As tenants begin to receive stimulus payments, some are using the funds to move, resulting in a surge of rental applications for available properties. However, once you’ve identified a great tenant, you may find yourself competing with other landlords to secure their tenancy. To appeal to potential tenants in Southwest Michigan during COVID-19, consider the following tips:
- Offer virtual property tours: With social distancing guidelines in place, many tenants are hesitant to visit properties in person. By offering virtual property tours, you can provide a safe and convenient way for tenants to view your rental property.
- Highlight safety features: In light of the pandemic, tenants are placing a premium on safety features such as touchless entry systems, enhanced cleaning protocols, and other measures that promote health and hygiene.
- Be flexible with move-in dates: With many tenants facing uncertain financial situations, offering flexible move-in dates can be a powerful incentive for those looking to secure a rental property.
- Emphasize affordability: Many tenants are feeling the financial strain of the pandemic, making affordability a top priority when considering rental properties. By offering competitive rental rates and highlighting any cost-saving features (such as energy-efficient appliances), you can make your property more appealing to potential tenants.
By incorporating these strategies into your tenant recruitment efforts, you can increase the likelihood of securing a great tenant for your rental property in Southwest Michigan.
One effective way for landlords in Southwest Michigan to attract tenants during COVID-19 is to set an appropriate rental rate. Conduct research to determine the current market rent and set your rate as close to that amount as possible while ensuring it aligns with your rental proforma goals.
If you’re struggling to attract potential tenants, consider lowering your rent slightly, so it’s just below the market rate. This can help bring in a wider range of tenant candidates, giving you more options to choose from and ensuring that you’re comfortable with the tenant you ultimately select.
In addition to attracting more tenants, setting an affordable rental rate can also be appreciated by tenants during these uncertain times. Some working-age individuals may have lost their jobs or been employed by businesses that closed due to COVID-19, making a below-market rent a welcome relief. By setting a fair and reasonable rental rate, you can help ensure that your property remains occupied and generate a steady stream of income.
As a landlord in Southwest Michigan, another way to appeal to tenants during COVID-19 is to offer flexibility with rent payments. By showing compassion and understanding, you can help ease the financial burden on tenants who may be struggling during these uncertain times.
One way to be flexible with rent payments is to work with tenants to accept multiple partial payments over time, rather than requiring full payment all at once. This can help ensure that tenants are able to pay their rent, even if they can’t do so in one lump sum.
Another option is to arrange a payment plan with tenants to lower the current and next few months’ rent, and then raise the second half of rent payments to make up the difference. This provides tenants with the time they need to stabilize their household and get back on track with regular rent payments.
By offering flexible payment options, you can help ensure that tenants are able to stay in their homes and maintain a steady stream of rental income for yourself. This can also help build positive tenant relationships and foster goodwill between you and your renters.
To entice a top-notch tenant to choose you as their landlord instead of others, consider offering some extras! In addition to ensuring that your rental unit has all major appliances like a washer, dryer, stove, fridge, and microwave, make sure that the blinds, door handles, and locks are all clean and functional. To sweeten the pot further, you could offer unlimited free utilities such as internet or cable services. You might even want to throw in some high-demand essentials like toilet paper, paper towels, or hand sanitizer with every rent payment.
If possible, consider renovating the kitchen, particularly if the cabinet doors or countertops show signs of wear and tear. Ensure that all toilets, sinks, and showers are clean and functioning properly without any rust or mildew buildup. It’s a good idea to apply a fresh coat of paint and fix any missed holes. By keeping your property up to date and clean, you show your tenants that you care, and they, in turn, will appreciate it and prioritize paying rent on time.
Landlords in Southwest Michigan can easily attract tenants during the COVID-19 pandemic by enhancing their property’s curb appeal. If a house looks well-maintained with attractive landscaping, tenants are more likely to choose it over a property that appears neglected and in need of pressure washing or mulching. The appearance of your rental property reflects your management style and can significantly impact your tenant turnover rate. Clean, updated properties are more appealing to potential renters and tend to have lower turnover rates compared to dark and dingy properties.