In order to have a successful rental property, you need to have good tenants. Finding good tenants for your investment property isn’t easy even though nearly a third of Orlando’s population is currently renting. So how do you get good renters?
Read on for the best practices on how to attract good tenants to your Orlando rental property.
1. Envision Your Ideal Tenant
You can easily miss your chance if you’re looking for a quality tenant but you don’t know how to identify one. Knowing the characteristics of a perfect tenant will help you narrow your focus. It gives you a target market to work on when it comes to writing a listing copy.
Generally, a good quality tenant is one who has no history of eviction, has a considerate attitude towards neighbors, makes timely rent payments, adheres to lease terms, and has a stable employment.
Additionally, you may want a renter who doesn’t have any pets or who doesn’t smoke. Regardless of your needs, make sure that you have a good idea of what you are looking for in a renter before beginning the screening process.
2. Keep an Open Mind
When screening tenants, don’t let your decision get influenced by their physical presence. You may miss out on a good renter because they didn’t fit the look you had in mind.
Discrimination in housing is against the law. The Florida Federal Fair Housing Act shields renters from housing discrimination based on a number of protected classes.
The classes include sex, national origin, religion, color, race, disability or familial status. While some states offer protections for additional classes, such as marital status or sexual orientation, Florida does not.
3. Boost Value with Add-Ons
Add-ons could also help you broaden your appeal to a higher-income market. These add-ons could include things such as heating, dishwashers, stainless steel appliances, built-in wardrobes, and extra storage space or lighting.
They could help you increase your rental yield as well as boost the value of your Orlando rental property in the long run.
4. Write a Compelling Listing
Nowadays, more and more tenants are using an internet listing service to search for rentals. Popular listing sites among prospective Orlando tenants include Zillow, Trulia, HotPads, PadMapper, Apartment.com and more.
Make sure that your listing is as compelling as possible. Remember to highlight the best features of your property and mention practical amenities.
Also, remember that no listing is complete without great pictures. According to Wall Street Journal, more pictures are better.
5. Make Your Property Looks its Best During Showings
You want your property to look good during property showings. No prospective renter would want to rent a property that looks run down and in poor condition. As such, be sure to perform any needed repairs beforehand.
You may also consider investing in a fresh coat of paint. A fresh coat of paint may refresh and revitalize the look and feel of your home. Choosing the right color palette is key.
You could also do a deep clean inside and out and update your appliances if needed.
6. Thoroughly Screen Your Tenants
To find the right Orlando tenant, an in-depth screening is key. Check up on your prospective tenant’s civil history, criminal history, credit score, and income. Red flags to be on the lookout for during tenant screening include:
- Unwillingness to offer information.
People who have nothing to hide usually have no problem with sharing their information. If the prospective renter is unwilling to offer their SSN number, consider it a huge red flag.
- Bad or missing rental references.
Always be sure to call references to explicitly ask about the following:
Were there ever complaints about the tenant?
Did you give the tenant their security deposit back? If not, why?
Did the renter always pay on time?
Too eager to move in immediately.
Unless the renter has a good reason for wanting to move in quickly, consider it a red flag.
- Sketchy or suspicious behavior during the interview.
Does the prospect repeatedly arrive significantly late to the interview? Does the person seem nervous, or seems to try to avoid a question?
- Low credit score.
You can use agencies like TransUnion or Equifax to run checks on your tenant. Any score less than 620 is a red flag.
- Insufficient income.
Generally speaking, look for a tenant who earns at least three times the cost of monthly rent.
7. Take Advantage of Word of Mouth
According to Nielsen, recommendations through word-of-mouth remain the most valuable form of marketing. The recommendations could be from your friends, family members, or existing tenants.
You could even offer an incentive to your renters whenever they refer someone to you. For example, you could offer them $100 for every qualified tenant that they refer to you. Typically, renters referred this way usually tend to be high-quality and stick around much longer.
8. Be Communicative
Top-notch communication skills are key when it comes to attracting quality tenants. You should make sure that all lines of communication are open so that you are easily reachable.
By doing this, you’ll be able to assess whether the renter is a good fit for your Orlando rental property or not. You’ll also be able to get a better understanding of the renter’s lifestyle.
9. Know the Area Amenities
You should be knowledgeable about the surrounding area in preparation for any questions that tenants may have. Specifically, be ready to answer questions regarding local amenities such as cafés, supermarkets, schools, parks, and public transport.
To go the extra mile, consider creating handouts of desirable local amenities including parking options and costs. By doing this, you will make quality renters feel more at home by becoming more familiar with their surroundings. It also helps potential tenants envision the type of lifestyle they could have living there.
Clearly, attracting tenants to your Orlando rental property is a process. Nevertheless, it’s well worth the effort and time when you find that perfect tenant. You may always refer to this article for helpful tips on how to appeal to quality tenants.