Property investors in Torrance, CA face many challenges.
One particularly difficult goal is finding quality tenants that pay and stay long-term. This is because lowering the turnover rate is necessary to get the best return on investment.
Empty rental units bring zero income, but simply filling the vacancies with random tenants may backfire sooner or later. Plus, failure to conduct proper tenant screening increases the risk of unknowingly signing a contract with problem renters.
In this article, we'll go over the top tips for finding great tenants for your Torrance rental property.
Showcase high-resolution images
Many people looking for a home ignore ads that have low-quality photos. It's a knee-jerk reaction, because images with bad quality raise the following concerns:
Is the image low-quality on purpose? Maybe the owner is trying to hide something.
Does the lack of care in advertising reflect the owner's overall attitude and home maintenance?
Is there any point in visiting a property that you can't clearly envision beforehand?
Visual communication is an important part of advertising your property. Bad image quality raises serious doubts, making people less likely to come see your property.
You can hire the services of a professional, or use a high-resolution camera yourself. When taking pictures of the rental unit, refrain from using flash. Instead, let as much natural light enter the rooms as possible.
Sometimes, even the right angles and plenty of sunlight won't be enough to make the property look as good as possible. In this case, you can use a photo editing software to touch up your images. Many apps on the market today are intuitive and easy to use.
Maximize the potential of the internet
The internet is a great tool to spread the word about your Torrance rental property. You can upload information and photos of your place on various listing websites, such as Apartments.com, Craigslist, and Zillow.
Creating attractive listings on rental sites is great, but you shouldn't forget about the influence of social media. Use popular social media platforms to boost the online presence of your property.
Here are some practical ideas for social media marketing:
Join Facebook groups that gather local rental property offers.
Use paid social media advertising to reach the right people, if possible.
Create original and engaging posts that organically reach a lot of people.
Use a word-of-mouth approach
Online presence is important. As you upload, post, and comment, however, there's something much easier that could have great results as well: spreading the word in your social circles is a powerful marketing tool.
In fact, many property owners forget how word-of-mouth marketing can work wonders. Your extended social network includes family, neighbors, friends, and acquaintances.
Let the people around you know that you are looking for a quality tenant. You may not have enough time to discuss the matter with everyone, so you can call some of the people in your circle instead.
You could make this approach even more efficient by setting a commission reward. By doing this, people will be more motivated to find you a great tenant. The commission could be a fixed amount or a percentage of the rent.
Provide plenty of details
Provide as many details as possible in your online listings, flyers, social media posts, and anywhere else. Take a look at the following recommendations on what to cover for maximizing your advertising:
What is the property's approximate location?
How many square feet is it?
How many bedrooms and bathrooms does the property have?
What is the monthly rent and price structure?
Is there a discount available for longer leases?
What is unique about this rental property? What sets it apart from the others?
How much storage space can a tenant expect to have?
What direction does the unit face?
Sharing many details raises interest in your Torrance property. Prospective tenants differ in their wants and needs. That's why it's a good idea to describe a lot of aspects about your property.
The bottom line: Find Great Tenants for your Torrance, CA Property
Finding great tenants is a challenge for all property owners. Fortunately, there are some practical steps you can take to make the search easier. Here are the top tips for quickly filling an empty unit:
Utilize online marketing, including listing portals and social media.
Provide many details that pique interest and curiosity.
Tell your co-workers, friends, and family about your vacant property.
Use only high-quality images that bring out the best from your rental home.