In every business industry, there is always a supply and demand that ultimately drives the industry. In Real Estate related terms, there are always people looking to buy a home, as well as people trying to sell their home. This also applies to the rental market, in which there are always renters and always landlords looking for their next tenant.
Being the on-site property manager at the new 72nd Apartments in the Tigard triangle, I have gained a tremendous amount of experience when talking with potential tenants. Every single tenant that walks through the door has a different story and a different background that influences their decision in whether or not they will be renting your property. One of the biggest things I have learned from touring 100's of potential tenants through the 72nd is to listen and understand their needs and desires, and pointing them in the right direction once I have a base understanding of this. I cannot emphasize enough the importance of listening when talking and negotiating with potential tenants.
Some of the questions that I never fail to ask include:
- Why are you looking in this area for a rental?
- Where have you rented in the past/was that a good experience or bad one?
- What price point are you comfortable with, and what price is your absolute ceiling?
- Who would be residing in the unit, just you or do you have others/any pets?
Obviously, if you are able to dive deeper into their situation/motivation, the more likely you are able to see how they would be as a tenant. Plus, who doesn't like talking about themselves? This builds rapport with the potential tenant as well as makes them feel more comfortable in the environment they are touring (your property).
The term "vacancy is the silent killer", refers to the notion that in some scenarios, finding a tenant earlier and working with them, is most of the time better than waiting on that perfect tenant to fill your unit. In the end, a little less rent coming in a month outweighs your property sitting vacant on the market for months.