When most people think about landlording, they have this picture of low-income properties with outdated features, broken appliances, and tenants who don’t pay their rent. But there’s another end of the spectrum. Whether you’ve had any firsthand experience with it or not, there is such a thing as a high-paying tenant who appreciates fine taste and pays on time. But how do you attract them? That’s a question we’re going to answer in this article.
Six Tips for Attracting High-Paying Tenants
High-paying tenants are good for multiple reasons, but two stand out above the rest. First off, they allow you to bring in more revenue, which positively impacts your bottom line. Secondly, they tend to be more reliable. When tenants have the money to pay higher rents, they generally aren’t a risk for missing a payment.
So, without further ado, let’s take a look at some simple tips for attracting those elusive high-paying tenants that everyone loves.
- Start With the Property
If you’re only focusing on the tenant, then you’re missing a massive part of the equation: the property itself. In order to even have the opportunity to appeal to high-paying tenants, you need to ensure the property is in the appropriate condition and has the features they want.
According to Angie Toomey of Landlordology, there are four basic amenities that attract quality tenants without exception: dependable washers and dryers, closet organizing solutions, window coverings, and fresh paint. Doesn’t sound too difficult, does it? Well then, there’s no excuse for not including basic amenities like these.
If you’re really trying to wow prospective tenants, there are even more simple, yet effective things you can do. Here are some ideas:
- Install a simple peel and stick backsplash.
- Purchase a couple of smart home features designed to reduce energy consumption.
- Upgrade the master bathroom.
- Include stainless steel appliances.
These are all very simple things you can do to cost-effectively improve the interior of the property and increase your chances of attracting tenants on the higher end of the pay scale.
- Pay Attention to Curb Appeal
But before a tenant even sees the inside of the property, they’re going to see the outside. Whether it’s driving by or checking out the pictures online, curb appeal makes or breaks the first impression. The good news is that a few dollars spent here can actually allow you to charge more in monthly rent.
Some of the easiest things you can do are edge the driveway, light the walkway, pressure wash the siding, clean up the yard, plant fresh flowers, mulch flower beds, and add some décor to the front porch.
- Remember That Your Appearance Matters
Now that you’ve got the inside and outside of your property, it’s time to turn some attention to yourself. Remember that you aren’t just selling your property – you’re selling yourself. You want tenants to trust you and believe that you’re going to provide them with an enjoyable living experience.
“Quality tenants observe the behavior and dress of the landlord and their staff. The tenants assume that if the landlord is a professional who takes care of every detail, then every detail in the apartment will be covered as well,” real estate broker Tai DeSa says. “Landlords who show up late, do not use checklists or applications, and generally fumble about will repel good tenants while attracting problematic renters.”
Ensure you’re setting the right tone with prospective tenants regardless of when or where you’re interacting with them. From phone and email to in-person conversations, everything is a reflection of who you are and the value you provide.
- Discover Your Target Audience
In marketing, companies are always looking to identify customer or reader personas so they know who they’re dealing with and how they can best persuade them. As a landlord, you should act a lot like a marketer. You need to know exactly who your target audience is in order to attract them.
While every geographic location and price point is different, high-paying tenants are normally upper middle class, single or married with no children, elderly, and/or frequent travelers. Find out which group you’re targeting in your area and shape all of your marketing and advertising efforts around them.
- Improve Your Advertising
Speaking of advertising, it’s important that you improve your strategy in order to attract higher-end tenants. Putting a rent sign in the yard or taking pictures on your iPhone and posting a listing on Craigslist won’t be sufficient. You need to meet your prospects where they are and entice them with a quality listing.
A quality advertisement or listing starts with high-resolution photos. Hire a professional photographer and make sure you’re featuring each room in a flattering manner. Then, take the time to write a descriptive listing with plenty of detail, including everything from the type of flooring and policies to the appliance brands and square footage.
- Allow for Flexibility
High-end renters aren’t renting out of necessity. They could purchase a home if they wanted. In fact, they may own properties in other areas of the state or country. In most cases, high-paying renters rent because they want flexibility. They either travel a lot, only spend part of the year in town, or are looking for a temporary living solution.
Avoid the temptation to try and lock down these renters for 12, 18, or 24 months. You’ll scare most of them away. Instead, work with their needs and be willing to negotiate short-term leases – you may even be able to charge an extra premium. Keep these renters satisfied and you’ll earn a good reputation.
Contact Green Residential
As a landlord, do you want to entrust your properties with some national chain that primarily operates online – or would you prefer a local company with decades of experience and a physical office that you can personally walk into? We’re guessing the latter.
At Green Residential, we’ve been in business for more than 30 years and have built a strong reputation as one of the most reliable property management companies in the Greater Houston Area. If you’re interested in learning more about our services and how we can help you find good tenants and protect your properties, contact us today!