Since peaking in 2009, the rental vacancy rate in Salt Lake County has decreased from 8.16%. Although the vacancy rate is falling, it's never easy to attract tenants when the market becomes tough.
Your investment property can only generate income when you have quality tenants living in your units.
So, how do you find the best tenants? Keep reading to find out.
1. Keep Tenants Happy
Word of mouth is huge when it comes to rental marketing and can help you find quality tenants for your property. If your current tenants aren't happy living at your property, you won't be attracting new, quality tenants.
Always respond right away when tenants have a problem. Tenants telling others that they had a hard time getting their landlord to maintain and update the property won't look good on your part.
2. Make Sure Technology Is Up-to-Date
These days, up-to-date technology is a game changer for landlords trying to attract new tenants.
For example, tenants may appreciate units with programmable lighting and thermostat. Garage doors and door locks that can be operated through smartphones can help tenants feel safer in their units.
Updating the way tenants can pay rent will also attract new tenants. Plus, having a tenant portal that allows renters to pay fees online can benefit landlords.
3. Create Honest Listings
Homes for rent will stay vacated if rental listings aren't honest. If you want to attract reliable tenants, advertise your units honestly.
A descriptive listing will include a lot of photos and a thorough description of conveniences and amenities.
If the property is near parks, grocery stores, school districts, or train stops, be sure to include this in the listing. Don't leave out anything that tenants are interested in knowing.
4. Make the Application Process Easy
An investment property with a simple application process is better for tenants looking for a place to live. Have important paperwork ready for anyone interested in rental leasing, such as:
- Background forms
- Credit forms
- Leasing forms
Typically, tenants want to walk through the property before filling out an application so make sure you have plenty of time available for prospects. If you make them wait, they are likely to find a place elsewhere.
5. Set the Correct Rental Price
In extremely tough markets, landlords are offering rental discounts to attract quality tenants to their properties. This isn't always necessary in every area, but setting the correct rental price always is.
Set an asking price that matches the current market. Spend time researching other available rentals if you aren't sure if your rental price is too low or high.
Attract Tenants to Your Investment Property
Attracting tenants to your investment property when the market is hot is not always easy.
To find quality prospects, keep current tenants happy, implement up-to-date technology in units, and write honest rental listings. Making the application process easy and setting the correct rental price are also important.
Need help attracting tenants with the above methods and more? Contact our rental property management firm today for help.