When it’s time to list your vacancy, make sure you know how to attract quality tenants. If your rental is located in a place that has more housing demand than housing supply, then you may find that you have many applicants. The more applicants you have, the more choices you will have for your next tenant.
On the other hand, if the market isn’t that competitive, then you may have experienced a lack of applicants in general. This is where an aggressive rental advertisement plan will come into play. So, how do you attract more applicants? We have five steps that can attract more applicants to your property:
Step 1: Maintain Your Property
Never underestimate the importance of a well-maintained property. It may seem like common sense, but tenants are looking for a certain level of quality in a new place to live. Put yourself in a tenant’s shoes and picture your property through their eyes. Make sure that your pictures show your property at its best so that it makes a good first impression. If a carefully maintained property has low-quality pictures, then it won’t come across as well in the listing.
Step 2: Keep Rent Prices Competitive
Keep in mind that competitive rent prices aren’t always the lowest. Chances are, your tenants have done their research and are looking at multiple properties. Rent prices that are too high or too low will be a red flag. Sites like rentometer.com can help you find a competitive rent for your property.
Step 3: Highlight the Right Features
In addition to the basic amenities, consider highlighting features related to technology. If your property includes Wi-Fi or USB-charging outlets, then be sure to mention those features in your listing. Highlighting these amenities will increase your chances of attracting tech-savvy tenants.
Step 4: Market During Peak Times
While you can’t always control when you’ll be listing your rental, you’ll be more likely to attract more applicants during certain times of the year. In college towns, August is a good season to put your rental on the market as college students are looking for places to rent. Fewer people are looking to move in winter, especially around the holidays, so this could mean fewer applicants.
Step 5: Put your Listing on Popular Sites
Chances are, you are already marketing your property online with sites like Craigslist.org. If you aren’t marketing your listing online, you are missing out on the largest renting demographic. Consider adding your listing to more websites if you’d like to increase your number of applicants.
Next time you need to list your rental, remember these steps to help you increase the number of applicants you have for your listing.