7 Tips for Attracting Tenants in Tough Markets

7 Tips for Attracting Tenants in Tough Markets

Excalibur Homes
Excalibur Homes

7 Tips for Attracting Tenants in Tough Markets

There’s a lot of work that goes into attracting tenants. From marketing and maintenance to tenant retention techniques, it’s certainly no easy task—and it only becomes even harder when the market conditions aren’t ideal. That’s why, here at Excalibur Homes, we’ve compiled a list of useful tips to help you attract tenants in a tough market.

Perform a Tenant Satisfaction Survey

If you don’t know how to improve your property in order to stand out a little more, your existing tenants are your best resource. They can help point you in the right direction by highlighting what does and doesn’t need to improve. To easily collect this information, you can leave a tenant satisfaction survey in the mail with a few simple questions. The key here is to make it easy to fill out and give back to you; the easier it is, the more likely they are to actually fill out the questionnaire. You can ask questions such as the following:

  • How satisfied are you with maintenance and housing services?
  • Please rate the following based on satisfaction from 1-10: interior, exterior, safety, appliances, utilities, and more.
  • How would you rate management’s responsiveness, courtesy, and follow-through on a scale of 1-10?
  • What additions or amenities would you be willing to have a rent increase for?

This certainly isn’t an exhaustive list, so feel free to ask any other relevant questions. You can also leave a space for tenants to add their own comments. While they may not fill it out, it’s likely that those who do have something important to say.

Update Technology and Utilities

While you don’t have to break the bank to get the latest technology or the most expensive equipment, look around the property and see what needs improvement. Could you offer faster Wi-Fi, a newer dishwasher, more storage, or an alarm system? Things like SMART devices, high-speed internet, and in-house washers and dryers are just a few coveted utilities and amenities that will get the applications rolling in.

Pinpointing what you can add or improve will give you a competitive edge and will help you stand out amongst a sea of rentals. While you may have to increase the rent a little bit to pay for these updates, most tenants understand that a high-quality property will have a corresponding price tag. That way, investing in your properties can also yield a higher return on profit in the long run.

Refurbish the Exterior

Aside from listings and online marketing, your property’s curb appeal is one of the best ways to attract tenants to your rental property. An outstanding exterior is sure to catch the eye of a potential tenant. Additionally, the last thing you want is for a potential tenant to visit the property only for them to be disenchanted by a less-than-stellar exterior. Consider giving the outside a paint job or a good old-fashioned pressure wash.

Are there any roof tiles missing, and have the gutters been cleaned? When was the last time the lawn was mowed, or the trees and shrubs were trimmed? You don’t have to have marble pillars, fountains, and a lavish garden to have a nice home exterior. You just need to take pride in your property and its appearance.

Create a Fantastic Rental Listing

It’s very easy for a cookie-cutter rental listing to fall by the wayside and get lost in the vast ocean of other rental listings. That’s why one of your priorities should be to make your rental listing stand out. The first thing a renter is going to see on your listing are the photos, and that’s typically the first thing they’ll look through to determine if they want to even read your listing. Consider hiring a photographer to take great photos of each of the rooms and the exterior, so the photos on your listing catch the eye.

Additionally, you should clearly list the length of the lease, rent, additional fees, and any important policies, such as smoking and pet restrictions. You can also highlight any recent upgrades or features that set your property apart from the rest.

Set Up Virtual Tours

A virtual tour is also something you can add to your rental listing, but a good virtual tour is such a showstopper that it needs its own section. In today’s age of technology, along with post-pandemic habits, people love virtual tours. It takes all the work and hassle of scheduling around a job and driving out to the property just to get a cursory glance.

If you want to go this route, you should invest in high-quality visuals, including high-resolution photos and 360 images. You don’t want to be stingy with quality here because it comes across as having something to hide if applicants can’t clearly see the visuals.

Consider Making Compromises

On top of refurbishment and marketing improvements, you may also want to consider making a few concessions regarding your rent and other additional fees. Now, this doesn’t mean you have to mark down rent permanently or get rid of your application fee and security deposit. You can opt for middle-ground options that can help you attract tenants.

In terms of rent, you can lower the price—or even get rid of it altogether for the first month. When you give potential tenants an offer they can’t refuse, it makes it harder for an applicant to turn away a good deal. You can also temporarily decrease the pet fee or lower the price of the application fee or security deposit. These changes don’t have to be permanent, but they can help attract tenants and keep you afloat amidst a difficult market.

Get Referrals From Existing Tenants

If you have a good relationship with one or more of your tenants, ask them to give you a referral. You can post on your website or on your rental listing. There’s no better free marketing than word of mouth! Additionally, you can create a rewards program for those who refer new tenants. This can include gift cards, discounts, or any other incentives you can think of. Applicants trust the reviews from current or previous renters, so feel free to use that to your advantage.

Now that you know a little bit more about how to attract tenants in a tough market, let the experts at Excalibur Homes help you do the rest. We’re a Nashville rental property management company, and our experts can help you tackle everything from marketing and property showing to scheduling repairs. Our job is to make your life as a landlord or property owner that much easier, so you can get the most out of your investment.

7 Tips for Attracting Tenants in Tough Markets

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