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How do I find a tenant for my rental property?
If you’re asking yourself this question, you’ve come to the right place or if you’re looking into our services. Again, this is what we follow. We follow what we call the four P’s of tenant placement and if you follow these, you’ll be in good shape.
First one is presentation, and then promotion, pets, and price, and we’re talking about these briefly for you today. First one, presentation. So this is what condition are you presenting the property in? Do we have good curve appeal? Is the grass maintained? Does it look nice from the exterior? Does it look as nice, at least as nice as the properties next to it, if not better? We don’t want to have the worst looking property on the block because it’s going to challenging to rent because we’re going to have tenants that want to live in a place that conforms to its surroundings.
Presentation also means the inside of the home. Does it look nice? Is it covered with nail holes? Is it clean? Does it have good lighting or is there anything strange about it that’s going to be an eye-sore or a problem to different tenants?
Another element of presentation is when you’re marketing the property, the pictures and the video that you take will be critical. We want to make sure that it stands apart from the other competition that it’s up against. The photos are nice looking, they have a nice lighting, that they are wide-angle lens hopefully is we can do that. If we’re doing videos, making sure that it’s not too shaky, that it’s easy to follow, that we’re being consistent with having good quality photos to take pictures and video of good quality properties.
Promotion, where are tenants looking? We want to make sure that we’re putting the property and promoting it on websites that tenants frequent. And if you go to Google and you search home for rent in X city, looking at the top sites that are listed there. That may be where you want to be advertising, where you want to have it listed and that’s an important thing to consider.
Now, Keyrenter advertisers on a lot of different local as well as national sites nationwide because we’re targeting people that are here locally moving around as well as those that are coming from out of state.
Number three is pets. There’s a 70% rule that we follow. So if you’re considering having pets or not, you can watch my video talking about that as well as just understanding about 70% of tenants have a pet in shape or form. So they’ve got a dog, a cat, a mix of the two. Some even have other pets and you want to make sure that you can open the door wide enough that you’re comfortable with to the right types of pets for the property as well as understanding that if you close it off completely, you’re going to be shutting out about 70% of the potential tenants to rent to.
And then price. Is it priced competitively? Did we price it according to the market? Do we understand what homes around there, and units and properties are renting for? If we do and we’re confident that based on the presentation, the condition and that we’re opening up to pets and we’ve got the right promotion, we’re advertising it well enough, we’ve got the right price in place for the property, it will rent, and it will rent typically if it’s competitive in its pricing, quickly.
So what do I do if it’s not renting, if it’s sitting on the market and we haven’t found a tenant yet? Well, what we do is we go back and check the four P’s in that same order. So the first thing we want to do, and typically the first thing most people do is they drop the price. They drop the price, they drop the price to try to find a tenant because something is going to happen.
If the condition of the property, the presentation is poor, well, we’re going to have to drop the price to match the demand for a property in that condition. We’re going to have to give in some way, shape, or form. If we’re listing a property at 1,200 but condition wise it’s not going to go for that, it’s going to sit and sit and sit.
So the first thing you’d want to do is make sure that you’re presentation is good. Is there anything about the property, does it smell funky, is the landscaping in good shape, does it look good? Asking for feedback from prospective tenants as they go and look at is, then give you feedback on what are the things they didn’t like about it, and then is it being exposed properly? If this is all good, is it on the websites it needs to be. If not, let’s check that.
And then pets, we’ve discussed. And ultimately, for all these things that are in place, if we really just said no on pets, we’re looking for that 30% target that we’re looking at for those tenants, then we will have to give in price. If we’re not getting calls at all for if the condition, the exposure, everything is good, then we may have to give on price and reduce it. But that should be the last thing that we look at. We want to make sure that we’re maximizing our income as much as possible.