Quality tenants do not come to you by luck or accident. There is a good number of good tenants looking for spaces to accommodate. As a professional manager, you need to be able to attract good tenants. Below are tips to attract and retain quality tenants.
1. Provide Value
To tenants, it's all about value. You ought to provide a quality workspace or residential home for your tenants to maximize your property investment return.
2. Understand your target market
Focus on the existing surrounding residents and the type of people your neighborhood attracts. Figure out the tenant kind you want for the particular property. For example, if the property is bigger than usual or has parks close by, you would want to attract tenants with families.
3. Advertise accordingly
Once you understand who the target tenants are, seek them wherever they are. Advertise your property where the potential tenants would ordinarily be. For example, if your target tenants are college students, you can advertise near campus grounds. You can also advertise online where most renters are currently. Sites like Craigslist will help you reach a broad base without spending a dollar.
4. Show your tenants a finished product
Your potential tenants cannot imagine what the property will look like after renovations are completed. Avoid losing prospects by showing them an incomplete job.
5. Take care of your appearance
A good and sparkling clean apartment is a sure way to attract good clients. However, you also need to present yourself in a matter that suggests professionalism, utmost responsibility, and inspire confidence that your management skills are top-notch.
6. Keep your competition close
Know your competitors' pricing, understand what they offer tenants, and act appropriately.
7. Accord your tenants an adequate level of decency
A right way would be to refer to them as 'residents' since 'tenant' is somehow considered to have a negative connotation. Referring to them as residents makes them feel good and more respected, which most tenants look forward to.
8. Be friendly but with limits
Setting boundaries is crucial when it comes to this type of relationship. However, strive at most times to be fair and cordial with your tenants.
9. Proper maintenance of space
An attractive, modern appearance is a massive appeal to tenants. If you have a commercial space to let, you want to entice good tenants who also want to attract quality clients. For the majority of tenants, the building's exterior appearance is important for image and branding. To attract and retain good tenants, commercial real estate landlords should continually assess the building's appearance for repairs and upgrades. Ensure the landscaping looks neat and attractive while providing superb janitorial services in and out of the property.
10. Reward your tenants for referrals
This is one way to attract more tenants. A little incentive or a discount off their rent once they bring in another tenant will encourage them to stick around and bring in as many referrals as they can.
11. Have essential amenities around
Some tenants have specific needs that they may not speak out about immediately. Therefore, ensure your property has some common amenities that you believe will retain your tenants in the long run. A good example is having good, adequate parking space. Your tenant might not drive in the property with a car, but they sure will purchase one someday and will want to look for another apartment with parking space. Other amenities would include recreational facilities. You could collaborate with fellow landlords to construct some shared amenities.
12. Full disclosure
Avoid hiding any information relevant from your tenant. Share with them what is and what is not included in the rent. Give them all the information that will make their stay comfortable. If you hide any relevant information, they will soon figure it out. Unfortunately, a disgruntled tenant is a leaving tenant.
When it comes to designing a quality experience for your tenants, there is usually more to discuss. However, the above 12 tips to attract and retain good tenants will keep your property occupied for a long time. Most importantly, consider your tenants' ability to keep up with the rent fees. You could also provide them with different payment plans and options to avoid unnecessary friction.