Where are all the good renters?

Question

Outside of the normal craigslist and zillow what other avenues can I use to drum up some interest in my property?  I am also thinking about medium term rental.  How do i go about getting tenants for medium term rental?  Appreciate any pointers.  Thank you.

Jeffrey Donis · Answer

@Mark Vesu here are some of my notes from Joe Fairless' "The Best Ever Apartment Syndication book." Hope it helps.

How to Maintain Occupancy Rate

• Set up Landing Page Online and direct people to it
• Create postcard campaign and send it to people living in similar buildingsHe doesn’t recommend doing this
• He doesn’t recommend doing this
• Contact HR depts at all major employers in area to let them know about our wonderful apts
• Create tenant referral programOffer $x to someone who refers x # of tenants who sign a lease
• Offer $x to someone who refers x # of tenants who sign a lease
• Set up open house and invite members of local community to attend
• Offer special discount on rent to military, police, first responders, like 50% off 1st month rent
• Design for lease banners and put them up at entry way of property
• Create corporate outreach programOur apt makes great housing for corporate executives and workers new to the area? Spaces for corporation’s visitors
• Our apt makes great housing for corporate executives and workers new to the area? Spaces for corporation’s visitors
• Design and place flyers at local establishments like laundry mats, hair salons, nail salons, where we know there’s a lot of foot traffic
• Purchase ads and place in local news papers
• Post a listing to craigslist, zillow, realtor.com, apartments.com, rentals.com and other websites Hotpads.com or cozy.co → multiple rental listing platforms
• Hotpads.com or cozy.co → multiple rental listing platforms
• Partner w RE agent and advertise on MLS
• Create a FB ad to target tenants
• Create a FB pg for rental business, post weekly content to generate following, and post listings
• Pay close attention to what is nearby and cater to that audience- colleges, military bases, etc.
• Provide stellar customer service. Be responsive and timely w requests and q’s
• Call all residents who have said they’re leaving at the end of their lease personally and see what we can do to make them stay. Offer different unit, explain costs of moving out (new security deposit, hiring moving co, cleaning costs, new furniture) 90 days before end of their lease
• Offer different unit, explain costs of moving out (new security deposit, hiring moving co, cleaning costs, new furniture) 90 days before end of their lease
• Send marketing packages or gift packages to preferred employers surrounding property
• Reach out to old leads older than 90 days

• He doesn’t recommend doing this

• Offer $x to someone who refers x # of tenants who sign a lease

• Our apt makes great housing for corporate executives and workers new to the area? Spaces for corporation’s visitors

• Hotpads.com or cozy.co → multiple rental listing platforms

• Offer different unit, explain costs of moving out (new security deposit, hiring moving co, cleaning costs, new furniture) 90 days before end of their lease

Gary Gneiting · Answer

I just want to emphasize the use of signs. Most of my calls are from 2-3 signs in the neighborhood. I always find 50 applicants and only find one that is acceptable like a diamond in the rough. Always check credit and verify application is honest. Good tenants are found by completing lots of follow up.

Gary

Patricia Steiner · Answer

Rental demand in my market is off-the-chart. One property listed for rent drew 150 calls/texts/emails in the first two hours. Totally crashed us! The first thing to know is who is your ideal tenant, how do they look for properties, and what is important to them. That's how you'll attract the right prospects. Then market it specifically to that audience. Don't list it everywhere - again, target it to your audience. And, never forget the power of the sign. Put a For Rent swipe sign in front of the property...it's a great cheap date.

Best.

Kar Sun · Answer

Thanks for sharing.

I do most of the same but I do not want them to apply.

I takes to much effort to review the app prior to pre screening.

Every potential tenant has to answer prequal questionnaire first.

Then the visit is scheduled for those that qualify.

Then the app, if they appear to be most qualified based on their answers and initial in person screening.

Just like a job interview.

Joe Splitrock · Answer

I have heard nothing but bad things about renting to people displaced for insurance reasons. People say that they end up with lots of people in the property and they have a tendency to be harder on the property. Since they are not needing a rental reference in the future, they seem to care less. I am sure there is good and bad, but everyone I talk to who has done this has been burned.

I think a better route for medium turn is traveling nurses or executives. They are busy working, travel light and barely use the property. We have had success with travel nurses through FurnishedFinder.

If possible I would look for a long term renter. The time/cost associated with turn overs can be more trouble than it is worth for the small amount extra you get on medium term.

Jill F. · Answer

I have found that yard signs mostly brought us poor quality applicants or lookie-loos. Now we syndicate via buildium to the free services, zumper, apartmentlist and rentpath. zumper is the most active. Our rental market is tight and we have (much) nicer than average rentals that are priced near the top of each "market" (within a couple blocks) where we compete. In this situation, we have taken several actions that have vastly improved our tenant quality, including:1) Making sure we have at least 10 great pictures of our unit in the advertisement2) Our advertisements clearly lay out our requirements: One full year at current or previous job, weekly gross income > $xxx , Paying and approving email for a Transunion smartmove criminal, credit, and eviction checks, having no more than one eviction ever which must be disclosed, explained,and paid off. No landlord judgements or chargeoffs on credit. Credit report shows reasonable debt load for verifiable income.3) making our application free and requiring tenants to complete the application before we will schedule a showing.

This process seems to cause unqualified tenants to self screen themselves out and has virtually eliminated no-shows and unqualified applicants but I don't think our screening process would fly if our units weren't extra, extra nice.

Patricia Steiner · Answer

@Kar Sun

My apologies for not being more clear...we did NOT want to have 150 calls - it reflects the lack of housing in this market.  Regardless of the property, we market it to reflect the desired tenant and the response indicated that there are a lot of strong prospects who simply can't find housing in a high demand/vulgarly low market.

Just is...

Kar Sun · Answer

It might be a good thing to have 150 calls in the first two hours but I actually write the add in such a way that I will get many less. Too many tire kickers/unqualified people creating the buzz and needless busy work.

Kar Sun · Answer

well, there are not a lot of "good" renters. I filter a lot of interested tenants because I do not want to waste time on them and even then most of the tenants are not of the quality. I have A class rentals and strict rules. I have screened over 100 and they do not quality or something is not working out. Only 2 out of 100 seemed like a fit but then something else came up on their end. But I would rather wait than to have a headache.

Mark Vesu · Answer

Thanks everyone for your feedback.  This is really helpful.

Where are all the good renters?

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