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.
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.