When you own rental property, you own and manage a small business. Your renters are your valued clients, and you want to be sure that you only work with clients who are trustworthy, responsible, and timely. That means you want to attract high-quality tenants to live in your property.
However, the question for many landlords is, how do I go about that? There’s no simple answer, but there are a few steps you can take to ensure that you attract the best tenants possible for your property. Today’s guide will help you in your search, so you can work with tenants that help you feel secure for the long haul.
The first item on your to-do list should be advertising your rental properties widely, so that many people become aware of your listing and apply. This has two benefits: first, you may receive a range of competitive offers, and second, you’ll have a wide range of possible tenants to pick from, so you can make sure you select the best for your unit.
Use online property advertising websites and apps to get the word out to the greatest number of people possible. Sure, a flier on a local coffee shop corkboard is a start, but if you want to reach a wide audience (and so have your pick of the highest-quality tenants), using contemporary property listings is critical. Post in as many places as possible and be sure your listings have all the relevant information:
- Number of bedrooms and bathrooms
- Pet policy
- Amenities (like parking spaces and washer/drier)
- Price of rent
Use tenant screening software
Once you’ve cast your net, it’s important to sort through what you’ve caught, so to speak. You can use high-quality tenant screening software to perform a check on criminal background history, credit reports, rental history reports, and other critical information that will help you sort out who will be the most reliable tenants for your units.
The info mentioned above will give you a good sense of what you might be able to expect from a possible tenant. Do their personal finances allow them to regularly pay their bills on time? Can you trust that they will abide by any regulations you have for the property, like limiting the number of pets they have? Do they have a criminal history that might make other nearby tenants concerned for their safety or the safety of their belongings? These are all relevant pieces of information you can use a background screening application to gain insight on.
Maintain your properties well
It’s important to remember that not only do your tenants have a responsibility to you to respect your property that they are renting, but you have a responsibility to them to maintain that property to comfortable standards. A leaky faucet, clogged toilet, cracked window, faulty oven—all of that falls under your responsibility as a landlord to see fixed.
Maintaining your properties well is not only the right thing to do, it’s also helpful to your business. That’s because highly selective tenants will pass up any apartment that is not appropriately maintained. High quality tenants know their worth and won’t think twice about not working with a landlord who doesn’t respect their right to have a clean and well-functioning living space.
Before staging your property to be seen by potential tenants, be sure to do a full inspection, and fix any potential problems that you see. That way, when you show off the property, possible tenants know exactly what they’re getting.
Be a responsive landlord
Along with maintaining properties prior to move-in, it’s critical that you remain responsive throughout the duration of your tenants’ time living in your property. As we said before, high-quality tenants have the ability to be highly selective, and will quickly pass your property by for better options if they feel that you are not a responsive landlord. Here is a brief responsive landlord checklist:
- Respond quickly to emails and phone calls regarding your property.
- Keep plumbers, electricians, and handymen on file for emergencies.
- Be willing to openly communicate with tenants about their lease and rental obligations.
- Keep tenants notified of your business hours and what services are still available on weekends and holidays.
With the right policies and vetting procedures, you’re sure to attract high-quality tenants to all your units.