Six ways to know what tenants are looking for

By 4th August 2014Blog

Knowing exactly what your prospective tenants are looking for helps to improve your property management process, obtain higher rent, and save time. One key to charging higher rent is to make your rental property as appealing as possible to the best tenants. Finding out what your prospective tenants want will help you to fine tune your leasing strategy.

Available to both national and local markets, published trends of rental properties are a plus, but finding the needs of tenants directly by communicating with them is far more effective. Interviewing tenants is the best way to figure out what they are looking for. Here are six effective ways that will help you to know what tenants are looking for and to modify your property management process accordingly.

The initial phone call
When you receive the first call from the prospective tenants ask them what they are looking for in a property. Track all their responses. Once you are convinced that your property matches their requirements, discuss the expected rent and payment for amenities.

Talk with the prospective tenant during the property tour
When prospective tenants are visiting your property, chat with them casually. Listen to what they like and dislike. If they say they are not interested in your property, try to find out why not. Ask the tenants who like your property to highlight what they see as the best aspects. An interested applicant will fill out a rental application and give you written consent to run a tenant credit report.

Keep a record of all tenant complaints
Having a master log of all tenant complaints will help you know how to enhance your property management system and get higher rent. Getting and understanding the various perspectives of your property will help you make better property management decisions.

Use free survey tools to keep in touch with the varying needs of the tenants
Another easy way to find the changing requirements of your tenants is to keep in touch with them via a survey tools such as Survey Monkey. Tenants like to voice their opinions and give feedback to the landlords. Do surveys periodically to learn the opinions and feedback of your tenants.

Enquire about individual preferences during contract renewal time
Contract renewals present landlords with the best opportunity to talk to their tenants about their individual preferences. Understand whether or not they want to renew the lease, and if not, what is preventing them from doing so.

The exit interview
An exit interview is an effective tool to discover what your tenants want. You can receive the best and most genuine opinions from tenants during their exit interview. Unlike a current tenant who will try to say only nice things to keep your good favor, an exiting tenant won’t be withholding any opinions and views. Note down their feedback however, as it will help you make the right amendments with respect to your property management and rent.

Of these six practical techniques, use as many as is possible and track the results over time. This will help you discover new, interesting trends, modify your rental process, perform the necessary upgrades and manage your property in a better way.