With so many potential tenants looking for rental properties, finding tenants who will treat your property respectfully and pay on time each month is essential. Finding good tenants who meet your expectations can sometimes be difficult if you are not following the proper steps.
If you’re an owner of rental property, here are some tips to help you find the right tenants.
1. Screen Potential Tenants Thoroughly
One of the most critical steps in finding suitable tenants is appropriately screening potential tenants. Screening includes a background check, verifying their employment and income, contacting their references, and conducting a credit check. You can use an online platform to collect tenant applications, and most of the applications will require the tenant to pay a small fee to run their background check. Depending on the demand for your rental unit, you can do this before or after showings. If there is high demand for your rental, have the tenants complete an application and background check before touring the property. Having the application beforehand will help you weed out the tenants you do not want and save everyone time. After you get the background and credit check back, call their employer and last landlord. Sometimes this seems unnecessary with some tenants but trust me, it is crucial.
2. Have Clear Expectations
You should also make sure to establish clear expectations for your tenants. Your listing should always include the outlines and your expectations for rent payments, maintenance, and other critical rental rules on the listing, so the tenants see it right away. You must clearly communicate your expectations before the lease is signed to ensure that the tenants understand the terms of the agreement. By having clear expectations, you will avoid tenants who do not want a “tough” landlord.
3. Offer a Fair Rental Amount
It’s also essential to offer a fair rental amount that is in line with other rental properties in the area. Tenants will be more likely to stay if they feel they’re getting a good deal on their rent. Consider offering incentives like discounted rent for signing a longer lease or allowing pets with a pet fee. Suppose you list your property for rent and do not have any adequate tenants apply. In that case, I suggest making the rent more competitive or possibly renovating the unit to incentivize good tenants.
4. Respond Quickly to Inquiries
Tenants are more likely to choose your property if you respond quickly to their inquiries. Being proactive shows that you are attentive to their needs and takes the hassle out of searching for a rental property. You should also respond to maintenance requests quickly and efficiently to ensure that your tenants stay satisfied. Treat your tenants how you want to be treated. If you take a long time to respond to your tenant’s messages or let maintenance issues go on, they will be more likely to avoid paying rent on time and not treating your property respectfully. When I get a new tenant, I always tell them I will respect them if they respect me and my property. If they pay on time, treat the property well, and update me when necessary, I will do my best to make their renting experience the best. You NEED tenants to make any money in real estate, so treat them properly, and word will spread that you are an excellent landlord. Now any time you have a vacancy, filling it with a good tenant will be a piece of cake.
5. Consider Working with a Property Management Company
Finally, if you’re looking for a way to take the hassle out of finding good tenants, consider working with a property management company. Property management companies have the experience and resources to help you find good tenants and manage your rental property. They can also help you handle any legal issues that may arise.
Finding good tenants can be challenging, but following these tips can make the process much easier. Make sure to screen potential tenants properly, have clear expectations, offer a fair rental amount, and respond quickly to inquiries. Consider working with a property management company to make the process even easier. With the right approach, you can find good tenants.
