Finding and Retaining Good Tenants

Finding a tenant for your property in a small market is challenging but very much possible. In a fast-paced market like today, landlords and realtors must do their best to exceed the expectations and requirements of their future tenants. Property owners are well aware that a good tenant is the best ROI for your company.

How can we define a good tenant? 

A good tenant is typically someone with a steady income; looking for a long-term lease. Of course, anyone looking for the short term is also a good tenant because they might extend their stay or prefer an upgrade. A short background check can also help you identify a good tenant; this means they have a clean criminal record, are not new to real estate, and of course, families are always a plus. 

How can we advertise for tenants?

Finding good tenants requires a lot of marketing efforts, and in a new digital age, the majority of this is online. You use several techniques and tactics such as:

  • Real Estate Platforms:
    Using platforms such as Property Finder that allow you to publish and manage all your listings as well as boost your listings on other websites & social media that your potential tenants are interested in guarantees the maximum amount of leads per listing. Property Finder also invests in AI-powered technology and lead tracking to keep you ahead of the game with quality data and market insights.
  • Search Engine Optimization:
    This will help boost your rental or sales unit via search engines to ensure you get the attention of people who are genuinely interested in buying or renting a property. This is best used if you already have a website for your company with quality content such as Hi-Res photos alt-text, proper listings, highly searched keywords and routine updates.
  • Social Media:
    Whether it’s Facebook, Instagram, Twitter, Snapchat or TikTok, you need to be available on all platforms to get maximum reach. Sponsoring ads via social media platforms can also help enhance your company and property visibility, however, you must focus on social media apps that are popular in the market you are operating in. Platforms such as Property Finder put in a lot of investment towards optimizing paid social media campaigns to ensure property listings are visible to the right audience at the right time.
  • Pictures:
    The quality of the images used in your listings can impact your reach greatly. It’s best if you hire a professional photographer or get a good quality camera and a staged property to capture images that will get you the best angles. You can also use the best practices of real estate photography to help showcase your property in the best way possible.
  • Detailed Content:
    The content within each property listing is also important. This is mainly because it should be able to grab the potential tenants’ attention and check out most of their boxes. So it would be best to include the key features in the title of the listings and all details, amenities, nearby roads or landmarks within the description.

Be Clear and Concise 

Be sure to set expectations from the beginning. This form of transparency saves you the back-and-forth cycle pre and post-signing an agreement. This includes informing them of any maintenance fees, average utility bills, taxes and any issues overall within the property that may need addressing. You can also help them get to know the neighbourhood better by showing them around to make sure they are well aware of the surrounding facilities and services.

Maintain a close and long-term relationship

Having a strong respectful relationship with your tenant is crucial for closing and keeping them on board. This builds a level of trust that you simply cannot get from a viewing and phone call. It’s best if you meet them in person for a casual conversation to get to know them better and understand their needs before you show them their desired property and your suggested properties.

Benefits of Good Tenants: 

  • Reduced vacancy rates
  • Longer contract periods
  • Network recommendations 
  • Reduced property damage
  • Become a go-to-advisor