Finding good tenants can be difficult. It’s time-consuming and finding new prospects is stressful. Maybe you have no idea what steps to take in order to find the best occupants for your property. We will go over the key steps landlords should take to achieve the happiest tenants and a low-stress living situation for everyone involved. Even in areas with high property demands, that is no guarantee you will have an easy time finding the ideal resident.
Here are our top 5 tips:
- Utilize renter applications: Having a good quality rental application is a great way to jumpstart your search. This allows you to gather relevant details about potential renters in a way that is straightforward and honest – people are willingly providing details that would enable you to perform background checks and weed out renters that are not compatible with your building. What you include can be tailored to your requirements.
- Know where to Advertise: Online listings are the most common today, but it helps to narrow down your audience. If you are looking for a target demographic, finding your renters through connections or networking may be the way to go. This can work exceptionally well if your building is suitable for seniors, with or without pets, students, etc. Knowing your target audience goes a long way so advertising through fliers at local businesses, event centers, or places of employment is a good strategy.
- Complete a background check: We mentioned how rental applications help you obtain relevant information about prospective tenants, but the process of completing a quality background check is just as important. This will help to “weed out” applicants that are incompatible with your building or rental property, such as a history of property destruction or poor credit. Knowing where to complete your background check is essential. Not all information is easy to access but knowing where to find it goes a long way. We recommend focusing on criminal history and credit reports as a general rule, be sure to use a respectable background report service.
- Maintain a good presentation: Promoting your property as high-end, luxurious, and well-kept will attract tenants who align with your vision. You want tenants who will respect the property and take pride in their living space, so keeping a visual emphasis in your listings will attract like-minded people.
- Prioritize customer service: Good tenants are more likely to receive rental offers from other landlords, so communication is crucial. If you wait too long to respond to applications or call people back, it’s more likely that they will select another property that suits their needs first.
For more tips, continue reading our blog to learn about all things property management!