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The rental market is booming right now, with the overall rental vacancy rate dropping to just 5.8% in the United States. While it might be easy to find someone to rent a flat, finding the right tenant is another issue entirely.
Tenant placement is a vital part of property management. Read on for some tenant placement tips that will make sure your clients have successful tenancies with minimal hassle.
Stage the Property
When it comes to tenant placement advice, the first step is entirely on your end: staging the property. You want to cast the widest net possible to select the perfect tenant.
Keep your decor neutral but attractive, using white, cream, and natural tones to draw people in. Be sure to hire a professional photographer and shoot on a sunny day to create the best possible visuals for the property.
Perfect Your Ad
Once you have the visuals sorted, the next step on how to place tenants is to craft your ad for the people you want to attract. If you've got a one-bedroom apartment, you'll be pitching your ad toward young professionals. Describe where nearby bars and restaurants are, and what the nearby transport connections are like.
If you're renting a five-bedroom house with a large garden, this will likely suit a family. Describe the school district, how safe the neighborhood is, and other features that will attract your ideal tenant to perfect your ad.
Know Your Audience
When it comes to where to place tenants, they need to be as happy as your client is for it to be a happy relationship. Do some research in advance and try to predict their questions, so they can enter their new home comfortable and informed.
For example, prepare some key statistics ahead of time that they can take away with them and review, or find out some charming stories from the owner that might interest prospective tenants.
Screen Ahead of Tenant Placement
One of the most common tenant placement mistakes is rushing into a tenancy without due diligence. Making sure tenants can and will pay on time is vital for reducing a high turnover rate for the property.
Perform a credit check, look back over their past occupancies, and chat to other landlords if you can as part of your screening criteria. If a tenant has moved frequently in the past few months and years without a reasonable explanation, this is a major red flag.
Set Up a Move-In Inspection
Completing a move-in inspection is essential for a happy tenancy. Walk through the property with the tenant, taking note of any existing damage and explaining how any appliances work.
An inventory of belongings and their condition is important for both of your security. What's more, a tenant that knows how to take care of the flat will be less likely to cause any lasting damage.
Final Thoughts
Keeping these elements in mind throughout tenant placement processes will help you, your client, and new tenants start a fresh contract with minimal stress. Hopefully, you'll find the perfect tenant who'll stay for a long time.
If you have any other questions and concerns about property management, don't hesitate to reach out to our expert team at 33rd Company Property Management.
