- Invest in the property’s curb appeal and exterior lighting to create an inviting atmosphere.
- Offer amenities tenants desire, such as pet-friendly accommodations or furnishings options.
- Advertise and market your rental property effectively to reach a larger audience.
- Set competitive rental rates based on local demand and non-monetary factors.
- Utilize online rental platforms for convenience and to increase the visibility of listings.
If you’re looking to attract tenants to your rental property business, several things you can do will help ensure success. From ensuring your rental property is well maintained to offering competitive prices and flexible payment options, these tips will help you attract more tenants and keep them returning for years. The five tips below can make your rental property business more successful and profitable.
1. Invest in Your Property’s Curb Appeal
The first impression of your rental property often determines whether a potential tenant will take the time to explore it further. Taking care of the exterior of the building is essential for creating an inviting atmosphere.
Here are investments to boost the curb appeal of your property:
A well-manicured lawn will make your property stand out and give it a more inviting feel. Regular maintenance such as mowing, weeding, fertilizing, edging, and aeration can help to keep the grass looking lush and healthy. If you don’t have the time or knowledge to do this, consider investing in professional lawn care to keep your looking its best. Professionals will ensure that your lawn is properly maintained and will have the necessary equipment to complete even the toughest lawn care tasks.
Adding lighting around the building’s exterior can help to create a more inviting atmosphere at night. Motion-sensor lights are particularly effective for rental properties, as they can deter potential intruders and make tenants feel safer when coming home late at night. Installing outdoor lighting can also help highlight your property’s best features and make a good first impression.
Making sure that entryways are secure is paramount for creating an inviting atmosphere. Installing deadbolts, replacing locks, and adding security cameras can all help to assure potential tenants that their safety is taken seriously. Remember that you can also make entryways more visually appealing by adding door mats, flower pots, and awnings.
Parking and Paths
Ensure that parking areas are marked and easy to access. Creating wide paths that lead from the street to the rental property can also help make it easier for tenants to move in. If the paths need repair, consider resurfacing them with gravel, stones, or bricks for added appeal. Ensuring enough parking spaces to accommodate all tenants will make the property more desirable.
2. Offer Property Amenities That Appeal to Tenants
Property amenities are one of the primary factors tenants consider when looking for a rental. Consider what prospective tenants in your area may be interested in and offer those amenities at your rental property business.
Suppose your rental property business is located in an area with various ways to entertain themselves, such as proximity to shopping, restaurants, or attractions. In that case, you can use this as a selling point too. Highlight nearby places they can take advantage of while living at the rental property. You can differentiate your rental from others by offering pet-friendly accommodations or allowing tenants to choose between furnished and unfurnished units.
3. Advertise and Market Your Property Effectively
You must advertise and market your properties effectively to attract potential tenants to your rental property business. You can do this through word of mouth, online portals, or traditional print and media advertising.
Word of mouth is an effective and cost-efficient way to get the word out about your rental property business. Ask friends and family to spread the word and provide referrals. Ask your existing tenants for referrals, as they will likely have friends looking for rental properties.
4. Set Competitive Rental Rates
Setting competitive rental rates for your rental property is key to attracting tenants. The price must cover all expenses associated with owning and operating the property, such as mortgage payments, taxes, insurance, utilities and repairs. To determine a competitive rate, research what similar units in the area are renting for.
It’s also important to consider non-monetary factors when pricing your rental properties. Factors like location, condition of the unit and access to amenities can all affect the rate you charge. If your unit is in an area with high demand or offers something special like a balcony or modern appliances, you can get away with charging more than other units in the area.
5. Utilize Online Rental Platforms
Online rental platforms play a bigger role in how property owners advertise their properties. Platforms such as Airbnb and HomeAway offer an easily accessible platform for potential tenants to browse through listings, compare locations, and book their stays directly with the owner. These platforms also make it easier for landlords to manage their businesses by providing tools to streamline pricing, communication, and payment.
In addition to their convenience for renters and landlords alike, online rental platforms also provide a range of additional benefits to property owners. They can help you reach a larger audience. Utilizing these platforms will make your listing visible to users worldwide and increase your chances of finding the perfect tenant for your property.
With these tips, you can create an attractive and desirable rental property that will draw tenants to your business. Investing in property curb appeal, offering amenities that tenants desire, advertising and marketing effectively, setting competitive rental rates, and utilizing online rental platforms are all great ways to attract tenants to your rental property business.