Is your rental property facing a vacancy? Do you need to fill it quickly with the right tenant? Finding good tenants fast isn’t always easy. However, if you have the right mindset and approach, it’s certainly possible.
Tips for Finding Good Tenants Fast
Anyone can find a tenant. (Even in recessions, rental rates hold strong.) The challenge isn’t putting a warm body in your rental. The real goal is to find good tenants as quickly as possible. This requires a bit more effort and intentionality. Here are several tips:
- Prepare Ahead of Time
Don’t wait until the end of your tenant’s lease to begin thinking about who your next tenant will be. There’s nothing stopping you from preparing ahead of time and proactively looking for a replacement renter.
You obviously have to be careful about not violating the terms of the agreement and abiding by local laws and regulations, but there’s nothing stopping you from putting out some feelers and letting people know that your property will be vacant in a couple of months.
This gives you a headstart and could potentially reduce your vacancy time down from several weeks to just a couple of days in between tenants.
- Work With a Property Management Company
Some landlords prefer to do everything on their own, but this usually comes with a cost of both time and money. If you want to get the right tenant in your property – not just anyone who has a deposit to fork over – you need a thorough screening process. You also need an accurate and up-to-date understanding of current competitive market rent rates.
This is where working with a property management company comes in handy. Companies like Los Angeles Property Management Group (LAPMG) can fill in the voids in your process and make it more likely that you find the right tenants quickly and without delay.
“We conduct rent surveys to monitor the rental rates of properties similar to yours,” LAPMG explains. “The right target rent cuts time off the process of attracting qualified prospects, and as a result, earns you stable income and long-term tenant retention.”
It’s little nuances such as this that can make the difference between having a property sit vacant for four days versus four weeks. Being able to lean on a property management company for guidance makes all the difference.
- Create More Attractive Listings
When it comes to rental listings, take the extra time necessary to create something that’s compelling to your target group of renters. This includes:
- Take better photos. These days, it’s not difficult to take good quality photos. Even the latest model smartphone cameras are capable. Be sure to focus on good lighting and angles that show your property’s best features.
- Write detailed listings. While images might get the initial focus from prospective renters, it’s the written portion of your listing that determines whether or not they’ll reach out. When writing listings, focus on the elements people care about the most. This includes rooms, kitchen finishes and features, pet restrictions (if any), outdoor living features, neighborhood vibe, parking, utilities, etc.
Even if the rest of your market is hastily throwing up basic listings with a couple of low-resolution images and a two-sentence description of the property, you should elevate the quality of your listings. If nothing else, it’ll give your properties a premium vibe in a market of mediocre choices.
- Offer Move-In Specials
In terms of attracting tenants quickly, consider offering move-in specials with specific timelines. For example, you could offer a free 60-inch 4K TV with the property if a lease is signed within 72 hours. This might cost you $500, but it could save you several days of having a property sit vacant. (That’s a win!)
Putting it All Together
The key to successful rental property investments is a positive ROI. And how do you get a positive ROI? By increasing cash flow, of course.
In order to increase cash flow, there are two levers you can pull. The first one increases revenue (rent, fees, charges, etc.). The second one lowers expenses. Most of the time, you’re forced to pull one lever or the other. But then there are a very select few tasks that allow you to pull both at the same time. Finding a good tenant is one of them.
When you have a good tenant, they not only increase your revenue by providing a reliable stream of monthly payments, but they also lower your expenses by caring for your property and treating it like their own.
Good tenants aren’t easy to come by – but they are out there! By proactively seeking them out in a systematized fashion, you can find them with much greater frequency.