Finding and keeping good tenants is key to successful rental property management. The best way to do this is to make your property as attractive as possible to the right tenant. Here are five tips to help you attract the perfect tenants for your rental property:
One of the best ways to make your rental property more attractive to potential tenants is to update appliances. This can make your property more desirable and increase its value. Newer appliances also are more energy-efficient, which can help keep your operating costs down. For example, a new HVAC system can help you save on your energy bills.
Another way to attract good tenants is to offer incentives. An excellent incentive is to offer a rent discount for signing a longer lease. This can help ensure that you have a good tenant committed to staying in your rental property for a while. You can also offer other incentives, such as a free month of rent. For example, approved tenants that sign a two-year lease get a month free.
Including utilities in the rent is a great way to attract tenants. This is especially true for tenants that are on a tight budget. When utilities are included in the rent, tenants don’t have to worry about budgeting for them each month.
This can be a significant selling point for your rental property. A Landlord Thermostat can help you attract tenants and keep your energy bills reasonable. It works by setting the temperature to a specific range to limit how high or low it can go. This can help keep your energy bills down, saving you money each month.
Being flexible on lease terms can help you attract good tenants. For example, some tenants may want a shorter lease so they can move if their situation changes. Others may want a longer lease to get a discount on rent.
Offering different lease terms can help you attract a wider range of tenants. Renters looking for short-term stays or a month-to-month lease will pay more for the flexibility. The higher rent may make up for a month or two of vacancy while you work to fill a longer-term vacancy.
This suggestion may seem silly, but it’s just a basic rule of thumb: people are more likely to rent from someone with an excellent reputation. Image is everything in the rental market. Be sure that you’re known for being a great landlord. This can help attract good tenants to your rental property. All the advertising in the city can’t match the power of word-of-mouth.
People are more likely to rent from someone that comes highly recommended. Ask your current tenants for referrals and offer them a discount on rent for every new tenant they refer to who signs a long-term lease. This can help you attract good tenants and fill your vacancies quickly.
With the right approach, you can attract the perfect tenants for your rental property. Following these tips can make your property more attractive and desirable to potential tenants. For more information about installing a landlord thermostat in your rental, check out our full line at Chicago Controls Thermostat, Inc.