If you’re like a lot of investment property owners, you probably want to know how you can attract the very best tenants for your short-term rental properties. After all, if you’re renting temporary apartments in a luxury area, you want to find the kinds of tenants who can afford to pay your rental rates and who will be more likely to take care of your property, right?
In a lot of cases, finding the best tenants actually has a lot to more to do with targeting the right demographics than background checks. That’s not to say that you shouldn’t run background and/or credit checks on your potential tenants, but if you target the correct demographics, you’ll basically have pre-screened your tenants for income, lifestyle, etc.
Know Your Location
So how can you market your short-term rental to the right tenants? Start by taking a good look at your property and its location. Is your property located within an easy commute of a large financial district? If so, you may want to start focusing your advertising and marketing efforts on business sites and publications. And you may want to develop your brand on social media and your other online presences as catering to businessmen and women.
Write a Targeted Listing
How you write your listing could do a lot for you, as well. If your property is located near a hospital and you expect a large percentage of your tenants to be medical professionals who will be working long hours under a lot of stress, you’ll want to focus on how quiet, convenient, and peaceful your property is. If you’re in an area with a big draw for tourists, you’ll want to play up the location and how it is right around the corner from everywhere that your tenants want to be.
Basically, the better you know your area and your potential tenants, the better you can target your listing to them. If you target your listing correctly, then you can post it to social media and other platforms, and you’ll be on your way to getting more tenants and less vacancy time.
Expect Fewer Applicants But More Success
This might sound crazy, but if you focus your marketing efforts on your ideal tenants’ demographic, you’re going to get fewer applications – and that’s a good thing! Why? Because almost all of those applications will be qualified tenants who are looking for a short-term rental like yours in your area.
In other words, those other applications that you might get if you went with a broader marketing scheme would only make your property look like it’s more popular. A lot of them would fall through, or the applicants would flake out on you, and you’d end up with a lot of wasted time and energy going through applications and background checks that simply will not pan out.
Think of it like dating. If you know your type, then you can filter out people you know you won’t be attracted to. When you know your ideal tenants’ demographic, you can weed out a lot of people who wouldn’t qualify to rent your temporary apartments from you.
Advertise Where Your Tenants Hang Out
Finally, as you figure out your tenants’ demographics for your short-term rental, you should also do a little bit of research on the places where your tenants spend time, both online and in the real world. Pay attention to their preferred social media sites, the businesses they patronize, and other habits they have. Again, the better you know your tenants, the better you’ll know where to advertise temporary apartments to them and the more time your property will spend occupied instead of vacant.