Jose Ernesto Batres Gonzalez is the Founder and CEO of BM Capital, a real estate fund that delivers strong returns to investors. In the following article, Jose Ernesto Batres Gonzalez discusses strategies for attracting and securing high-quality tenants in real estate.
The dream tenant pays rent on time every month, takes care of their home, is a good neighbor, and stays beyond the term of the original lease. Unfortunately, such tenants can be quite hard to find.
To ensure that someone with the above-mentioned qualities appears, the property must match the individual’s or family’s needs. The target audience should dictate how a landlord markets their residence to potential renters. But more than that, they need to employ some tried-and-tested methods to attract the high-quality tenants they’re searching for.
From taking professional property photos to boasting the benefits and features to crafting engaging listings, landlords have various crucial professional strategies to adopt.
Jose Ernesto Batres Gonzalez Provides Tactics for Attracting Quality Renters
• Right Time, Right Renters
Jose Ernesto Batres Gonzalez says that many first time landlords like to market a property long before it’s actually due to become vacant. This isn’t necessarily the best strategy. In fact, it can end up dampening their chances of finding good-quality tenants, as it will only attract potential renters who aren’t ready to commit yet.
Likewise, if advertising starts too late (less than a month before the scheduled vacancy date), then tenants might be on the hunt for a new place to avoid problems with their current landlord.
According to industry experts, the right time to advertise a residence is between four and six weeks before it’s set to become vacant. Sticking to this timeframe allows landlords to attract potential renters who aren’t too eager or nonchalant about moving in.
• Exceptional Property Photos Equal Dream Tenants
Jose Ernesto Batres Gonzalez explains that visual representation cannot be underestimated when looking for high-quality renters. Capturing professional (or professional-looking) walkthroughs and photographs is considered the latest “trend” that doesn’t seem to be leaving anytime soon.
Taking fantastic property photos isn’t a skill to be taken lightly. Hence, many landlords employ the talents of a professional. However, those wishing to undertake this task themselves should keep the following few expert tips in mind:
- Only take landscape shots with a wide-angle lens
- Don’t upload blurry images
- Take photos when the sun is out to show off the natural light inside the home
- Ensure the images are large enough to avoid pixelation
Jose Ernesto Batres Gonzalez says, believe it or not, the sequence of the pictures on the listing is almost as important as the shots themselves, as the brains at Evernest explained. The order suggested by them is:
- Front of the residence
- Living room
- Bonus rooms
• Online Marketing Goes a Long Way in This Day and Age
Nowadays, prospective tenants always check out properties online before deciding whether to view them in person. Jose Ernesto Batres Gonzalez maintains that ensuring a rental unit is attractive online will be one of the most profound and consistent marketing strategies for attracting high-quality renters.
While the general listing sites are useful, an ever-increasing number of landlords are turning to social media platforms such as Facebook, Twitter, and Instagram to market their spaces. Couple that with their professional photographs, and they are bound to find some interested individuals or families.
• Boast Benefits Over Features
Jose Ernesto Batres Gonzalez says that typical rental ads focus on the type of appliances or the number of bedrooms, but despite the importance of such facts, they aren’t quite as attractive to great renters as most believe.
Attracting quality interest should appeal to the prospect’s emotions. It’s worth showcasing convenient placement or how cozy the unit is. Essentially, anything that shows how much a tenant will enjoy living there is going to drastically improve outcomes.
• Strong Screening Processes Must be Utilized
Jose Ernesto Batres Gonzalez says that obtaining a list of potential tenants simply isn’t enough. Landlords must be able to filter the tenants who might be problematic while ensuring fairness and equality. Thus, they need to develop a criteria list (and stick to it), including income requirements and credit score limits.
• Engaging Listings Win Angelic Tenants
Real estate listings must be impactful to compete with the myriad of other properties on the rental market. High quality photographs are a good start, but the descriptions themselves are just as important, if not moreso.
Descriptions should mention the property’s USP, have an attention-grabbing introduction, and use language that is professional yet easy to understand.
• Good Landlords Attract Good Tenants
Jose Ernesto Batres Gonzalez says that great landlords can expect to attract and retain great tenants, while those with less-than-ideal reputations are unlikely to do so. Thus, establishing a brilliant reputation from the start is imperative to success.