What does the ideal tenant look like? The main goal in your search should be to find not just the best tenant, but the tenant best suited to your property.
This means if, for example, you have an apartment close to a university, a student would be a tenant most likely to attract your property. Meanwhile, a three-bedroom house in a great school catchment means a family will find this particular property appealing. Once you know who your property is best suited for, then you can properly market your rental property.
Take note of these practical tips that will help any Landlord or Property Manager.
Understand your demographic
Hone in on a niche market that will feel valued and supported by your sharpened focus on their specific wants and needs. By understanding your demographic and target to them, you will end up with optimum rental return and more options in tenant selection.
Demographics can include several factors such as age group, income etc. Assess the features of your property and see how they can relate to particular demographics. Target marketing also helps you figure out where you stand against comparable properties and what are the steps you can take to benefit your target audience.
Create a winning listing
There are dozens of listings, but how do you make it stand out and attract the tenants best suited to your property? At the first thought of renting a property, tenants will go online. If you want to catch their attention, you need to craft a winning listing.
Start by highlighting the best features. Show off the most attractive features of a rental property that will appeal to any tenant. Make sure your listing is visually appealing with high-quality, professional photos. A professional photographer will understand the best lighting and perspective.
For additional visual aids, provide 2D and 3D floor plans. You can even embed a video tour.
Ask the right questions
Once you’re going through tenant applications, keep the screening process efficient. This means asking the right questions to get a better understanding of the applicant.
Here are some of the most useful questions to ask when screening a tenant:
- When are you planning to move and why are you moving?
- How long have you lived in your current residence?
- Why are you looking for a new residence?
- Do you have references from former landlords or employers?
- Who will be living in the property?
- Are you a pet owner?
- Do you have any questions for us?
For more property management tips and news, check out our videos https://www.rentalresults.com.au/videos/