So, you’ve just bought a brand-new rental property or your tenants have given you their move out notice, and you’re in the market for a new tenant. Selecting the right tenant can be the difference between “passive income” and a “property management nightmare”, so make sure you choose wisely! But before you even get to reviewing applications – here are some tips on attracting the right people!
Write the ad as if you’re speaking to your ideal tenant
In your ad, highlight features or benefits that would stand out to your prospects. If you have a bungalow in an established neighbourhood, maybe it would be great for a retired couple.
Rather than writing: “2-bedroom house for rent – $1500,” and hoping people will come to see what it looks like, paint them a picture of what it might be like to live there. Your ad might read something like: “Cozy bungalow on a quiet residential street perfect for retirees. Spend your mornings with a coffee on the sunny porch, and the afternoon tending to the colourful garden. The second bedroom gives you enough space for your grandkids to stay over. The backyard is artificial turf – perfect if you’re looking for low-maintenance living. With all the living space on a single floor, this is a great option if you have mobility limitations. Book your viewing at the link below!”
You might still get a young family that is interested, and that’s ok. This isn’t meant to discriminate in your advertising or your tenant selection process. (Keep in mind that housing is protected by the Human Rights Act.) This is just meant to help your ad stand out from all the other options. Help people picture themselves living in your property!
Demonstrate you’re a quality landlord
Even though you aren’t living there yourself, you want to show that you care about your property! A landlord-tenant relationship goes both ways, and a good tenant is also looking for a good landlord. Before you do showings, go through the property, and complete any repairs or touch ups necessary. Change out the burnt-out lightbulbs, fix the leaky faucet, or get a fresh coat of paint on. If it’s been vacant for a while, have a cleaning done, and mow the overgrown lawn! Your property will show better and prospects will know that you care about property upkeep.
If the contractor is busy and you have some showings lined up, acknowledge visible damages as you go through. Outline what work, or touch-ups are going to be done before they get the keys. Also be sure to outline responsibilities – what falls under tenant (eg. lawn maintenance, clogged up plumbing, move-out clean, etc.) vs landlord (e.g. an appliance needs to be replaced, hot water tank stops working, etc.). Both parties will be on the same page about expectations, and the prospects will have an understanding of the state of repair and standard of care they can expect from you. They will more likely trust you to be professional and responsible, and keep your property closer to the top of their list when choosing.
Include a call to action
Always invite the tenant into the next step. At the bottom of your ad – let them know to contact you by phone with your number there. Or if you use Streamline as your property management software, include your Viewing Booking Link so they can book a time to see the place right from your ad. Once they’ve seen the place, you can invite them to apply and outline how to return the application to you. Life gets busy and people have lots going on, so guide your prospects through your process. They will feel like they’re working with a professional, and it will keep things moving more smoothly and quickly for both you and for them.
These are some of our favourite tips to keep in mind when we’re looking for new tenants. Once you’ve got a few candidates, you’ll need to actually screen them! You can read more about that in the next article. Keeping these things in mind, you should have a great tenant in no time!
