This is the ONLY thing that matters when owning rental Property. If you can’t recruit and place top quality tenants, then nothing else will matter. How much they pay, how long they stay, what kind of extras are included in their lease agreement…once they have possession of your home, if they aren’t a “great Tenant” then you as a Landlord are in trouble!
Thankfully, if you’re just starting out with your rental property, or are trying to get things back on track, you can find great tenants just by following these tips.
1. Price the Property Appropriately: This is the MOST important aspect of finding a top tier tenant. Nothing else matters…unless you price the Property in line with the “market rent.” If the Property is priced correctly, it will generate interest, showings and applications. This will happen quickly and efficiently so the property doesn’t “sit vacant” on the market. With several applications to review, there is a higher likelihood of getting an applicant with top tier qualifications, and overall will reduce the chances of the Tenant not paying the rent on time.
2. Promote the Property Effectively: This is where you start attracting the right tenants. Effective marketing is key. Create a detailed, appealing listing with high-quality photos and a comprehensive description of the property's features, amenities, and location benefits. Highlight unique selling points, such as proximity to public transportation, good schools, or vibrant local communities. The more appealing your listing is, the more likely you are to attract severe and qualified applicants.
3. Conduct Thorough Background Checks: A comprehensive background check is the first line of defense against problematic tenants. This includes verifying employment, checking credit scores, and reviewing rental history. Consistently good references from previous landlords can indicate a tenant's reliability and respect for rental agreements. Credit checks help assess financial responsibility, reducing the risk of missed payments.
4. Craft a Detailed Rental Application: Don't just ask for basic information; delve deeper. Request detailed personal information, employment history, income details, and references. This will give you a comprehensive view of the potential tenant's ability to pay rent and adhere to lease terms.
5. Set Clear Expectations from the Start: This is not just a formality, it's a crucial step in ensuring a smooth landlord-tenant relationship. Clearly outline your expectations in the lease agreement. Include rules about rent payment deadlines, maintenance responsibilities, and policies on pets, smoking, and noise. Being upfront about expectations can deter unsuitable applicants and set the stage for a transparent landlord-tenant relationship. Ensure tenants understand these terms before signing the lease. By setting these clear expectations, you can feel more in control and less likely to encounter issues with tenants.
By implementing these strategies, landlords can increase their chances of finding responsible and respectful tenants, ensuring a smooth and profitable rental experience.
Contact GoldenWest Management
Tired of DIY property management? Having trouble finding quality tenants in a timely manner? GoldenWest promises a 30 day, satisfaction or your money back guaranteed!
To get serious about professional property management, contact us today by calling (866) 545-5303 or click here to connect with us online.
