6 Ways To Attract Tenants in a Slow Market

By Alicia Geigel on January 8, 2024

As a property manager/landlord, you are always seeking clientele and looking to engage with your tenants. Plenty of people go the now considered “old-fashioned” route of going out and striking up conversations with others, or posting advertisements in local newspapers/magazines, but getting your business and property listings out there is so much simpler nowadays. With evolving technology and the power of social media, you can reach your appropriate target audience, i.e. prospect renters in your area, online, and make your business truly stand out in a slow market.

According to Caldwell Commercial Real Estate Services, 91% of potential tenants use the internet to search for rental listings, making it an incredibly important and powerful tool to use if you want to boost interest in your listings. Attracting potential renters to your property listings is not as difficult as it once was, and thankfully does not have to rely on word of mouth anymore!

If you are looking for tips on how to attract tenants in a slow market, here are six ways to help you get started.

hands, real estate, landlord, property manager, keys

Image via Pexels

1. Boost Tenant Engagement: Engaging with potential renters on any level shows them you are dedicated to your business, always looking out for their satisfaction, and genuinely want to build meaningful relationships with them in the future! In addition, you can also highlight your current renter’s loyalty and good renters etiquette, answer questions or comments, and perhaps even offer certain incentives to draw prospects in on your social media pages. Property Matrix recommends, “Consider a giveaway or small incentive for ‘follows,’ offer a rental discount off the first month or a month of free parking. Incentives for submitting a rental application online or providing a referral will generate activity and keep conversations going.”

2. Advertise Your Rental Listings:  For businesses big and small, advertising on social media generates traffic and leads users to their product or brand. Because so many of these sites are interconnected, you can share listings from an Instagram account to both Facebook and Twitter in a matter of seconds. Several social media sites have paid advertising options, so your listings and/or business page can reach people outside of your immediate connections. Through advertisement options, you can select specific demographics of people, targeting people based on location, age range, gender, interests, etc. By utilizing paid ads, you can not only gain more followers, friends, and connections, but also continue to build your business and draw in potential renters.

3. Add Upgrades Property When Possible: Though most people spend more time indoors than outdoors, the maintenance and upkeep of an outside area of a property is just as important as the inside, and in fact, makes it feel nicer in the eyes of a tenant. Adding trees, plants, shrubs or planter boxes can attract a potential tenant and make the outside of your property look cohesive and well put together. For beautiful color, less maintenance and a short lifespan, annual flowers are a great choice for outdoor landscaping. In addition, making a comfortable outdoor living space is a huge attraction for potential tenants. You can create this space by adding a few patio chairs and a glass table, or perhaps with some large comfy chairs with a fire pit in the middle.

4. If You Can, Upgrade Your Amenities Too: Amenities don’t have to merely consist of indoor washing facilities and a fancy stove, but rather, can include a whole range of items and services! To make your building look polished, think about upgrading or even adding new amenities to your property. Adding parking spots, carving out a gym or fitness center, and even putting a coffee shop or cafe inside your building will give it that definite edge over all others. Consider sectioning an area in the lobby for a small shop with a nice menu of hot/cold coffees and teas, smoothies, breakfast sandwiches, and pastries- tenants will love it!

5. Highlight Amenities Once You Upgrade: While showing is almost always more important than telling, in the case of being a property manager, doing both can work to your advantage. Potential renters are undoubtedly going to be drawn to your property listings because of high-quality images and social media reach, but the word content of your listings can also do wonders. Along with pictures of your units, include pictures of any amenities that are included in your building (if possible), such as a gym, lounge area, cafe, pool, etc. Additionally, for amenities that cannot be photographed, describe them in great detail. Amenities that can attract potential renters include smart technology for thermostats, locks, security cameras, etc., energy-efficient appliances, online payments, combined bills, free parking, an on-site washer and dryer facility, and even allowing pets.

6. Boost Tenant Engagement: Engaging with potential renters on any level shows them you are dedicated to your business, always looking out for their satisfaction, and genuinely want to build meaningful relationships with them in the future! In addition, you can also highlight your current renter’s loyalty and good renters etiquette, answer questions or comments, and perhaps even offer certain incentives to draw prospects in on your social media pages. Property Matrix recommends, “Consider a giveaway or small incentive for ‘follows,’ offer a rental discount off the first month or a month of free parking. Incentives for submitting a rental application online or providing a referral will generate activity and keep conversations going.”

While navigating a slow market that is filled with competition can be bumpy at first, boosting your listings and attracting potential renters to them can be as simple as posting online, advertising what you have, and selling your units through photos and descriptions.

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