20 Oct The Importance of Really Knowing your Ideal Tenant
No matter what business you are in, it is important to know and understand your target market. When it comes to renting your property, things are no different. Not only is it critical to know who you want to rent your property, but it is also very important to understand the variety of things they seek in a potential rental property.
For example, does your ideal tenant consider a well-manicured landscape or a renovated kitchen a priority? Perhaps he or she wants to be closer to public transportation? Knowing how these things stack up as priorities in the minds of your renters will guide many of your decisions, from your marketing messaging to your budget allocations. By knowing your ideal tenant for a specific property, you will be able to find and keep tenants that are a perfect match for the property, which should help to grow your business significantly.
Building And Maintaining Relationships
The key to any great relationship is communication, and this is no different than the relationships with your tenants. Regular communication builds trust with your tenants. Whether it is a quick response to their apartment issues, providing safety information about severe weather threats, or updates on new rental agreement laws. If your tenant feels that you care about his or her well-being, then he is more likely to remain in your property long-term.
In addition, as social media and review sites continue to gain popularity, every single customer becomes more important. If your tenants feel welcome and comfortable in your property, they are much more likely to recommend your property or your business to their friends, family and colleagues.
These social media sites provide yet another channel of communication. By connecting with your tenants online, you can begin to understand the characteristics your ideal tenants want from your property. Some questions that might arise are the following:
- Do they want your property to be pet-friendly?
- Do they want a gym or work-out equipment on-site?
- Do they expect 24-hour on call maintenance?
- How do they like to be communicated with (via phone, email, social media, etc)?
- Are they environmentally conscious, and would they appreciate the steps involved in making the building more energy efficient?
After learning these things about your tenants, you’ll be able to build and maintain better relationships because you can take steps to make your property their “ideal home.”
It is very important to work with your tenants to identify the amenities they desire and appreciate the most. For example, do they want landscaping that is well-manicured or convenient laundry in the building? This is the time to think outside the box – maybe they would greatly appreciate dry-cleaning pickup and delivery, etc. Knowing this type of information allows you to be better equipped to budget your time and expenses accordingly.
Landlords can avoid wasting money on things their ideal tenants don’t really want or need, and instead spend more wisely on amenity upgrades. Also, by knowing what ideal tenants’ most valued amenities are, landlords are able to promote them upfront in rental ads, and in turn, rent units faster, to the types of renters who tend to work out best in each property respectively.
Not everything is about succeeding in the now. By recognizing what your ideal tenants want from a specific property, it will make it easier for you to make good investments. Metro Property Services is committed to providing tenants with a positive experience and we achieve this by establishing a relationship with them. By being clear about both parties’ expectations, we avoid problems down the road and provide tenants with more than a property, but a home.
If you’d like to learn more about how the professional property management and leasing services we provide can help you find the ideal tenant, contact us for details at 310-220-4495 or visit us online. We look forward to hearing from you!