The rental housing market is quite competitive in some areas, especially when it comes to finding the best tenants. Bad tenants can cost you money, destroy your property and make it hard to rent out the next place. But with the right tenant screening, you’ll have fewer problems and more rent money coming in.
Here are a few tips to help you find suitable tenants for your property, so they live there for as long as possible and pay on time.
Provide a quality home
As a landlord, you want to provide a home for your tenants that they are proud to call “home” and that they will take care of. By providing quality homes in your rental portfolio, you’ll attract the best tenants who pay on time, stay for the duration of their leases and treat your property as if it was their own.
Make sure you have a home that shows your tenants you care about keeping it in good shape. Remember, your tenants will be living in the home and its surroundings for an extended period of time. Keep the property clean and well-maintained so they can enjoy their stay.
Landlords looking for the best tenants for their rental property want to look for fair rent that can be consistent over time, and that is based on market value. The most common method to determine market value in a community is known as comparable or like-for-like rental rates. Market value is collecting data from your rental community that is based on renting of similar properties
Want to get the best tenants for your rental property? Advertise everywhere. From online portals to traditional classifieds, from social media sites to renting fairs – anywhere you can so prospective tenants know about your property.
The power of both online and offline advertising will help you get the best tenants to rent your property with ease. As a landlord or real estate agent, it’s important to have good, multiple advertising channels in order to maximize your rental revenue and where you advertise is also important.
Individual viewing allows your tenant to view the property on their own time. This is a great way to get an idea of who you may want to take into the home and often works best when you haven’t filled out all of your rental criteria. You may have a lot of prospective tenants, so it is important each tenant gets their own chance to look around the property at their leisure. This won’t be possible in group views and is unfair to any tents looking at the property.
Tenant reference checks
As a landlord, you know how crucial it is to do thorough tenant reference checks before signing a rental agreement. You want to be sure that the tenant will pay on time, keep your property maintained and not cause any disturbances. Embarrassing problems can happen if you neglect tenant reference checks. Tenant Reference Checks are an important part of the tenant screening process. Done correctly, they can accurately tell you the risk level of a potential tenant and done wrong, they can cost you big bucks in loss of rent as well as damage to your property.
Searching for the best tenants to fill your apartments or houses takes time and energy. It’s even more important to screen out unqualified applicants. The right tenants will make running your rental property easy. Ultimately, it means a safe investment and peace of mind.