How to Secure Tenants in a Very Tight Market?

How to Secure Tenants in a Very Tight Market? image

If you would ask any would-be tenant or current renter about the rental market status as of the moment, they would likely tell you that a huge competition is happening out there. Most properties are eagerly taken in a snap, sometimes even before the first open home occurs.

This tight rental market means that tenants are vulnerable. It will take more effort, money and time to settle and secure a home for those who are looking to rent, and their chances of finding a desirable property might become even slimmer than the usual.

Whereas, this may definitely be a great time for landlords since this is an opportunity to easily increase and set a high rent for incoming tenants and current renters. This is also where we usually see a lot of rental auctions, wherein the highest bidder secures the property.

In a tight market, if a landlord owns a property that becomes vacant, he or she might also quickly find new, willing tenants lining up to move in even just the day after the old tenant moves out. Likewise, landlords can expect to be more discerning with regards to selecting new tenants, especially now that affordable properties are hard to find.

However, it is still significant for landlords to maintain their rental property in its top shape in order to attract solid candidates, specifically their target audience. Landlords should also ensure they have efficient marketing strategies for their property, and that they set a rental price, not just high, but based on the variety of potential tenants they have to choose from.

Once on top of the competition, this is where the tenant selection comes in. A landlords’ next important move [in a tight market] is to thoroughly screen all their applicants to secure the ones they think are reliable and will be the best fit -- the ones who will not only be able to pay the rent on time but who will also take care of the property as if it were their own.

Indeed, speaking and listening to a real estate agent and/or a property manager would be another amazing tip to ease the process. These professionals already have a strong working knowledge of the local market. They can help in screening potential tenants through tenancy databases which they have access to as much as they can also assist in terms of the applicants’ background, credit history, public records and whether or not a tenant has a history of not paying rent.

Aside from that, a property manager and a real estate agent can also serve as mediator between the landlord and the tenant when it comes to avoiding any conflicts of interest. They can also handle all administrative tasks and do regular property inspections to make life easier for the landlord.

Securing tenants is important, but securing the GREAT ones is likely to have a profound effect on success.

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