MORE PEOPLE THAN EVER ARE LOOKING TO RENT…HOW DO YOU SEPARATE YOURSELF FROM THE COMPETITION?
More and more people are looking to rent these days. A combination of increased housing prices and interest rates, along with inflation and other variables, has made it harder for people to buy homes of their own. Because of that, the tenant pool has never been deeper and if you’re looking to rent a quality place to live, it’s likely you’re facing a lot of competition. As a property management company that’s been working with prospective tenants and has been leasing for rental property owners for over a decade, we’ve got some time-tested advice to help you increase the odds of getting that rental you’re most interested in.
LEARN MORE: WHO’S THE BEST PERSON TO LEASE YOUR RENTAL PROPERTY FOR YOU?
UNDERSTAND THE OWNER’S MINDSET
When it comes to placing a tenant in a multi-family home, the owner has one priority: finding someone they’re confident will have the ability to pay consistently and avoid eviction. That is as simple as it gets. The owner likely just put a lot of money into updating the property and they want someone who will take care of it and pay rent on time every month for a long time.
If you’re looking to rent a single-family home, the focus on eviction won’t be as prominent, but the owner is still looking for someone they can trust to take care of their property and minimize damages when it’s time to rent to someone new or even move back themselves.
So how do you, the prospective renter, help them find that confidence in you?
LEARN MORE: BALANCING THE LINE BETWEEN PERSONAL AND BUSINESS RELATIONSHIPS AS A LANDLORD
#1: HONESTY
The most important attribute in a prospective tenant is honesty. Whether you’re responding to written questions or talking in person, be sure to answer as honestly as possible. All it takes is a small fabrication of the truth or an exaggeration and the suggestion that you’re not trustworthy will be almost impossible to overcome. You also want to avoid “lying through omission” by ensuring you don’t miss any questions or leave details out that you know the owner is looking for.
The most common example we run into is when we ask prospective tenants if they have any criminal or eviction history and they respond: “No, criminal history”. That’s great…but it also implies that you DO HAVE an eviction history that you’ve decided not to disclose. These tenants immediately discredit themselves and ultimately disqualify themselves because Nexus does background checks anyway and will find out anyway.
Being honest could ultimately disqualify you from the running (i.e. by revealing a history you’re not proud of), but it will do so in a way that doesn’t waste your own time…and hopefully your honesty will lead to the opportunity to provide some context.
LEARN MORE: SHOULD YOU GIVE TENANTS A DISCOUNT FOR HELPING OUT WITH MAINTENANCE?
#2 BREVITY:
All too often, people reveal way more about themselves than is necessary or is helpful to their cause. As noted above, you want to answer all questions honestly and completely, but there’s also value in being brief. Per the Federal Fair Housing Act, it is illegal to discriminate and not show or rent a property to someone based on their race, religion, national origin, familial status (families with children), sex, or disability but adding more detail about some of those issues can paint a picture that will cloud the owner or leasing agent’s judgment when it comes to other qualifiers. For example, At Nexus we’ll ask a simple question: how many occupants will there be over the age of 18…and it is very common for people to go on unsolicited to tell us all about their families and how their kids are getting in trouble at school because their father who is unreliable and can’t keep a job but still manages to spoil the kids when he sweeps in to grab them on the weekend is ruining them…what is the advantage of painting a picture like this? Your having children isn’t a problem (legally it can’t be), but the chaos you’ve described could be. This is an extreme example to simply drive home the point, but before responding to a question, think about what characteristics you’re trying to portray as you answer honestly. Are you coming off as trustworthy?
Whether it has to do with a protected class or not, rambling, undisciplined responses hint at a lack of control and when it comes to placing a tenant, owners are looking for the complete opposite…they’re looking for safety. They are looking for trust and reliability, and the more you go on talking about something they didn’t ask, the riskier you seem.
The best way to handle issues where you feel you may want to add more context is to simply ask first. “I know you only asked about people over 18, but can I also tell you about my younger children?”…”I know the owner would prefer a tenant without any eviction history but can I tell you the background behind the record you’ll find when you do your background check?”
Show that you are disciplined in thought and you will make a strong impression on the person you are communicating with.
LEARN MORE: AS A LANDLORD, TENANTS ARE BOTH YOUR CUSTOMERS AND YOUR BOSS
#3 CONFIDENCE:
There are two simple ways to create a perception of confidence. The first, is to avoid badgering the person doing the leasing. Literally, in the time I’ve been writing this article I’ve received two emails, one phone call, and a text from someone who applied for a vacancy last night and received a response early this morning. This urgency tells our leasing team one thing: she’s very desperate…and that makes her less attractive as a prospect. As noted above, if you’ve been honest and answered everything asked of you, there is no more you can do other than wait to see how your responses land. Helicoptering will do nothing but hurt your cause. Nervousness and anxiousness do not sell you as trustworthy and reliable.
The second piece of advice is to be specific with your move-in date. If asked when you will be ready to move in, do not answer, “Flexible” or “ASAP”. Again, it shows desperation. When you respond “ASAP” you may feel like you’ve answered a question, but you’ve really opened up far more questions in the leasing agent’s mind. If you are flexible and looking to move ASAP, simply look at the move-in date on the listing and use that as an anchor. That tells you when the owner is looking to fill that vacancy and your aligning with their aims will be helpful.
FINAL TRICKS OF THE TRADE:
Perhaps an article that focuses on honesty shouldn’t use the word “tricks”, but we wanted to provide some more pointers to increase the odds of you getting a fair shot at being accepted for the property you’d like.
- Open with a compliment: It may seem calculated and phony, but when prospective tenants begin with a pleasantry it typically primes the rest of the interaction. A simple example, “This place looks great, did you fix it up yourself or find someone to help with it”
- Include a statement that recognizes the leasing agent’s time: “Thank you for your time in reaching out to me and I appreciate your getting back to me about my responses at a time that is best for you.”
- Find out early how the leasing agent or owner will be accepting applications: If they’re not using Zillow or another listing platform but that’s how you’re communicating, go ahead and ask to continue your conversation via email or text/phone. This will clear some barriers down the road that those companies create to try to keep you there (i.e. hyperlinks that won’t work). It also tells the owner/leasing agent that you’re serious about this property because you’re already thinking about applying.
- Show gratitude: Property managers (hopefully!) enjoy showing rental properties. Realtors do not (typically) because the big bucks are in sales. Owners will do it but they’ll tell you it’s a lot of work. Your expression of thanks and appreciation of their effort will go a long way and could be a great way to prime a continuing relationship.
Speaking of relationships, Nexus Property Management® is a company that’s been in the business for over a decade and we specialize in cultivating strong relationships. Nexus has been managing multi-family and single family properties since 2013. We continue to craft and perfect our best practices around win-win solutions for clients and tenants alike. If you’re interested in learning more about Nexus’ services and you’re in one of our many territories, contact any of our teams across Arizona, Connecticut, Massachusetts, and Rhode Island.
LEARN MORE: THERE ARE THREE DIFFERENT KINDS OF PROPERTY MANAGEMENT COMPANIES TO CHOOSE FROM
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Mick Lefort is the General Manager of Nexus’ New Haven County Franchise Office and the Vice President of Operations for Nexus Property Management®, a National Property Management Franchise that manages all types of rental property from single family homes or condos to large apartment buildings and complexes.
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