How To Attract The Best Long-Term Renters (And Make Them Stay)
As a landlord, you’re trusting tenants to take good care of your property. The ideal tenant is punctual with rent, communicates well, and respects your home and the neighbourhood. A bad tenant, however, can take a real estate investment from passive income to a massive headache.
It can be hard to tell exactly what kind of tenant is arriving at your open house. There are steps you can take while advertising that ensures high-quality responses. Remember that tenants are also looking for someone they can trust, so the more honest information in your advertising, the better. Here are our tips for how to create rental listings that attract the best long-term renters.
However, before we show you how to attract long-term renters, let us show you how to get a long-term mortgage with the best available lender. All you need to do is click the link below to book a free strategy call with our team.
Craft a compelling listing to attract The Best Long-Term Renters
Quality tenants are looking for as much information as they can get to make an informed decision. The listing for your property is your first chance at making a strong introduction.
Much like products for sale, you need to employ some marketing techniques to catch your tenant’s eye. Don’t be afraid to use words like “spacious,” “luxury” or “comfort” if you feel they apply to your property. Your listing should include the following information:
Price
It’s important to be upfront about what you’re expecting for rent, to make sure your tenant can afford it. Detail what the price includes, like water or heat. Include any price variables, like pets or parking.
Bedrooms and baths
Be realistic about what’s available. If it’s technically a three-bedroom, but the third room should be used as a den, list it at two. Be honest about bedroom and bath sizing, too.
Amenities
What are the perks of living here—a pool, covered parking or upgraded appliances? Advertise them! The more appeal your property has to long-term renters, the more good long-term renters will be attracted to it.
Map
Teach prospective tenants more about the neighbourhood where they’ll be living. Include local attractions in the listing, and any nearby schools or hospitals.
High-quality photos: This is the best marketing tool – see below!
Discover How To Buy Unlimited Rental Properties With This Step By Step Guide
Take high-quality photos of the property
Show off the beautiful property you’ve purchased by giving prospective long-term renters the chance to envision themselves in the home. Smart long-term renters will avoid listings with few or no photos. The less information you provide, the more cause you have to wonder why a tenant is interested in your place. To improve the photos in your listing, follow these basic steps:
Use a quality camera
Smartphone cameras are increasingly advanced, but a DSLR camera can make an even bigger difference in your photo quality.
Clean the house
It should go without saying, but many listings feature construction in progress or capture the current tenant’s mess. Set aside some time to properly clean and stage the home, preparing it for a photoshoot.
Let in the light
Plan to take photos during the daytime when natural sunlight is optimal. Flash, lamps and other artificial light can make the room look smaller and photographs look grainy.
Take plenty of photos
If you’re going through the trouble of staging the home, make sure to take as many photos as possible. You may not use them all in this listing but may still need them for future reference or later listings.
Try multiple angles
Let potential long-term renters see how the home flows by showing the different doors, windows and hallways connected to each room. Experiment with standing on a chair or sitting on the floor to achieve the best possible view.
Don’t mislead with photos
You’ll lose a quality tenant if the house listed is not the house they find. Don’t use tricks like putting up mirrors or wide-angle lenses to make rooms look bigger. If you’re including photos of areas not part of the listing, be sure it’s labelled.
Time your listing
Listing your property four to six weeks before it will be vacant is an ideal time frame for finding a quality tenant.
If you advertise your listing too early, you may lose a great tenant because he or she needs to find a place sooner. Advertise too late, and you may get a tenant who’s in a hurry to move due to poor planning or landlord issues. You’ll also risk having a vacant rental and missing out on income, forcing you to take whatever tenant you can find.
Advertise your rental in multiple places
Between Internet rental sites and good old-fashioned print advertising, there are plenty of places for prospective long-term renters to find your property. A couple of popular ways to share your listing in addition to websites include:
Yard signs
Post a yard sign advertising the property is for rent. Include the number of beds and baths, rent and a contact number.
Community boards
Find your ideal tenant wherever they are—on campus, in a coffee shop or at church. Post a one-page flyer with a photo of the property, details and contact information.
Referrals
If you already have a fabulous tenant moving out, ask them to refer an equally fabulous friend. You can even offer an incentive to friends or colleagues who find you a new tenant.
Tenants are an important part of your real estate investment. Just as you want the best in every other aspect of home buying, you also want the best caretakers for your property. Attract the best with a great listing.
After you know how to attract good long-term renters it doesn't have to be a challenge. With these easy steps, you can have better long-term tenants in your property. You may also want to check out our step by step guide on how to rent your property to long-term renters.
Alternatively, if you are ready to get started now, click the link below to book a free strategy call with us at LendCity to discuss financing properties that will appeal to long-term renters and short-term renters alike.