Welcome back for part two on ways to find tenants here in the Detroit Michigan area.
Click the link below if you missed part one:
I’ll pick up where I left off…
8. Make a Flyer
If you wanted, you could put together a one-page flyer that talks about it’s features and it’s benefits.
Then, just drop off a few copies at some of the real estate agencies that are located near the property.
People that know agents tend to reach out to them when they’re looking for a place to stay. So with this in mind, you want to contact agents, because they’ll probably know someone that’s looking to rent a place to live.
The agencies that also serve as property managers will probably want to charge you for finding a tenant for you, but a lot of them won’t.
Print Your Flyer in Color
I know it costs more to print in color, but it makes a world of difference.
I don’t care if you’re looking at a picture of a mansion; if it’s in black and white, it’s nowhere near as impressive as a color pic would be.
Where to Put the Flyer
You can post this flyer at all kinds of places.
Liquor stores, supermarkets, laundromats, hair salons and barbershops… Your options are virtually endless.
Try to think of places where other landlords aren’t marketing.
9. Drop Business Cards Everywhere
You can get some really simple cards that say something like:
“Homes for Rent in Detroit and Western Suburbs. Call (586)123-4567.”
Just like what I said in the section on flyers, you can put these things everywhere.
You’d be surprised how many gas stations and liquor stores in the Metro area will let you leave a few cards on their counter; especially if you just patronized their business by buying something.
You can get a bunch of cards for like $10 at vistaprint.com.
10. Save EVERY Number
Keep each and every number of people that call on any of your rental properties.
Build a list of these people, along with their phone numbers.
This way, you can reach out to them whenever other units become available. Even if they’re no longer looking for a place, there’s a chance that they know someone that is.
11. Advertise in Classifieds
Even though there’s a bunch of people searching online for a place to stay, there’s still some old schoolers out here that still go to the newspaper classifieds when they’re looking for stuff.
Your goal is to get as many leads as possible for your property.
Note: Before you just throw your money out there for an ad, you might want to do some research by running a Google search for “tips for posting a newspaper ad for rental property.” You should find some tips that can help you save money.
You don’t want to spend all that money posting an ineffective ad, only to find out you could’ve done it more effectively AND cheaper.
12. Return Calls Quickly
If a potential tenant calls you and you miss their call, you probably want to call them back ASAP.
A lot of times a tenant is sitting there just calling from a list of rental opportunities they’re interested in.
So there’s a chance that that tenant called on another property right after they called about yours.
So find a way to get back to prospects ASAP when and if you miss their calls.
13. Price Your Property Right
I think it’s fair to say that your monthly rate, as well as your security deposit, are the biggest factors on how many people you get over to see your property.
You don’t want to guess on the price you’re charging. That’s too risky.
Do some research.
Don’t be lazy on this. For all you know, you could be leaving money on the table by charging too little.
You can ask property managers that manage in that area what the fair market rent is, they should know.
You can also go to HUD and look up the FMR’s for the 40th and 50th percentiles.
This number represents the monthly rent payment amount that 40 or 50 percent of the renters in that area are paying.
If you’re here in the Metro Detroit area, go by the 50 percent rate. If you’re in a smaller area, you probably want to use the 40 percent rate.
14. Allow Pets
Allowing pets may not appeal to you much as an options, but it’ll definitely attract more people to your property.
But as you weigh that decision, don’t forget that you can charge them a little more per month if they’re going to have pets.
If you’re going to let tenants have pets, make sure you let this be known on all of your marketing materials. Craigslist ads, flyers, everything.
If you don’t mention this in your marketing, you’re going to miss out part of the benefit of allowing tenants with pets.
15. Make Your Property Stand Out
I don’t care how good you get at marketing. It means nothing if you don’t have a good product.
People are going to always want the best house, for the cheapest price.
I know I do. Don’t you?
Four of the biggest ways to stand out are by (1)price, and by (2)the condition, (3)looks, and (4) benefits of the property.
If you want to know what the competition’s properties are looking like, go see some of them.
That way, you’ll know for sure how your properties look in comparison with the other ones the prospects are going to look at.
You want to “Wow” them.
Best of luck!
What’s worked (or hasn’t worked) for you when it comes to finding tenants for your rental properties? Leave a comment!