Whether you are a new landlord or a seasoned investor, finding the right tenant to lease vacant property impacts everyone in rental real estate and, of course, their pocketbooks. Each month of vacancy or missed rent can be detrimental to an investor’s overall net operating income (NOI). So, how can you ensure that your property gets rented quickly and efficiently? These few tips, from marketing tactics to property showings, can help you find an ideal tenant in little time.
Proper signage can be one of the easiest and most cost-effective ways to drive traffic. While most rental signs can be found at your neighborhood hardware store, these generic signs don’t leave much room for including more personalized information. Specialty signs from professional vendors can be seen online and often offer fields to include more specific information, like recent upgrades made to the unit. At a minimum, rental signs should include the property’s bedroom and bathroom count, monthly rent rate, email, and phone number.
Location. Location. Location
Like everything else in real estate, location is key. Place signs in an area that has either high foot traffic or can be easily seen from the street. Sometimes, neighbors can be the best tenant referral source. Don’t forget to advertise the vacant unit to those who live in the area by leaving flyers at their doorsteps.
When so many potential tenants use the internet as a primary source for finding new places to live, it is crucial that you advertise online. While you may start on Craigslist, do not limit potential traffic to one site alone. Sites like Apartments.com and Zillow Rental Manager are great tools for advertising your property online. Additionally, tap into your current network.
Promote your posts on social networking sites (Facebook, LinkedIn, Instagram) and create an email campaign to send out your rental property to your network. Don’t forget to ask them to share.
Ace the Property Showing
It’s difficult to get psyched for property showings when you have had multiple potential tenants view the property and simply walk away, making you feel like it was an utter waste of time. However, keep in mind that every potential tenant you meet is looking for a new place to call home according to their own needs, perspectives and wants. It is important to continue to treat each showing like it’s your only showing and hone in on the presentation.
Be sure that both the interior and exterior are appealing to new applicants. This includes having a clean and well-lit property and drawing attention to the most significant features or upgrades of the house or unit. Even if it may be obvious, don’t forget to point out items that a potential tenant has inquired about or seems to gravitate to.
It is also important that you are ready to answer questions beyond the home and into the surrounding area. Some useful information to know off hand includes nearby schools, police and fire stations, restaurants, fitness, and entertainment areas.
Lastly, be prepared to close. Just because a prior showing did not work out does not mean the next one won’t either. Bring rental applications and lease forms to every showing. Before even opening the door, determine any rental concessions that you would likely make as well as the deposit, key and pet fee you would need to impose.
CoreVest is a leading provider of financing solutions to residential real estate investors. We provide attractive long-term debt products for stabilized rental portfolios as well as credit lines for new acquisitions.