Keyrenter Property Management Salt Lake

Top 11 Secrets to Attract Quality Renters

Vetting a prospective tenant is one of the most important things you as a landlord can do to maximize your success. Not only can it impact your profits, but it can also make or break your rental property business.

Let’s discuss how to attract the best renters in Salt Lake City.

find good tenants in salt lake city

Why Quality Tenants Matter to Your Bottom Line

It’s important to attract quality tenants who you can rely on for payment. Nothing is worse than stressing over late rent payments and fearing that you might not be able to pay the bills.

In fact, 84% of landlords worry about payment problems. If you find yourself in that group too, the importance of finding quality renters in Salt Lake City cannot be overstated.

 

Why Poor Quality Tenants Are a Financial Risk

Many times, poor quality tenants come with a history of financial problems. They may have a recent bankruptcy or poor credit due to notoriously late payments.

Additionally, these renters may also have a history of evictions. This is a major red flag that any property owner should pay close attention to.

No matter the previous history, renters with questionable financial situations pose a big risk.

 

Top 11 Secrets to Attract Quality Renters in Salt Lake City

The good news is that you don’t have to take a shot in the dark while searching for your ideal tenant. By implementing some or all of the following strategies, you can attract quality renters for peace of mind.

 

1. Consider the Property’s Location

When it comes to the perfect rental or the perfect location, tenants may have to choose one over the other. Location is one of the most considerable aspects of choosing a rental property including the quality of applicants.

A rental property that is close to businesses and main highways provides easy access to work. The convenience of nearby grocery stores and amenities are also attractive perks to tenants. Those who want the convenience of a short commute to work can help you find reliable, employed renters.

 

2. Know Your Market & Have a Precise Marketing Strategy

Property marketing isn’t about throwing an idea at the wall and hoping it sticks. You must have a strategic approach to attract the right tenants.

The first step is to determine your target market. While you can’t discriminate, it’s important to know the typical tenant who will show at your doorstep. Is it a college student or a family with three kids? This will help you craft your ads and determine what is important for their lifestyle.

 

3. Tighten up Your Tenant Screening Process

This is a step that you absolutely cannot skip. You must go through each application with a fine-tooth comb and this includes screening.

Be sure to screen for the following:

  • Employment and income verification
  • Eviction history
  • Bankruptcy history
  • Criminal history
  • Credit report
  • And more

Keyrenter Property Management can help you screen for all necessary aspects for each candidate, yielding the best renters possible in Salt Lake City.

 

4. Outline Expectations in the Lease Agreement

Have you had a look at your contract lately? If not, it’s time to get all your expectations in order. If necessary, hire a lawyer or Keyrenter to go over the contract with you. We can ensure your utmost protection if things go awry with a secure lease agreement in place.

 

 5. Offer a Turnkey Rental Property

Next, consider the condition of your property. Is it attractive to tenants? Offering a top-notch property will help attract quality tenants who are willing to pay higher rent.

Quality renters in Salt Lake City are typically looking for the following:

  • Open concept living areas
  • Space for work and remote learning, especially with the onset of COVID-19
  • New upgrades in key areas of the home, including bathrooms and kitchens
  • Fresh paint in a neutral color
  • Flooring that’s in new or great condition
  • Closet and storage space
  • Central air conditioning

 

6. Include Convenient Appliances

Speaking of turnkey properties, renters also have stainless steel appliances on their wish list. Even if it isn’t stainless steel, having good quality appliances in the unit can help attract quality tenants.

Again, the idea is to offer convenience. This is especially true for laundry. Not only does it save a trip to the laundromat, but you can also collect money if it’s shared machines for all tenants.

 

7. Incentivize With Referral Bonuses

Great tenants can potentially attract more quality tenants. Offer referral bonuses if existing tenants introduce you to another ideal renter. You can give a slight reduction in rent for the month or offer a gift card to a local business.

 

8. Keep Your Rental Safe & Secure

You can’t put a price on safety. Offering tenants peace of mind for security features is beneficial for both yourself and your renters. You can keep it simple by ensuring that the windows lock properly and there is a deadbolt on the door.

If you want to take security to the next level, consider installing a home security system.

 

9. Provide an Attractive Outdoor Space

Another sought after aspect for renters in Salt Lake City is an inviting outdoor space. Think of an area where tenants can spend time with their kids or even just go outside for some fresh air.

If you have a backyard view of the surrounding Wasatch Mountains, all the better!

 

10. Enforce the Rules With Existing Tenants

No quality tenant wants to discover unruly neighbors who are loud, messy, and disruptive.

If you have a multi-family rental property, make sure it’s properly managed and the rules are enforced. The last thing you want is to scare potential renters away by poor tenant behavior.

