. Remodeling kitchens and bathrooms is a great way to make the place better without spending too much.
Here are some things you can do:
- New Appliances – Get stainless steel appliances for a modern look.
- Fancy Countertops – Put in quartz countertops – they look cool and are durable.
- Cool Backsplashes – Use tiles for a stylish backsplash.
- Sleek Showers – Put in showers with frameless glass doors.
- Tech Locks – Use locks that work with keypads instead of keys.
Doing these updates makes your places look really good to tenants.
But make sure you do all the things before your new tenants show up. This makes it a whole lot easier for them to move and your crib also stays up-to-date.
Property Manager to Rescue!
OK, so what if you need some help? Like you have tried everything and nothing works as you thought. What should you do? Well, asking for help is the best thing and that is where the property managers come in.
They take care of a bunch of stuff like finding renters, checking out applicants, making sure rent is paid, dealing with repairs, and making sure people follow the rules. And while they do all this, you still get money without doing much.
Property managers use cool tech like putting up ads online, checking out renters with special services, and having systems to request repairs. This makes things smoother for renters. The cost is usually around 8-12% of the monthly rent, but it’s a good deal because your place will do really well with their help.
Final Thoughts
Getting and keeping great renters takes work, but it’s worth it. You’ll make steady money and won’t have empty places for long. Here’s what to do:
- Give Them What They Want – Make sure your place has stuff renters really like. Think about what’s important to them.
- Smart Marketing – Put your place out there in a way that gets attention. Show how great it is.
- Keep It Nice – Do regular upkeep to keep your place in good shape. Fix things up when needed.
- Pick the Right People – Choose renters who will take care of your place and follow the rules.
- Build a Good Experience – Make sure renters have a good time living there. They’ll want to stay longer.
- Think Long-Term – If you do these things right, you’ll make good money and have renters who want to stay for a while.
With the right plan, you’ll have a rental business that’s a success.
FAQs
1. What are the best ways to screen potential tenants?
Require a rental application, credit/background check, income verification, and reference letters. Also, do an in-person interview to evaluate applicants.
2. How much should I spend to update my rental units?
Aim for $10,000-$15,000 in renovations every 5-7 years to keep units updated. Stick to updates that will recoup over 75% of costs.
3. How can I tell if my rents are competitive?
Research similar rentals in your area on listing sites like Zillow and Apartments.com. Adjust pricing as needed to align with comparable units.
4. What amenities are most valuable for retention?
In-unit laundry, parking, outdoor space, storage, and modern finishes have the highest impact on tenant satisfaction and retention.
