Running a successful rental property is all about the tenants. If you can’t find tenants, it wont matter how nice your property is because no one will be able to enjoy it. One of the most stressful times for a landlord is when any lease starts to approach its end. Juggling both finding new tenants and wrapping things up with existing ones can get a little tricky. If you start the new tenant search too late, you may find yourself in a position where you have to forage through the pool of inferior applicants. Fortunately, there are a handful of hacks you can use that will give you a surplus of new applicants. Here are six tips to help you find your next tenant:
- Review Lease Dates: You may not even think about the dates of your leases, but they matter more than you realize. Start by considering your target market. If your property is rented primarily to college students, your lease should revolve around the school year. Any time from June or July 1st to the end of May is the ideal time-frame. Something starting or finishing in August wont necessarily work for that specific market. The same thought process should be applied if you rent to families. Families with kids will also need to make it through the school year before ever considering a change. Something starting around August works under this scenario. Before you start your search for tenants, consider your market and adjust your lease dates accordingly.
- Give Yourself Enough Time. It is never too early to start looking for your next tenants. To avoid any stress, you should give yourself plenty of time. You can start by using the popular rental property search sites like Trulia, Postlets, and even Craigslist. You should also take advantage of social media and post about your property on all the sites you are associated with. There is really no downside to getting the word out to all your contacts. You can also try putting a bandit sign on the front yard of the property and any other properties you own. There are numerous things you can do to generate interest that cost virtually nothing. The closer you get to the end of the lease, the more desperate you become. Give yourself plenty of time to find the best tenant for your property.
- Market In The Right Places. It is not enough to just make an attempt to generate interest for your property. If you really want to get it rented, you need to think like a renter. Do some homework and find out how people in your market are finding rental properties. In some cases, it can be something as simple as a bandit sign they may have seen around town. Other times it could be a popular website and others could be from a prominent local real estate agent. You should try to tap into every way tenants are finding properties if possible. There is nothing wrong with thinking outside the box at times but you also don’t want to be throwing money away. Placing an ad in your local newspaper may seem like a good idea but tenants may not be using this method much anymore.
- Reach Out To Fellow Landlords. Between all of the rental listing sites coupled with the MLS, you should be able to find who else is renting properties in your area. Once you have this information, reach out to fellow landlords and offer to share incoming leads. There may be a case where your property doesn’t work for them but they may still be looking. By offering to swap leads, you’ll always have something to fall back on. Most landlords are open to this but you may face a few who are opposed. Work with the landlords you are comfortable with. You never know who you are talking to that has a handful of properties with a large amount of lead overflow.
- Price. If you have been generating plenty of interest but haven’t been able to find a tenant, price might be your problem. Take a look at your property and what it offers in relation to your market. You may think that your amenities are significant but probably not enough to justify a large price increase. At the end of the day, all renters consider price in one way or another. By overpricing your property, you lose a large majority of interested tenants. You can always drop your price but by the time you do, you may have missed your window.
- Don’t Forget Existing Tenants. It is easy sometimes to forget about your existing tenants. Have you even asked them if they would like to renew the lease? You may be surprised at how many tenants will be open to staying in the property if you simply ask them. Many landlords are on the hunt for the perfect tenant not realizing they already have one. If your tenant pays on time and takes care of the property, you should extend an invitation to renew. If they opt not to for one reason or another, you should ask them if they know anyone else who might be interested. Some landlords go so far as to offer gift certificates as incentive for either renewing a lease or finding a new tenant. Whatever you do, you need to include your current tenant in your search. They are often much more valuable than they get credit for.
Technology has made it easier than ever to keep your rental property occupied. If you are having trouble, start with these six tips. If you use these and start early enough, you should have no problem finding your next tenant.
