Attracting and maintaining relationships with quality tenants in the new landscape, especially now that the Model Tenancy Act is in place, will require a different approach.
It wouldn’t be far-fetched to say that the pandemic has acted as a reset button for the rental market. The exodus of tenants that followed in its wake is now fast reversing. However, they are returning to a new normal dictated by technology, high hygiene requirements, and a paradigm shaped by the demand for relatively spacious and affluent accommodation and suburban housing.
Attracting and maintaining relationships with quality tenants in the new landscape, especially now that the Model Tenancy Act is in place, will require a different approach. Here’s looking at some of the best practices for drawing the ideal tenants in the new rental market.
1. Determine your target market
The first step towards confirming a tenant as a homeowner is to ask yourself: what does my ideal tenant look like? A quick list of desired characteristics and requirements of your ideal tenant will help you get started in marketing your property to the right set of tenants.
Having said that, it is crucial to zero down on types of tenants and what each one of them would seek if they were to rent a place in the locality. For instance, the checklist of a family will drastically differ from a must-have list of a bachelor or a student. As a landowner, this requires you to thoroughly learn about your locality, surroundings, amenities, and certain regulations that might come in handy in making the right decision.
Moreover, you can make a list of personal preferences for tenants when it comes to factors like keeping a pet, having a credit score, or following a certain lifestyle. Depending upon the crowd in the neighbourhood, you can also identify a tenant that is more likely to adapt to the kind of lifestyle followed in the locality.
2. Exhaustive listings
Once you have finalised your target market, it is time to curate an attractive listing for your property and reach out to your ideal set of tenants. As a landowner, you must never underestimate the value of a descriptive and accurate listing.
You can begin by writing a bold and compelling headline, which will not only make potential tenants stop at your listing but also make a great first impression on their minds. The best way to stand out in the clutter is to mention the unique features of your property and/or locality. Whether it is closer to the international airport or located near a hub of happening restaurants or allows pets on the premises, highlight it first in the description. However, while writing a listing, make sure that you do not compromise on necessary information like the type of house, number of bedrooms and bathrooms, total area in square feet, and the exact amount of the monthly rent.
Furthermore, to come across as an approachable landowner and make the procedure easy for potential tenants, you can share your contact details and place of residence on the listing platform. Providing your contact details is a requirement to get listed on new-age real estate platforms that connect property owners directly with the customer without the involvement of middlemen.
3. Images speak louder than words
Yes, the process of making an interesting listing for your property is often not complete without a gallery of quality images.
Listings with images are more likely to hold the attention of potential tenants than listings with no images. Therefore, to market your house better, it is important to present your customers with multiple high-resolution pictures of your living space, interiors, and all other essential amenities. Not only does it add visual interest but also provides more descriptive information to your prospective client. Besides revealing the aesthetics, images also serve to build trust in a property in the eyes of the home-seeker.
Furthermore, to avoid dark and blur pictures of the property, it is advisable to photograph your property during daylight using a DSLR mounted on a tripod. If required, you can also make use of professional lighting setups to illuminate certain aspects of your décor in the images. To this end, you can also hire a professional interior photographer or take inspiration from some of the top listings on the platform.
4. Video tour of the property
Video tours are the new rage in real estate nowadays. It is much more convenient to check out a video tour of a property and shortlisting for tenants and saves a lot of time and effort for both the parties. Consider making a video of the property that would show near perfect details of the property to the prospective tenant. It’s a great way to ward of discussions that may not fructify!
5. Make sure the property is in peak condition
After you have presented a pleasant picture of your property on the listing, it is important to stay regular with your house maintenance; considering you can receive a call or a request for a house tour on any random day. Furthermore, it also helps you save on long-term expenditure by reducing the chances of degradation.
Mention all amenities. An ideal property is often the one that guarantees its tenants easy access to public places and amenities. According to a recent report by NoBroker.com, 76% of home seekers look for frequent water supply, 47% need public transport connectivity and 44% prioritise the performance of the locality. Therefore, as a landowner, it is advisable to always stay updated on any new restaurants, schools, or transport services launching around the place.
6. Tenant screening
Out of all the steps to attract a quality tenant, conducting a tenant screening is the most crucial one. As a homeowner, you need to patiently enquire about your potential client’s background, monthly income, past tenancy records, and credit scores before you choose to sign the rental agreement with them. Consequently, you can choose to keep a copy of all legal and verified documents to avoid any misunderstandings later.
Another effective way to find a qualified tenant for your rental property is to organise an interview wherein you can observe their personality traits and other lifestyle choices. Soon after the screening is finished, make sure to convey your support for their needs and requirements as well.
7. Usage of online platforms
Gone are the days when you would rely on a different set of people to complete different parts of your listing and rental procedure. In the age of online shopping and digital payments, as a landowner, you have plenty of online real estate platforms that can easily help you streamline your entire renting process. From offering an open-to-all property listing platform to reducing the gap between you and your potential tenant, these platforms provide a range of options such as tenant verification, screening facilities, and property management to its registered homeowners.
Finding the right type of tenant with acceptable background and expectations can be daunting for any landowner. However, with qualitative research, effective marketing, and the use of the right technological aid, the process can be easy to follow.
(By Amit Agarwal, CEO and Co-Founder, NoBroker.com)