Are you having trouble finding good tenants? Don’t worry, you can learn a lot from experienced property managers. In this article, we are sharing five tips for landlords on how to find the best tenants for their properties.
Prepare in advance
Before you operate a rental, make sure that you understand all the laws of the state. Do your research and comply with the requirements. It also pays to consider the law when you are setting your criteria for ideal tenants. Otherwise, you may be at risk of violating some laws.
Next, you need to inspect your property. Determine whether you need to repair or upgrade some of the facilities. Oftentimes, this is necessary to make the place more attractive to potential tenants.
Finally, try to check out your competition. Make sure to set a rent that is within the market rate.
In order to get tenant applications from your target market, you have to market the property. You can’t just post an advertisement online and call it a day. You have to work harder than that.
Make sure to post in various credible real estate listings online and even on social media. Learn how to highlight the best features of the property by using quality photos along with the listing. This way, you can attract more potential tenants to inquire about the property. Others even go as far as staging the property or hiring a professional photographer.
Do not skip tenant screening
Tenant screening is arguably the most crucial part of the whole process. Here, you can determine whether the applicant can make a good tenant or not.
Meet and interview the applicants
When you receive an inquiry regarding the house, it is best to arrange a property viewing at the applicant’s most convenient time. Take this opportunity to conduct an informal interview and get to know the tenant better. Gauge whether the applicant seems honest and trustworthy.
Conduct comprehensive checkings
If the applicant has passed your initial character assessment, it is now time to look at the records. Ultimately, you need to find a tenant that can afford to pay rent on time. Ideally, that tenant must also have the intention to stay for a long time.
At the minimum, you have to conduct the following activities.
● income verification
● credit check
● background check including social media
● criminal check
● rental history
It is important that the applicant is able to establish financial stability. However, it is equally important to make sure that the potential tenant has good character – one that can follow your house rules and policies. Ask for references and make sure to call them one by one.
Be a good landlord
If you want to keep good tenants for a long time, you have to be a good landlord. You can make your tenants happy by being communicative and responsive. Make sure that requests for assistance are addressed properly and conflicts are settled immediately. You also have to make repairs and maintenance a priority.
Ask for help
If you find it too stressful or time-consuming to look for the best tenants, remember that you do not have to do it alone. You can always count on the services of a property management company like Evernest.
When you hire the experts in property management, rest assured that you can find tenants that match your criteria. Property managers know how to reach the right audience and invite people to view the property. More importantly, Evernest property managers are trained to conduct proper background and credit checks. We will never settle on the first tenant application that we receive.
If you want to know more about our services, contact us here and we will reach out to you as soon as possible.