Relocating tenants is a good market for landlords, but how do you attract them?
In today’s marketplace, real estate investors need to create a strong pipeline of tenants so that their properties never sit vacant. This not only allows you to maintain a steady source of income but also creates the potential for investing in more properties.
There are several processes that we, at Regalway Homes, recommend to investors. One of them is the following; the process of attracting relocating tenants.
The definition of “relocating tenants”
When we talk about attracting relocating tenants, we are considering those families, individuals, and couples whose move can be predicted in some way. For example, if a family is going through treatment for an illness, they may expect to be in the area close to the hospital for six months or more. Colleges and universities also bring in visiting professors for short teaching stints, that are too long to consider a hotel. Similarly, large corporations and medical facilities may relocate employees frequently. These are the types of tenants we are considering in this article.
How To Attract Relocating Tenants
1. Reach out to the organizations responsible for the move.
Hospitals, colleges, charitable organizations that help families dealing with long-term illnesses, and large corporations. Make sure you understand the regulations that these organizations place on landlords. Ask the following questions:
Are there any special needs or regulations involved for this tenant?
Who will be responsible for the deposit: the tenant, or the company?
Is there a tax rebate (if working with a hospital or charitable organization?)
2. Ensure that you are able to manage any special needs.
Medical patients may need special facilities, such as wheelchair access, bathrooms that are accessible for patients, or in-home medical care. If these special needs are too much for you, that’s fine. Be honest with yourself, the tenant, or their representatives. If patient care is too much, you can still consider housing for visiting doctors, and travel nurses (which is a very fast-growing industry)
3. Place a landing page on your website.
Using the keywords that tenants would search for will help to attract those tenants. For example:
Corporate housing
Corporate rentals
Executive housing
University rentals
Medical housing
4. Update your Google Business profile to include the short-term rental options you are offering.
The first time you rent your property using this method you may find it to be more work. As you learn the ways that this system works, however, and start to build a network within the communities (the medical community, the university community, etc), you will find these rentals can be lucrative, easy, and dependable. It could be the key to surviving any financial recessions and growing your real estate investment portfolio.