As a rental real estate investor, you’ve likely noticed the increasing demand for single-family rental properties. After hiring one of the best property management companies in Dallas Texas, you go ahead and tap into this new market. The question is, though, how will you make your property more desirable to prospective tenants? Let’s explore some of the best ways to attract quality tenants to your property, even when the market conditions seem unfavorable.
Give Incentives to Current, Quality Tenants for Referrals
The saying, “birds of a feather flock together” can work to your advantage in this situation. To some extent, many good people are particular about who they associate with, so asking an already existing, high-quality tenant for referrals and rewarding their efforts can be an effective way to find new tenants.
A quality tenant typically won’t want to ruin their reputation and their relationship with you, their rental property owner/manager, by referring a troublesome renter to you. So, chances are they will refer great new renters to your property and rewarding them will encourage them to make an effort to find someone.
List Your Criteria
List your rental property after you’ve decided on the tenant criteria. It’ll help weed out applicants who don’t match your preferred type of renter. The tenant criteria are important for your property manager to know, as it’s part of what they’ll use when screening the applicants. If you allow pets, smoking, or low credit, then be upfront about it.
It’s important to have everything outlined in advance before listing in order to streamline the tenant placement process. You’ll have a clear and good start with all potential renters and won’t be accused of being inconsiderate if any tenant defaults along the way, forcing you to take drastic measures.
Boost Your Property Value
Tenants generally look for economical and sustainable rental solutions, so aiming to offer exactly that will help you beat the competition. High energy bills, plus various rental fees, can leave a renter drained financially.
Help reduce tenants’ running costs by incorporating energy-efficient solutions in your rental property. For instance, invest in reliable solar energy, or use LED lighting rather than conventional lighting. You might also consider investing in more efficient heating and cooling systems. Finding ways to lower your property’s utility expenses is a great way to win tenants’ extended stay and loyalty.
Offer Quality
You generally can’t expect to attract quality renters if your property does not in quality condition. Ask yourself what would attract you to a property and apply some of that to your rental. As they say, first impressions matter. The environment you set for your property will generally determine the kind of renters you’ll attract. High-quality tenants typically value clean, nicely landscaped, and well-maintained properties. You can also level up the tenant’s experience by introducing modern technology into the space.
Offer Supplementary Services
Most tenants today are seeking properties that can offer convenience and not add to the stress of everyday life. Consider providing supplementary services that aim to meet this need. For instance, you can organize cleaning services to come by at a fee. Your tenants might find this helpful and relieving, especially those who have to manage tight work schedules.
Of course, your property’s location, quality, and price are important ways to attract tenants, but the ways discussed in this article are also effective ways to bring in and retain high-quality tenants. Here at Specialized Property Management Dallas, we know what tenants generally look for in a rental property. We can help you find and keep great tenants for your rental, so don’t wait to reach out! Contact us at 214-233-7572 or check out our website online!
