Every landlord wants to make their rental property as attractive as possible to potential tenants. After all, that’s how you attract the best tenants and what allows you to charge the most rent. In order to appeal to tenants, though, you need to know what they really want. There are many desirable features that are common amongst tenants; every applicant would like to have hardwood floors, granite counters, laundry facilities, and off-street parking. You can also refer to published trends for the national and local markets.
Beyond those typical wants, how can you find out what renters think about your rental property in particular? It’s actually quite simple – you just have to ask. You will have plenty of opportunities to learn from potential tenants, from the first phone call to the renewal or termination of the lease. Use these strategies to help you figure out what tenants want.
Your first point of contact with a potential tenant comes when that person calls in response to your marketing materials to inquire about the property. Listen to all of their questions carefully, and ask the caller what they are looking for in a rental property. Keep track of their answers, and look for trends in that information. If a caller chooses not to apply for the rental property, that offers you some valuable information about what your property is lacking.
When you are giving tours of the rental property, pay close attention to what the visitor has to say about the property. What features do they like, and what features do they dislike? What is missing? If a visitor is not interested in pursuing the rental after a tour, ask them what they don’t like about the property. When a visitor does like your property, ask them which features sold them on the property. This will help you to know where to make improvements and also what points you should feature in your advertising.
Every tenant will receive complaints from tenants from time to time. In addition to dealing with these complaints promptly, landlords should also keep a log of these complaints. Take note of any patterns in these complaints, and let those complaints influence your decisions about maintenance and improvement priorities for the property.
Gather information by using a free survey tool. You can create your own survey or find a standard form online. Give a printed survey copy to your tenants, and ask them to return it with their feedback. Be sure to choose questions that are relevant and that will be helpful. Questions that simply create controversy will not be beneficial to anyone.
When lease renewal time rolls around, talk to your tenants about their experience. What have they appreciated about their rental experience, and what would motivate them to renew their lease? Tenants’ needs change, and you may need to be able to change with them in order to keep good tenants. There may be simple things that you can do to keep your tenants and avoid the cost and hassle of finding new tenants.
Conduct an exit interview when a tenant terminates a lease. Information from current tenants is great, but a tenant who is leaving tends to be more likely to be straightforward and not hold back his feelings and opinions. Find out what you would need to do in order for a tenant to stay.
If you are a landlord in Phoenix or Scottsdale area, you can benefit from the property management services provided by McMath Realty. We will take care of all the details of being a landlord so that you don’t have to. Call McMath Realty today.