Skip to content
Welcome! Are you part of the community? Sign up now.
x

Posted almost 11 years ago

Snagging the Superstars...4 Ways To Attract Great Tenants

You've done your research. You found an attractive property at a good price. After a bit of haggling, you managed to land said property at a great price. It's in a good location primed for growth, and you have every reason to believe the property is going to show good appreciation over time. There's only one thing left to do:


Find somebody to live there.


But you don't want just anybody to live there. You know that you can prevent a lot of potential problems down the road just by picking the right person to rent from you. You want good tenants. Great tenants would be even better. And if you could find some superstar tenants? Well, that would just be the bee's knees. As the owner of Memphis Invest and Premier Property Management Group in Memphis and Dallas, I am here with a few suggestions on attracting those quality tenants every landlord dreams of. 


We are managing close to 1,700 properties between the two cities, but what we have become known for is not simply managing those properties.  We track so many metrics that we look at property management from several angles and that allows us to constantly work on improving.  These tips come from some of that improvement on our end.  When you have success at not only renting property, but also getting over 50% of your tenants to sign a lease extension, you are doing something right!  


1. Focus Your Advertising


Targeting your advertising so that it appeals to only good tenants is one of the first -- and best -- ways you can draw in the right people. Using words like "well-kept," "immaculate," "good neighborhood," "well-manicured," and "pristine" sends a message about what kind of property you have and how you expect it to be taken care of. It will help to draw the superstar tenants in, while discouraging those who are sloppy and careless.  I would also highly recommend that your advertising match you house!  First impressions are everything so don't just advertise for great tenants.  When they call you, leave an impression that let's them know they are dealing with someone who takes pride in that property.


2. Charge an Application Fee


This weeds out "potential renters" who aren't serious about renting from you. And if their checks bounce? That's a deal-breaker.  An application fee does not have to be a crazy high number, it just needs to be high enough to cover your cost for a quality background check and high enough so only those that really want your property apply.


3. Do a Credit and/or Background Check


Make it clear in your advertising that you're going to check out potential renters. It will discourage those who know they won't be approved because of their financial history or something unsavory in their past.  So much of your success is going to depend on how good you are at judging someones character.  And you have to do it quickly.  The credit and background checks allow you to see a glimpse into their background, but this is only data.  You have to be able to size up the potential renter quickly to get a feel for what the checks can not tell you.


4. Do a Drive-By


Calm down; I'm not advocating violence! Maybe a shade or two of (harmless) stalking, but no violence. Once you have an application in hand, you now have a valuable piece of information: your potential tenant's address. Drive past their current residence to see what kind of shape it's in. Is there junk scattered in the yard? Are there cigarette butts everywhere? Pets not on a leash? (That's assuming you're going to allow pets.) Is there an argument going on in the front yard at a decibel level that would rival that of an aircraft during takeoff? Chances are that the state of a potential renter's property now is a good indication of the state of your property after they move in.


What other ways can you think of to attract great tenants? Tell us about them in the comments!



Comments (8)

  1. Great article Chris! Thanks for posting this. I find a common theme in everyone I've ever known who rented our properties and hated it ... they didn't do their job when getting tenants in! Great post sir! Keep up the great work!


    1. Brandon - Very true...and it really follows the old adage about information. Garbage in equals garbage out and that holds treu for tenants. If you muck up the process at the beginning and fail to do your job, then you will definitely have problems on the back side. Thanks for the comments! Chris


  2. Chitty Chitty Bang Bang..... #$&@! Spell predictor!!


    1. Hahaha - I didnt even realize you had written it wrong until you pointed it out. SPell check is the bane of my existence...


  3. I am not a landlord yet, but I was the Police for 8 years and I have also been involved in the hiring process of employees in the private sector. You can tell a lot about a person by the way they keep there car. It doesn't have to be the latest and greatest car on the market, hell it could even be chatty chatty bang bang, but if they are a slob in their car, so too are they in the rest of their lives.


    1. Donald - Another great point! Slobs are slobs are slobs....all the way around. You have to believe that a person with a trashy car probably has a trashy house and that will be the result of your rental property as well! Of course, you better document that one good before you tell someone no because their care is dirty... thanks for commenting - Chris


  4. I think #3 is the most important out of the bunch. But you also have to go with what you see -- not relying solely on numbers on a piece of paper. If someone pops their head in and only glances around and wants to rent a place, I'm typically not going to rent to them. They don't care.


    1. Dawn - That is a great observation on your part and a great comment for other readers to read. Getting a feel for a renter is very important and observing them and how they react to your property is crucial. Thanks for commenting! Chris