Tenant Placement – Finding the Golden Goose
The secret to successful property management comes down to tenant placement. Most management companies spend 80% of their advertising dollars appealing to tenants. It is also one of the key reasons investment property owners contract with management companies! Keeping your houses filled is one of the leading focus points for all property management, and typically comes down to a few careful strategies.
Finding tenants requires advertising. There isn’t any good ways to avoid it, and it should be part of a well thought out business plan! When looking for tenants, you need your homes to be available to find online. We utilize our own website (rentinpullman.com) as well as apartments.com and Zillow listing services to get our vacant homes online. This makes it much easier for potential renters to find us! We also make sure and advertise our services and properties in local publications. With the university here in town, advertising in the Student Survival Guide is also a great way to increase exposure. Regardless of your specific avenue, your property management company needs to have a plan to keep your units rented and your revenue secured!
Social Media Advertising
More often then ever before, rental property searches are starting on social media. Social media has made it incredibly easy to find roommates, sublets, and vacant properties. Your property management company needs to utilize social media channels to connect with potential renters who are “tech savvy.” Finding a tenant is a numbers game, and everyone is on social media! Engaging with our renter base online helps receive rent on time, as well as helping rent properties faster. It is a great resource for connecting with potential renters.
Did I mention its free?
Word of Mouth
With all the recent emphasis on technology tools, most people forget good old fashioned word of mouth! We’re well known in Pullman as the best property managers, largely due to our track record with tenants and owners. Having been in business for years, we allow our reputation to speak for us and are often surprised with our referral count. It is fairly rare we have more then a handful of units available (and by handful we mean 2-3)! Never underestimate the power of personal, local relationships!
Property management requires tracking many facets, and tenant placement is one of the most important. By maintaining your advertising channels, reputation, and properties, you will successfully find tenants while keeping your owners happy. Maybe hunting down the golden goose isn’t so hard?