Last modified on October 4th, 2013
By Aimee Miller
Knowing your target market is important to any business. Renting your property is no different. It is critical to not only know whom you want renting your property, but to also understand the variety of things they deem important in a rental property.
For example, is your ideal tenant looking for a well-manicured landscape, a renovated kitchen, or do they want to be closer to public transportation? Knowing these types of priorities in the minds of your renters will guide many of your decisions, from your marketing messaging to your budget allocations. By knowing your ideal tenant for a specific property, you will be able to find and keep tenants that are a perfect match for the property, and to grow your business significantly.
Building And Maintaining Relationships
The key to any great relationship is communication, and this is no different than the relationships with your tenants. Regular communication builds trust with your tenants. Whether it is a quick response to their apartment issues, providing safety information about severe weather threats, or updates on new rental agreement laws. If your tenant feels that you care about them, then they are more likely to remain long-term in your property.
In addition, as social media and review sites continue to gain popularity, every single customer becomes more important. If your tenants feel welcome and comfortable in your property, they are much more likely to recommend your property or your business.
And these social media sites provide yet another channel of communication. By connecting with your tenants online, you can begin to understand the characteristics your ideal tenants want from your property. Do they want your property to be pet-friendly? Are they environmentally conscious, and would they appreciate the steps involved in making the building more energy efficient? After learning these things about your tenants, you’ll be able to build and maintain better relationships because you can take steps to make your property their “ideal home.”
Work with your tenants to identify the amenities they desire and appreciate the most. For example, do they want a renovated kitchen, well-manicured landscaping, or laundry in the building? Think outside the box – maybe they would greatly appreciate dry-cleaning pickup and delivery, etc. With this information, you’ll be better equipped to budget your time and expenses accordingly. You’ll avert wasting money on things your ideal tenants don’t really want or need, and instead spend more wisely on amenity upgrades. Also, by knowing your ideal tenants’ most valued amenities, you’ll be able to promote them upfront in your rental ads, and in turn, rent units faster, to the types of renters who tend to work out best in each property respectively.
Not everything is about succeeding in the now. By recognizing what your ideal tenants want from a specific property, it will make it easier for you to make good investments. So get out there and start getting to know your tenants!