The rental market in Southern California is booming right now. If you've just started investing in property, this is the perfect time.
It might seem easy to find tenants in an area with such a low vacancy rate, but you'd be surprised. You may end up with a vacant rental unit for weeks, especially if you're looking for high-quality tenants.
We're here to talk all about tenant placement and retention so you can make sure that you never have a vacant spot for too long. Read on to learn more.
Finding New Tenants
When you're looking for new tenants to fill your vacant rental units, you have to use some savvy marketing skills (or hire a team of property managers with those skills).
Start by making sure that you have great photos of your property. Blurry phone photos are not sufficient if you want to attract the right tenants as soon as possible. It's also helpful to either clear the unit completely or stage it.
Put your listing on all of the popular rental listing websites and then take your efforts to social media. Many people use the Facebook marketplace to find their next apartment.
After you start getting applications for your rental property, it's time to go through the tenant screening process.
If you've crafted your listings correctly, you've already started pre-screening your tenants. By listing things like income requirements, credit requirements, and various fees, you're attracting people who already qualify (or who can prove that, if they don't qualify in one area, they'll make up for it in another).
Once you're browsing applications, you're going to want to ask individual tenants for their credit information, proof of income, rental history (if applicable), and anything else that you mentioned on your listing. You'll also want to run a tenant criminal background check.
Keep in mind that all tenants are different and it helps you to listen to their circumstances. For example, a younger tenant may have no rental or credit history, but they may have a cosigner that can help them.
You don't want to block a great tenant because they aren't the best on paper.
Improving Tenant Retention
So now that you have great tenants, how do you keep them?
Great tenants want to live on great properties. Make sure that you're keeping your property in good condition through routine maintenance and frequent updates (when possible).
Stay communicative with your tenants. If they have a concern or request, make sure to take care of it right away.
When it's time to renew, consider opening up negotiations with your tenants. When you show that you're willing to talk with them about their situations one-on-one, you're showing that you're a reliable and trustworthy landlord.
Do You Need Help With Tenant Placement and Retention?
Tenant placement isn't as easy as it seems, and retaining your tenants is even harder. If you're struggling to keep up, it might be time to hire property management professionals to help you.
At HomeRiver Group, our experienced property management team knows all about tenant acquisition, tenant screening, and even lease enforcement and negotiation. We'll help you fill those vacancies in a flash.
Contact us so we can start working together today.