6 Foolproof Ways To Attract Better Tenants in Multifamily Housing
Date Written: 09/21/2022
Last Updated: 09/21/2022
Finding the right tenants for your multifamily housing property can be tricky.
You want to ensure you attract people who will respect your property and pay their rent on time, but you don’t want to spend too much time or money on screening applicants.
Here are six tips to attract better multifamily residents for your property.
Target Your Ideal Tenants
No matter what type of multifamily housing you own or manage, it’s essential to know and target your ideal clients. While every property has a different perfect tenant, they generally have similar traits.
Let’s take a closer look at each of these characteristics and why they’re essential to keep in mind when targeting “better” tenants.
A Tenant That Takes Responsibility for Their Rented Property
As a landlord or property manager, one of your main goals is to find tenants that will take care of your property as if it were their own. This means finding tenants who will respect your property and treat it carefully.
A Tenant That Stays for a Long Time
Another characteristic of a good tenant is that they tend to stay in their rental unit for an extended period. This benefits you as the landlord because it means less turnover, which can be costly and time-consuming.
When tenants stay in their rental unit for a long time, they’re happy with the property and living situation. This is good for your business as it can help improve your occupancy rate and attract new tenants.
A Tenant That Pays on Time
Of course, one of the most essential characteristics of a good tenant is paying their rent on time. This is important because it helps you avoid late fees and other penalties. It also ensures that you have a consistent income to cover your expenses and make a profit.
Additionally, tenants that pay their rent on time are more likely to take care of your property and respect your rules and regulations.
While many characteristics make a good tenant, these three are some of the most important to consider when screening potential renters. By targeting tenants that fit these criteria, you’ll be more likely to find those that will take care of your property and stay for a long time.
This will save you time and money in the long run and help ensure that your multifamily housing business is profitable.
Write a Compelling Listing
As a multifamily property manager, creating a listing that will attract high-quality residents is crucial. Following a few simple tips can improve your chances of renting to great tenants.
- Start with your property’s best feature: What makes your multifamily housing stand out from the rest? Is it the location? The amenities? The size of the units? Choose the quality you believe will appeal to potential tenants and make it the centerpiece of your listing.
- Choose a descriptor or two for your property: Do you want it to be considered luxurious, affordable, cozy, or modern? Pick words that accurately reflect the overall tone of your multifamily housing.
- Give the basic features of your property: This may include the number of bedrooms and bathrooms, the square footage of the units, and any special features like a balcony or in-unit washer and dryer.
- Mention the neighborhood and location: Is it near shopping and restaurants? Public transportation? Potential tenants will want to know what’s nearby.
- Tell them about the available amenities: Do you have a swimming pool, a gym, or a business center? What kind of outdoor space is there? Is there a playground, dog park, or open fields?
- Give one exciting detail: Point out one big thing about your multifamily housing property that will make potential tenants want to learn more.
Following these tips to attract better multifamily tenants, you can create a compelling listing to attract better multifamily housing residents.
Use High-Quality Photos for Your Ads
You must use high-quality photos for your ads and promotional materials to attract better multifamily residents.
By taking the time to create high-quality photos, you’ll send a message that your property is one of quality and distinction.
- Choose a great background: This could be a beautiful landscape, cityscape, or even a well-lit room in your multifamily property. Whatever you choose, make sure it looks clean and inviting.
- Take a close look at your lights and other fixtures: Are they clean and free of dust? If not, take the time to clean them before taking any photos. This will ensure that your images are bright and clear.
- Pay attention to composition and balance when taking your photos: Make sure the photo’s subject is centered and the background isn’t overwhelming the image.
Here are more ways to market your multifamily housing without breaking your bank.
First Impression Matters: Enhance Your Curb Appeal
Your potential tenants will make a snap judgment about your property the moment they see it — and if it doesn’t meet their expectations, they’ll move on to the next option.
That’s why curb appeal is so important. By making a few simple changes to your property’s exterior, you can attract better tenants and improve your chances of filling vacancies. Here are a few tips to get started:
- Keep the lawn well-manicured and free of debris
- Plant flowers and shrubs
- Paint the front door
- Wash the windows
- Add some lighting
By taking these simple steps, you can enhance your property’s curb appeal and attract better tenants. Remember, first impressions matter — so make yours count!
Be Clear on Your Housing Costs
When it comes to multifamily property management, one of the most important things you can do is be clear about the costs of renting your property. This will help you attract better residents and tenants, as they will know precisely what they are responsible for and won’t be surprised by any hidden fees.
Here are some tips to help you be clear about the costs associated with your multifamily property:
- Make a list of all the housing costs that tenants are responsible for, including rent, utilities, trash removal, etc
- Be sure to communicate this list to potential tenants before they sign a lease agreement
- Ensure tenants are aware in advance of any additional costs that are not covered in the lease agreement
- Ask tenants if they have any questions or concerns about the costs of renting your property
By being clear about the costs associated with your multifamily property, you can help attract better residents and tenants. This will make it easier to manage your property and keep everyone happy.
Carefully Stage Your Multifamily Property
By taking the time to stage your multifamily property, you can create an inviting and appealing space that potential tenants will want to call home.
There are a few things to keep in mind when staging your multifamily property:
- First, make sure all common areas are clean and well-maintained. This includes the lobby, hallways, laundry room, and other shared spaces.
- Second, stage individual units in a welcoming and stylish way. Furnishings, decor, and even the layout of the space can make a big difference in how appealing a unit is to potential tenants.
Manage Your Multifamily Property With ExactEstate
That’s it! Follow these tips to attract better multifamily residents for your property. Of course, it will require effort and a fully-functioning multifamily property management solution like ExactEstate.
If you wish to streamline your property management, ExactEstate is for you. Use our software and leverage these tips to attract better multifamily tenants for your property.
Schedule a free demo with our team today!