The Fastest Way To Attract Great Tenants

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Great tenants are loyal, long-term, and they pay on time. So how can you attract these loyal tenants to your rentals?

Well certainly there are some key factors that are absolute must-do strategies, such as advertising in the right places and doing a thorough background check on tenants. Think about it this way. If you were running a business, and you wanted to find the best candidate for the job, you’d make the most out of something like these California background checks to learn everything you possibly could about the individual. Why? Because you want the best person for the job. The same applies to your rental property. You want people who you know are going to take care of the house and won’t cause too much trouble. So background checks could be essential. But it’s also important to ensure you’re appealing to the right people. Yes, do the basics like getting Gas Safety Inspections Durham for your properties but you should also go the extra mile by installing things like smart locks or smart thermometers to show potential tenants that you’re the best option for them. one important and often overlooked way to attract great tenants is to provide a great place to live.

I’m not just talking about providing four walls, a door that locks, and a roof that doesn’t leak. I’m talking about providing a “WOW experience” that your tenants will love.

What is the WOW experience? Businesses have known about this WOW experience for a long time. Disney, Apple, Zappos, and Amazon are four companies that exemplify the WOW experience for their customers. They create an environment where customers are surprised and delighted at the entire experience and come away feeling like they were served at a value that far exceeded what they paid.

The WOW experience concept is not new; it’s VERY common in business but it’s just not used very much in investing. But consider this: landlords are business owners, their rental properties are the product, and their tenants are their customers.

Why provide a WOW experience? You might be wondering why you’d provide a WOW experience when it feels like every other landlord out there doesn’t do it, and when a WOW experience seems like it could cost a little more time and money and effort.

The reasons are simple:

  • Delighted customers (tenants) stick around. Tenants who absolutely love their rental experience are far more likely to stay (which means: more long term rentals and on-time payments, and therefore less tenant-finding work for you).
  • Delighted customers tell their friends. The easiest, fastest, and cheapest way to fill your new properties is to tell your existing tenants that you’ve got another rental available. If you surprise your tenants with a WOW experience, they’ll want to tell their friends.
  • Delighted customers are higher quality customers. These tenants are happier, they willingly pay more, and they can be far more forgiving and helpful if something goes wrong.

Providing a WOW experience might cost a little more money, time, and effort but the long-term payoff is huge. For example, if your roof is damaged or leaking, you probably might want to contact a professional for roof replacement sunshine coast and get it fixed before looking for tenants. That way, you won’t have to incur additional costs if something goes wrong as a result of a faulty roof.Prospective tenants will notice your superior service and they’ll hear about it from other tenants, and you’ll create a rental environment that new tenants will flock to.

How to deliver the WOW experience. The best thing to do is see what other landlords are doing, on average, and then do more- not just a little more but a jaw-dropping LOT more.

Here are some ideas:

  • Create a beautiful home; one that YOU would be happy to live in yourself.
  • Don’t just do maintenance when required. Do proactive improvements to the property. This could be anything from replacing the whole roof with a company on a site like www.lidoran.com.au/roofing/sydney-commercial-roofing/, to smaller things like replacing the lights with LEDs to keep your more eco-conscious tenants happy. (Both of these improvements can also save money on heating and electricity bills in the long-term, making your tenant even happier!)
  • Arrange with local companies to provide discounts to your renters.
  • Surprise your tenants with a welcome package — perhaps a basket of goodies and a bottle of wine.
  • For large multi-family properties, arrange for a coffee vendor to be onsite in the mornings to sell gourmet coffee to people on the way to work.
  • If you rent to a certain type of tenant (i.e. new immigrants, college students, seniors, financially challenged tenants), provide them with coaching on a topic of interest and value to them.
  • For tenants who have new families, provide a baby care package.
  • Collect useful information, such as baby-sitters, pizza delivery numbers, coupons, and more, and put them together into a binder that you can leave for each tenant.
  • When marketing your properties, make sure you tell your prospective tenants all the great things you do for your tenants. Don’t be shy! They’re selling you on why you should rent to them, and you’re selling them on why they should rent from you.

It’s all about creating a great rental experience that is unmatched by any other landlord. You’ll attract great new tenants (and have your pick of tenants) and you’ll keep those great tenants longer.

Obviously it’s not practical or profitable to implement all of these ideas in every situation. But selecting a couple of these ideas that match your budget, personality, and tenant will make a big difference in the kind of tenants you attract.

The WOW experience is not new. But now it’s time to bring it into your real estate investing.

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