If you are the manager of a property that has been newly redeveloped, attracting good tenants is crucial. Here’s how you can increase your chances of renting to trustworthy residents.
1. Create a Comprehensive Listing for Your Redeveloped Property
While you can certainly spread awareness of your vacant property by word-of-mouth or by printing out flyers, posting an online listing will greatly boost your apartment’s visibility to potential renters. An online listing should be eye-catching, detailed, and well-written. The listing should also be straightforward and succinct. Vaguely-worded sentences and massive walls of text are immediate turn-offs for online readers.
Consider attaching high-resolution photographs to further pique the reader’s interest in your property. If the property was previously abandoned or dilapidated before you redeveloped it, adding photos will help to assure prospective tenants that the new structure is sound and up-to-date.
2. Give Every Prospective Tenant a Background Check
Each potential tenant should submit a list of references with their application. This list should be comprised of former property managers and employers that you can contact to determine if the tenant will be a good fit for your apartment building.
Compile a list of questions to ask each reference, especially concerning the person’s demeanor and reliability. Ask all former property owners about late payments and evictions, and the circumstances surrounding these issues.
Research each potential tenant’s credit score. A solid score is an indicator of financial security and suggests a punctual payment history. A high credit score doesn’t necessarily guarantee that the tenant will pay the rent on time every month, but it increases the likelihood that they are inclined to do so.
3. Communicate Effectively and Promptly
Reputable property owners like Steven Taylor LA real estate professional, have excellent communication skills to help them excel in the world of property management, and so should you. Prospective residents will appreciate having a lessor that responds swiftly to their emails, which will help to build a positive, trusting relationship between you and your lessees. This will, in turn, help to establish your reputation as a dependable property owner, which will attract more quality tenants to your apartment complex.
4. Perform Regular Maintenance on the Property
Performing regular maintenance on the apartment, even if it is currently unoccupied, will streamline the staging process. It also leaves a good impression on people who come to tour the residence.
You may want to consider performing preventative maintenance if you can spare the time and expense. While it might seem excessive now, performing maintenance preemptively may help to save some money down the road.
5. Know the Local Scene
Brush up on your knowledge of local amenities that would be of interest to prospective inhabitants, if you haven’t already. These amenities include parks, restaurants, grocery stores, shops, and the public transportation system. Having a keen understanding of the surrounding area will show tenants that you are well informed. It will also help to give them a general idea of the local geography if they are unfamiliar with it.
You can even create brochures to hand out to renters if you have the time and energy. This is not required, but it may help your tenants feel more at ease.
Following these procedures will help you find the ideal tenants for your apartment complex.