How to Attract Tenants to Your Rental Property
How to attract tenants to your rental property. When you buy rental properties, you can attract all sorts of tenants. Some can be terrors who set you back by the amount of money required for reconstruction of the rental unit. That kind of tenant will have to be evicted.
On the other hand, you can have dozens of incredible tenants who pay rent on time, take great care of the property, and help you build wealth and financial freedom in a spectacular way.
It is one thing to attract tenants to your rental property; it’s another to find more of the great tenants and fewer of the bad ones?
How to Attract Tenants to Your Rental Property
- Your Business is a Sales Funnel. You want to get a lot of leads coming in, knowing that only a few will ever buy from you. For example, 1,000 people might see an ad for a pair of socks in the newspaper, but only a few dozen of those will go to the store, and maybe just a couple will buy a pair of socks. That’s a sales funnel, and it’s found in almost every industry — including landlords. So how do you do this? You need to have an advertising system that’s going to bring you qualified leads. This could be Craigslist, Zillow, Postlets, the newspaper, a sign in the yard, a post on Facebook — or, if you are like us, you could do ALL of these. The more marketing you do for tenants, the higher the chance you have of finding that needle in a haystack.
- Set High Standards. In Brandon Turner’s rental business, he has carefully defined the standards that state who he is willing to rent to — and who he is not. This list is written on his website, printed on every piece of marketing material he puts out, and verbally told to every prospective tenant over the phone.
- The tenant must earn 3 times the monthly rent from documentable income sources.
- The tenant may not have any prior evictions.
- The tenant may not have any felonies.
- The tenant must have a 600+ credit score.
- The tenant must have excellent references from past landlords.
- Your
Rental Business Depends on Your Screening. Screening
is the process of verifying that the tenant meets all your minimum standards
that we discussed in step two.
First, call their place of employment to make sure they earn three times the monthly rent.
Next, check with past landlords to make sure they’ve been a good tenant in the past. The kind of tenant they’ve been is the kind of tenant they’ll be. This is one of the essential steps in the screening process, and the #1 most often ignored by landlords learning how to find tenants — to the peril of many landlords.
Finally, run a background and credit check on the tenant. There are numerous resources you can use to do this, such as RentPrep.com, MySmartMove.com, or one of the hundreds of similar companies online. - Train and manage effectively. In order to find incredible renters who will take care of your property, pay on time, and help you build great passive income you need to train your new tenant to be world-class. Most tenants want to be great, but many just don’t know how. It’s your job as the landlord to train them to be so. Train up your tenant in the same way you would train up a child: Establish rules, make them known, and instill consequences for breaking those rules.
His standards are simple:
Look for past evictions, judgments, felonies, and other indications that the tenant might be a troublemaker in the future.
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