Need help enforcing contract terms with tenants? Hire Keyrenter Property Management for help.

 

11. Partner With Keyrenter to Find Quality Tenants

Keyrenter Property Management specializes in finding ideal tenants without wasting time and money. We make the vetting process easy for you and get quality renters for your Salt Lake City investment property!

 

Build Wealth With the Best Tenants & Keyrenter on Your Side

Don’t delay in contacting us if you need quality tenants for your rental. On average, it takes us 17 days to rent a vacant property and we have a Lease Guarantee to back this up.

Not only will you get quality renters in Salt Lake City, but also efficient management of your property, passive income and peace of mind.

Contact us today to get started.

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How to Properly Provide Tenant References for Landlords

Click Here for the reference i9nformation referred to in the video.

One of the common steps in screening a tenant is to get verification from previous landlords that the tenant you are wanting to rent to was or is a good tenant. Unfortunately, many landlords don’t want to fill these requests, especially if they are trying to get rid of a resident. And if they do provide it, how can you be sure they were truthful, especially if they really want the tenant to move?

If we turn things around and look at it from your perspective as the landlord of the tenant you are wanting to move out, how do you reply to those? Are you truthful in how you inform the inquiring landlord of the issues you have had? Even when given objective yes/no questions, how do you approach those situations?

There have been situations in some states around the country where attorneys have been hired by tenants to sue former landlords stating they were intentionally preventing their ability to rent based on the poor references the previous landlord was giving to the new landlord. Even if the things were true, there are cases where the legal system agreed with the tenants and punished the previous landlords severely.

This is a risk you may not want to take, and here’s my recommendation and tip.

When you are asked by a landlord to verify rental history, simply respond with: “Our policy is that we do not provide verifications, but instead the tenant is welcome to print out their portal record and ledger to demonstrate their overall rental history. These printouts will confirm the tenancy period, rent amount, payment history, fees charged, and other information that may be helpful in your decision-making process.”

Do I recommend that you still ask landlords for verification of your prospective residents? Yes, I do. But please remember, whatever they tell you will need to be taken with a grain of salt. Their motivations are likely to be influencing their responses to you. You should also request the tenant’s ledger and portal printouts.

If you find this helpful, please share!

 

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6 Ways to Get a Tenant to Renew Their Lease

In my last tip on reducing vacancy, I briefly mentioned the importance of being intentional with lease renewals. Today I want to dive deeper to give some winning lease renewal strategies. Check out my video above for even more details.

When you have a good tenant, you don’t want them to move. Period. That turnover will cost you much more than a renewal. So here are 6 things you can do to dramatically increase your chances of a successful lease renewal.

  1. Be an awesome landlord! What does this mean? Well, be responsive, friendly, helpful, respectful, courteous, and actually treat your tenants like valued and appreciated customers. Treat them as good or better than when they were interested in renting from you. It has been shown that 70% of tenant move-outs are preventable simply by the landlord doing the basics really well.
  2. Start the process early. Communicate with your tenants 90-120 days prior to the expiration of their lease. If you wait until 30 days out, it’s most likely too late! We have found that if the landlord is the first one to bring up the renewal, it drastically influences a tenant’s decision making process. You put renewing in their mind before their mind thinks of moving.
  3. Budget for the renewal like you would for a turnover. How much do you plan on spending if the tenant were to vacate? Advertising fees, deferred maintenance, vacancy, and other costs really add up. We have found that if a landlord budgets 20-30% of their turnover cost and apply that on the front end to entice a tenant to stay, it pays huge dividends. The new points will give you ideas on how to allocate that budget.
  4. Give them a reason to renew. Now hopefully, you being awesome and having a fantastic rental and neighborhood are reason enough. But often they are not. So what does the tenant want or need? Start finding out their wants/needs as you do routine inspections or have conversations with them. Ask them “Hey John, I may be looking to make some improvements with your home. Is there anything with the house that is bugging you?” Their response will give you an idea of where you may need to focus some attention. It will also show them that you care about them and your property. Which again, will encourage them to stay with you.
  5. The reduced rent increase strategy. This is one of my personal favorites simply because it gets such great results, and it’s simple. If you plan to increase the rent by 3% this year, let them know the increase will be 5% but if they sign their lease by X date (usually 2 weeks out) the increase will only by 2%.
  6. Save the sale. When you ask for the renewal and they tell you they are thinking of moving, or they give you that impression in some other way. Offer them a credit towards their first month of their new lease for signing the renewal, again by a 2-3 week deadline. Usually, that credit is 10-25% of a month’s rent. But seriously, if it helps prevent a vacancy, and the tenant has been awesome, you may want to increase it even more. It’s amazing how offering a couple hundred dollars can change someone’s mind that was thinking of moving.

To your lease renewal success!

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