Focus on the Best Possible Tenants
Do you know why you buy a particular brand of toothpaste? Or the car that you drive? How about the shoes you’re wearing right now? What led you to purchase the things that are on you and around you?
You may not know why you buy the things you do, but whoever’s selling them certainly does. They have targeted you for their advertising, which, in turn, might have convinced you to buy Brand C over Brands A and B.
It’s the same for attracting the best possible tenants for your rental properties. You have to know how to target them first. How?
- Analyze your rental units
- Figure out who wants what you have to offer
- Communicate directly with the folks who want what you have
Analyzing your rental property:
- Does the rent fall into a price range that appeals to your target tenant? Are you charging too much and eliminating a section of your target market? Or are you charging too little, which makes your rental seem less appealing?
- Is it located in a neighborhood that people with children love? Or is it right in the middle of the urban area where young singles like to hang out?
- Do you offer fitness facilities on site? Or, if your apartment complex is close to a neighborhood gym, have you worked out a discount with the owner for all of your tenants?
- Where do your tenants park? Do you offer covered off-street parking? Or is your place better suited to mass-transit users, bicyclists and walkers?
- Perks: What upgrades does your rental unit offer? Fireplaces, gas stove and swimming pool? Hardwood floors, big bright windows, and granite countertops?
- How much storage do you offer your tenants? Do they have their own storage area? Are their plenty of closets or built-in bookshelves?
- How accessible are your rental units? Do you cater to older tenants, with easy-to-navigate sidewalks, safety bars in bathrooms and ramps? Or is your third-floor-walkup more suited to an ambulatory tenant? (Remember you cannot discriminate against anyone due to disabilities.)
After you analyze your rental properties best features, prepare a well-written advertisement and put it where your targeted tenant will see it. Younger hipsters find everything the need online and at their neighborhood coffee shop. So, if you’re targeting them, advertise in those places. People who want a big yard for their kids and a neighborhood close to schools probably frequent the library and park down the street. Put up fliers where they’ll be sure to see them.
Targeting your ideal tenants begins with knowing what they want, then telling them how well your rental property fulfills all their needs.