Small savings schemes are an excellent way to save money. They offer a good rate of interest and can be used as an alternative form of collateral for investments, bonds, and property. The following schemes are available throughout the country and are some of the most popular ones that you can consider: Post Office Time Deposit Scheme The Post Office Time Deposit Scheme (POSTD) is a small savings scheme launched by the Government of India to provide investment opportunities in the secondary market. The scheme was launched on 15th September, 2015. This scheme is popular in rural as well as remote corners of the country, where the people have limited access to other financial products or alternative investments. The Ministry of Finance sets the interest rates for this scheme based on the performance of government securities, which is generally spread across the yields of the government sector. For 2022, the rates of interest are 5.5%, 5.7%, 5.8%, and 6.7% for…
12 Proven Tips To Attract Tenants To Your Property
Everything a rental investor does is designed to attract more or better tenants. Here are some tips to help you discover tenants and enhance your rental yields.
A high-quality rental property in an ideal location at an optimal pricing point is the best approach to attract quality tenants. Have you noticed how great this scenario is? Although you may not have control over elements like pricing and location as a property manager, there are several things you can do to make the property more appealing to excellent tenants. You may demonstrate your communication and organizational abilities while providing clear information to highlight the property’s best characteristics, presenting a clean and well-maintained property, and representing yourself as an excellent property manager.
Tips to attract tenants
Here are 12 strategies for attracting high-quality tenants:
Create your tenant’s requirement list
Before marketing a property or doing a showing, you should have an idea of the type of tenant you desire. This helps you narrow your focus and offers you a target demographic to concentrate on while creating the listing copy. You should also be prepared to answer inquiries regarding smoking, pets, and minimum income or credit, to mention a few. Having everything in writing not only speeds up the procedure but also protects you from allegations of discrimination if necessary.
Create an enticing listing
Writing a captivating listing is the first step in obtaining excellent tenants, with 91 percent of tenants using an internet listing service to discover their next rental. It’s the primary approach to encourage potential tenants to view the property, so ask yourself the following questions as you’re drafting the listing:
- Is there a hook in the listing’s headline that would pique my desired tenant’s interest?
- Is the listing descriptive and informative while remaining concise?
- Is it simple for prospective tenants to contact me?
If you answered no to any of the above questions, you should reconsider and rewrite your listing. Taking the time to do so will help you attract a broader pool of quality tenants and boost the likelihood of leasing the rental sooner!
Don’t economize on professional photography
In a similar spirit, no listing is complete without excellent photographs. They add aesthetic interest and allow potential renters to envision their lifestyles in the room. According to the Wall Street Journal, listings with no photographs have only 2 seconds to attract the attention of potential tenants, whereas those with one image have a full 20 seconds. If you have three photos, you have a whole minute to entice tenants! So, if you have a large, bright double bedroom with west-facing windows and art deco furniture, don’t leave it to chance!
Bring it to life with professional photography, or take it a step further with a video or virtual tour. Still not convinced? Check out how amazing images aided in the sale of a property in 8 days after it had been on the market for 8 months.
Consistent maintenance is essential
Maintaining the property regularly is another approach to attract great tenants. This means there will be less work to do when it comes to mending, cleaning, and preparing the property for a showing, and potential tenants will have peace of mind knowing the house is in good hands.
Preventive maintenance also saves time and money in the long run by lowering the likelihood of items breaking down. However, if something does break, make sure to respond quickly because slow repairs will ruin a tenant relationship faster than anything else.
Perform a thorough renter screening
While this may appear to be self-evident, it is a common property management blunder. Because prevention is better than cure, use the effective tenant screening techniques listed below to weed out problematic tenants:
- Investigate your tenant’s past, credit score, and income.
- Call all references and attempt to chat with past landlords to determine the type of tenant they are.
- To establish rapport and determine the type of person they are, ask questions. For example, why are you relocating? Who will be residing in the house? Do you have a pet?
Increase the value of your product through add-ons
You can employ add-ons to widen your appeal to a more desired, higher-income market to attract excellent tenants. Extra storage space or lighting, built-in wardrobes, stainless steel appliances, air conditioning, heating, and dishwashers are examples of optional features. While these upgrades are an investment, they will raise the value of your rental property and help you increase your rental yield in the long run.
Be familiar with all of the area’s amenities
Preparing responses to questions about local amenities such as public transportation, parks, schools, supermarkets, and cafes is a good idea. This allows potential tenants to envision their lifestyle and demonstrates to them that you are a helpful property manager with extensive knowledge of the neighborhood.
Furthermore, knowing that the place has all of the creature conveniences that they are accustomed to might make quality tenants feel more at ease. If you want to go above and above, you might make handouts of desirable local facilities, such as parking alternatives and rates, to impress potential renters during a showing.
Quality tenants will look for property managers who are excellent communicators. You should keep all lines of communication open to ensure that you are always easily accessible and that you can answer any of their questions. During the process, you can have a deeper grasp of the tenant’s life situation and determine whether they are a good fit for the rental property.
The smoother you make the entire process, the better your potential tenant’s experience will be. This can lead to a happier tenant and a longer tenure, which can help you grow your reputation as wonderful property management.
Communication and adaptability are inextricably linked. If you have excellent communication skills but are unable to be flexible when it comes to meeting possible tenants, don’t be surprised if they just vanish off the radar!
Understandably, most tenants will be able to view the home only on weekends or after work hours, so create time in your schedule to meet with them. This allows you to get to know them better, ask pertinent questions, and see any red flags. While exceptional tenants are well worth the time, there is no need to be unduly nice to tenants who are frequently late.
Don’t overlook word of mouth
According to real estate experts, 84 percent of consumers trust referrals from friends and family, making word of mouth marketing the most beneficial kind of marketing. This means that the happier your current tenants are, the better your reputation as a property manager will be, and the more prospective tenants you will attract.
Furthermore, if a good renter is leaving, don’t be afraid to ask if they know anyone who is seeking a rental property. The referral is likely to be of comparable quality. If the referral leases the property, make sure to acknowledge and compensate the referrer.
Make certain that current renters are not present during a viewing
Schedule showings at least a week in advance if the rental property is currently occupied. Give your current tenant plenty of advance notice and respect their schedule when it comes to viewing times. Regardless, make sure your current tenant is not present, as this will make the possible tenant feel uneasy.
It’s a good idea to send a reminder to your present tenant two days before the showing in case they need to do any last-minute housekeeping. This could include doing some minor cleaning, locking away valuables, and arranging for an off-site pet sitter.
You should also create expectations by informing them that you may undertake more cleaning and that possible tenants may look inside storage spaces.
To stay organized, use property management software
Property managers that are organized and efficient will attract quality tenants. The correct property management software can not only help you stay organized but can also automate certain activities for you, freeing up your time to focus on connections and strategy.
If you combine these tips, you will be able to attract more tenants. When you have tenants, focus on keeping them satisfied, but don’t overlook the necessity of marketing. Recognize your target audience and their needs. Furthermore, make sure that any online listings stand out due to the quality of your images and content. However, before you begin looking for tenants, you must first select a solid investment property. Visit Assetmonk for help with property management and some of the top investment options. Assetmonk is a WealthTech platform with an IRR of 14-21%.
12 Proven Tips To Attract Tenants To Your Property FAQ'S:
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