Tuesday, March 12, 2013

Getting New Tenants

Finding and securing new tenants is a part of a property management company's lifeblood.  If you are new to property management or just aren't sure what the best methods are for securing new tenants, then consider the following tips:

1- Doing some research: Before embarking on a quest to find new tenants, we suggest that you do some research to help identify who your niche audience is for your rental property. What is about your rental property that makes it unique?  Perhaps your rental property is all about going green and you have made modifications to the property to make it extremely eco-friendly, then this gives you an advantage to attract the kind of renter who insists on having a home that takes the environment into consideration.  The point is, to be successful getting new tenants you must figure out what it is about your property that will attract tenants and what kind of tenants your property is attracting.

2- Make new social connections: Finding new tenants for a rental property is often about who you know that can help you fill your vacancies, so making new social connections will certainly help any property management company find new tenants.  Business networking events are a great way to meet new people and can help you meet professionals who work in a similar industry that may be able to help you find new tenants.  Joining apartment or housing associations in your property management company's area is another way to build some new connections.

3- Your internet presence: Creating relationships with people via the internet is a great way to build rapport between your property management company and current tenants.  It also provides you with a relatively easy way to attract new tenants.  So maybe your not social media-savvy, then enlist a property management company staff member of yours to do some social media work. What should you be posting about and doing on the internet as a property management company looking for new tenants?  We suggest updating your website if it is outdated and setting up social media pages such as Facebook, Twitter, LinkedIn and perhaps even Google+  if you have not done so yet.  Use your social media pages to post updates about your properties, property management company, and your community.  Social media profiles give you the power to attract new tenants rather easily.

4- Referrals:  People today may not trust ads, but they certainly see value in referrals and testimonials, which is something you should take to heart when looking for new tenants..  Seek referrals as often as you can from current and even previous tenants with whom you feel have had a good experience renting from you.  Referrals or testimonials are wonderful additions to social media pages, websites and online review sites.

5- Make yourself the expert: Show what you know and make yourself into the expert in regards to property management and renting properties.  Making yourself the expert will show prospective tenants that you know what you are doing and that they would most likely have a good experience renting with you since you know what you're doing.  Establishing trust with prospective tenants is one of the best ways to get them to rent from you.  Write articles and submit them to relevant blogs or industry publications.  Speak at local colleges.  Do whatever you can to show what you know to help attract new tenants.

Have your own tips on attracting new tenants?  Feel free to leave us a comment below or contact us.

No comments: