Having long periods of vacancy can create quite a stress for landlords. Any day the property is not occupied, it’s losing money and starts to become more of a liability to the owner. Most landlords, especially the ones who are new to the game, know what it’s like to do their best at advertising a property and still not finding tenants. This is where a property manager is priceless.
Property managers have a variety of tactics they use to find tenants in record time. They’re used to doing this task for their clients, so they’ve come to know the best practices, making it easier to find someone quickly.
Here are some tactics property managers use.
List of potential tenants
Many property managers have a list of potential tenants that they have compiled over time from previous listings. The first step they will take is to reach out to them. Depending on their list, they can use different channels to contact their prospects. For example, they could use traditional methods such as making phone calls and sending emails and letters, or they could use more modern approaches such as social media outreach or even automated email campaigns. This can help the property manager create an initial reach to those potential tenants and determine who is interested in the property.
The extensive existing database feels like a cheat sheet when you want to occupy the property in a short period of time. This tip of tracking the contact information of tenants who have contacted them in the past, they can contact them quickly when they need a new tenant.
Network
Finding tenants using a network of contacts is an effective strategy for any property manager. A property manager’s network of contacts can include current tenants, real estate agents, bankers and financial advisors, community organizations, local business owners, and the local chamber of commerce. To leverage these contacts, a property manager should first create a list of their contacts and consider how each of these contacts can help them reach potential tenants.
Just to give you some examples, connecting with real estate agents can provide access to prospective tenants who are already looking for rental properties; business owners and the chamber of commerce may be aware of potential tenants with job relocations or other reasons for needing a property, and the local government or community organizations may have records of people in need of housing or refer them to the property manager.
Software systems
Another way property managers can find tenants quickly is by using a property management software system. Property managers can post rental listings, manage applications, screen potential tenants, track payments, and more with these systems. According to this Phoenix property management company this helps them to quickly find potential tenants and evaluate them, streamlining the process and allowing them to find tenants in record time.
Use word of mouth
Property managers can quickly spread word of mouth thanks to their involvement and position in the industry. This is one of the most effective and cost-efficient ways for a property manager to find tenants. By networking with people within their area, they can learn of potential new tenants before they look elsewhere.
Open house
While being a host may be something some landlords may shy away from, property managers are experts at it! Open houses are a more cost-effective and quicker way to find tenants than other tenant recruitment methods. Property managers can use open houses as a one-stop shop for potential tenants. Not only does it allow potential tenants to view properties, but it also gives property managers a chance to meet and converse with potential tenants. This can provide insight into their needs, wants, and living preferences. This way, property managers can quickly eliminate applicants who are not a good fit and connect with those who may be interested in the property.
Online communities
Property managers can join relevant groups on social media platforms, such as Facebook groups for landlords and property owners. These groups are often very active, and property managers can post their listings to reach many potential tenants in a short time. Online communities are open to people of all ages and backgrounds, allowing property managers to quickly and easily reach a large pool of potential tenants. They can save time by leveraging these communities' instantaneous messaging and posting capabilities, which also facilitates more direct and timely communication with prospective tenants.
Conclusion
If you’re a landlord looking to find a tenant, you may want to hire a property manager to do it instead. Not only will it take away a lot of work off your shoulders, but it will make the process more efficient and quicker. Property managers also have the expertise and knowledge to market a property properly, vet potential tenants, and manage the legal terms of the tenancy agreement, all of which are essential to having a rental property that’s a good source of income in the long term.
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