How to Attract Great Tenants
Every landlord who has made the leap to invest in rental property has a picture in mind of their ideal tenant, and can’t wait to see that excellent tenant living in their property as soon as possible, making regular rent payments and treating their property with care. Finding great tenants is the first step to ensuring that your rental will be a great investment for you, but the best tenants won’t just appear. You need to attract great tenants to your property.
In a highly competitive rental market like Chicago and the surrounding suburbs, great tenants have their pick of many amazing rentals. Why should they rent your property instead of another property? It’s important to make a solid plan to ensure that the right tenant will see your property and make it their first choice.
But where do you start?
Look at other nearby rentals
Put yourself in your ideal tenant’s shoes. Most tenants are looking for rentals in only one or two specific areas and will be comparing yours to the others they see. How does your property compare to other available rentals in your area? Is your unit the only one in the building with carpet or without stainless steel appliances? Is your house the only one on the street with no landscaping? Whether you are renting a South Loop condo or a single family home in South Holland, if your property is in poor condition compared to nearby rentals, it will not attract great tenants.
In addition to considering the physical condition of your unit, consider what amenities your ideal tenant will expect. If you are renting the only unit in a large building that does not come with a parking space or the only townhouse without laundry, it will be more difficult to get a great tenant interested in your rental. If your rental property does not have the same amenities as other nearby rentals, consider ways to add those amenities.
Make necessary improvements quickly
Some great tenants might wait for you to make repairs and upgrades until your property meets their expectations. However, the best tenants will see a property that needs work and just move on without asking for a coat of paint or a clean carpet. Savvy tenants usually believe that what you see is what you get. You may tell tenants that you’re willing to make changes, but seeing is believing.
A property that is in need of cleaning or repairs will always sit on the market longer – and when you’re not collecting rent, you’re not profiting! If you’ve looked at other rentals in your area, you should have a good idea of what your ideal tenant is expecting. Be proactive with repairs – get those things done first before advertising your rental. If you wait for tenants to ask for what they want, you will be waiting longer.
Now that your property is ready for your ideal tenants, it’s time for them to see it! When you were looking at rentals near yours, you probably noticed the ways that nearby properties were being marketed. Some methods are more effective than others, and great tenants look for their next rental in a variety of different ways in different areas. Some great tenants look around on their own, but others are too busy with their jobs. These busy tenants will be working with a licensed broker who will scour the MLS to find just the right rental for them.
Just as you looked at other properties, look at other property listings. How are the rental properties around your property being marketed? What do those listings say? Take the time to familiarize yourself with the dos and don’ts of rental listings and you will save time, money and unnecessary frustration.
Many new landlords find marketing their rental property effectively to be one of the most difficult tasks to achieve on their own. An experienced Chicago property management company can help you to ensure that your listing is not only the most attractive, but also complies with fair housing laws. Contact Real Property Management Chicago Group to find out more about how a property management company can help you make the best of your Chicago area rentals.