If you've ever undertaken the tricky task of finding a great tenant for your income property, you already realize how much cheaper and less time-consuming it is to stick with one tenant than to keep finding new ones.
Good long-term tenants require less attention, cause fewer problems, and are dependable sources of income. Any landlord should strive to bring in respectable tenants and keep them, as doing so decreases vacancy times and boosts earnings.
But attracting the perfect tenant is no walk in the park. With so many undependable tenants out there, it can seem impossible to find the "ideal" renter and, once you do, you'll still need to think about how you can keep them renting from you as long as possible.
The tips you'll find below will help you to attract high-quality tenants and persuade them to stay with you for a long time.
Envision the "Perfect" Tenant
In order to recognize a wonderful tenant, you need to have an idea of the desired traits you're looking for beforehand. So before you begin your search, picture the perfect tenant.
A few of the necessary traits a great tenant has are a steady job, the observance of lease agreements, a history of paying rent on time, a polite demeanour around neighbours, and no prior evictions.
You might also prefer tenants who don’t smoke or don’t own animals, so add these special requirements to your vision of the ideal tenant prior to meeting with prospects.
Look Past Appearances
While conjuring the image of the perfect tenant in your mind, your expectations of his or her appearance could become unrealistic. In reality, the right tenant might not resemble the individual you have pictured at all.
So when meeting with prospects, don’t be overly swayed by their looks. If you do, you could overlook the best choice just because he/she didn’t match your visual expectations.
Use Good Marketing Techniques
Attracting the right tenant to your building involves understanding the things that tenant desires and marketing them. This includes advertising your building's location, security features, and various conveniences.
If you’re having a hard time brainstorming, check out rental listings online or in magazines. Which ones catch your eye, and what can you do to make your property's listing just as appealing?
You need to promote yourself as well. Just as you’re on the hunt for a great tenant, he or she is hunting for a terrific landlord. No matter how stunning a property is or where it's located, it's not worth living in if the landlord is difficult or unresponsive.
Promote an image of professionalism and attentiveness to your tenants' needs. Having said that, don't make any guarantees regarding the rental if you don’t think you can honour them, as this could result in a disappointed tenant.
Make Your Property Look Awesome
When prospects come to visit your property, you obviously want to create a good first impression. A person interested in a long-term lease will be put off by grounds that appear poorly maintained and lacking quality, so apply a layer of fresh paint prior to advertising or exhibiting your property.
You should also take care of any repair work that needs to be performed prior to showing your property. Property owners frequently fail to follow through on promises to tenants regarding repairs–despite the fact that it’s illegal–and savvy prospects are aware of this.
Upgrading your unit's appliances adds both aesthetic and practical appeal as well. And if you go all out to jazz it up, you could even consider raising your property's rent a little.
At a minimum, you should thoroughly clean the interior and exterior of your property before you show it to prospective tenants.
Perform a Background Check on Prospective Tenants
Carefully screening prospects is crucial to determining whether they will make great tenants. Check out each prospect's income, credit rating, criminal background, and court history. Tenants with recent or prior evictions should be marked off your list.
Tenants with steady incomes are always desirable, but if they also have low credit ratings and/or unpaid bills, they may have difficulty paying the rent.
Checking up on work and personal references is very handy for learning about your prospect's character. Speak with former landlords to determine whether he or she is likely to be a good tenant.
Stay Responsive
After attracting a great tenant and securing a lease, you still have some work to do. Your goal is to make your tenant want to stay for as many years as possible, and an important part of reaching that goal is being easy to get hold of.
Your renter must have the ability to reach you or an associate in case of emergencies.
Stay Up-to-Date With Maintenance and Repair Work
Few things spoil a tenant's impression of a rental property faster than an owner who neglects its upkeep. You should make responding to tenant service requests a top priority and respond swiftly anytime they report that something is broken or malfunctioning.
It’s wise to have a maintenance person on-hand or who you can get in touch with in emergencies.
Performing routine maintenance on your property is essential as well. This can even save you cash since well-maintained appliances, fixtures, and grounds don't break down or wear out as quickly.
Maintaining these things and keeping them operational ensures a pleasant relationship between you and your tenant.
As complex as attracting and keeping a wonderful tenant is, you won't be sorry for putting in the time and energy once you've succeeded. By using the basic procedures outlined here as a guideline, you'll be approaching this task in a level-headed way that will pay off by securing you a dependable tenant.
For more information about owning an income property, our previous posts cover the Steps to Becoming a Landlord, as well as Landlord Rights and Responsibilities.
