Finding (GOOD) Tenants

[Pete Woelfel]

Hi Everyone,

I'm interested in what kinds of things people are doing to find new tenants.  We have a unit that will be turning over soon and have been struggling to find a new tenant.  We have listings with good pictures and a description on zillow, cozy and craigslist.  We've been getting a number of inquiries online for these and always respond within a few hours.  The postings are also very clear about our qualifications:

- Income > 3x rent

- Credit score of 600+

- Must pass a background check and have no evictions in the last 7 years

We've had multiple open houses and despite probably 50+ inquiries online, have had almost nobody show up to the open houses.  I'm wondering if the reason is because our qualifications are too strict, we're not marketing to the right audience somehow, or if there just aren't many qualified people looking for a place to rent this time of year.

I'd love to hear methods that have worked for some of you in finding tenants.  Does anyone advertise on FB?  Do you put signs in the yard?  Do you post fliers and local restaurants/libraries/colleges/etc?  Any thoughts would be appreciated!

[Jorjio Hopkins]

Hi @Pete Woelfel,

Chapter 5 in  @Brandon Turner's book "The Book On Managing Rental Properties" walks you through some great ways to market your property. 

Here are a few takeaways:

1) Define your ideal client base first. Use wording in your ads that speak specifically to that type of client. 

-Knowing your client base helps you focus in on marketing to the right audience.

2) Try to answer as many questions as you possibly can about your property in your ad.  Focus on the features, location and the benefits to the tenants in the ad.  I agree with @Corina Eufinger, listing your screening qualifications may deter some when they haven't yet been sold on your property.

- For example, list attractions to the area that appeal to that client (i.e. good schools, close restaurant proximity, safe neighborhood, Starbuck, Hipster Bar, or whatever you think would appeal to them most). 

- Here's an example ad from Brandon's book: "Beautifully remodeled 2 bedroom, ground floor apartment available in a nicely maintained complex in a residential neighborhood.  Convenient onsite laundry, walking distance to supermarket, college and mall.  Includes water, sewer, garbage.  Pet and smoke free, rent $535 + deposit."

3) Outside of the ads you're already doing, Brandon also recommends using yard signs, flyers (posted where your ideal client hangs out), and postlets.com which will post your ad to Zillow and other linked sites as well.

Hope this helps you hone in your marketing strategy a little and finds you a few good quality tenants!