Registered: 1173148119 Posts: 3
Reply with quote #1
It's that dreadful time again - looking for new tenants. I'd appreciate your tips and suggestions on getting people to actually show up when they ask to come view the property. I try to schedule open houses or several appointments at once, but at least half of those ultimately flake out.
Registered: 1356014611 Posts: 125
Reply with quote #2
The ones that flaked out are typically the ones that you don't want to rent to anyway. The most common reason a prospective flakes out on an appointment is that they found something else that they feel is a much better deal or better suits their personal needs. So much so, that they didn't even feel it worth it to visit your property. It's not uncommon to sometimes have a prospective go as far as filling out an application, get the thumbs up from the landlord that they've been approved to rent the unit and schedule an appointment to sign the rental agreement/lease, only for them to bail out at the last minute. Based upon my experience, if you've already been advertising the unit for at least a few weeks and either this happens, or you're just not getting a lot of interest for the unit in general, it means that you're asking too much for the rent (i.e. from the prospective tenant's perspective, there are plenty of much better deals out there other than your unit). So with that in mind here are a few pointers that I've found to help stimulate interest in a property:
1) Research what market rate rents are going for in your area. Scan craiglist adds (glaze past the bait-and-switch that seems to spam it all the time), local papers, rental adds, signs, anything you can find. Basically, put yourself in the shoes of a prospective tenant that is eagerly searching for the best place and the best price. Then ask a little bit lower than the market rate, then subtract 5 dollars from that (price pointing). Renters want to feel like they're getting a good deal. 2) Spruce up your curb appeal and make your property shine. This single step has been by far the most effective way to get the attention from good prospective that I've found. It not only looks good, but gives them the impression that this property is well maintained. Good tenant's want to be proud of where they live. 3) Be cheery when you advertise, talk on the phone, etc. Avoid saying "no" to anything until you get them in the unit and they ask questions, be eager to offer them an application and "answer any questions" they may have - and most importantly don't forget to smile . Good luck!
Registered: 1405206449 Posts: 178
Reply with quote #3
No problem. Set up a showing for pre-screened tenants only. After you have made the appointment, put a calendar entry in Google calendar or something. make sure to invite the new renter, and the old renter. Put the new renters phone number in the invite, so you call call them back if needed.
Make sure the new renter confirms by text/email that they are on their way ~30 minute prior to them being their. Then, you can leave to go meet them. Or you can call them back and make sure they are coming. __________________ http://www.NoNonsenseLandlord.com/
Landlording for maximum profitability and Financial Independence
Registered: 1398506458 Posts: 28
Reply with quote #4
Yeah looking for new tenants is an uphill task and exhausting.. Make sure all visitors confirm beforehand whether they are coming or not and call them back to confirm their arrival. Advertise your property properly so that prospective tenants come running to you to see your property and don't stand you up at the last moment.
__________________ Kingsbury Homes
Registered: 1447968640 Posts: 22
Reply with quote #5
Good point about advertising, davisjone. The more applicants you have, the more options you have. Having your listing on multiple websites will increase the number of applicants see your rental. The time of year also factors into the number of applicants you'll get. In college towns, August is a good season to put your rental on the market as college students are looking for places to rent. Less people are looking to move in winter, especially around the holidays, so this could mean less applicants. __________________
Founder / CEO
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