In order to maintain profit and not lose a lot of money is to have a good regular tenant. Bad tenants can be very costly to landlords, especially in cases of damaged property or refusal to pay rent. Its in the landlord’s best interest to find good, steady, tenants, to cut back on the cost.
However finding good tenants isn’t always easy. You need to make sure that your advertising is targeting your ideal tenants.
Step 1 – Identify and understand your ideal tenant
You need to know what kind of tenant you are looking for before you start advertising. Some good choices are;
· Pays rent on time
· No prior evictions
· No criminal background
· Maintains property
· Reports issues in a timely matter
· Stable job with regular income
Depending on your situation you may have other criteria, such as no smoking.
Step 2 – Create advertising that is effective
Once you are aware of what characteristics you like in good tenants, think about what factors contribute to a good rental experience. What did you as the landlord have to offer them?
You want to offer things that will attract the tenants you want. For example, nearby schools and a pool would be a good advertisement if you were looking to attract families.
Step 3 – Find ideal tenants
After you have the advertisements planned out you need to consider the best methods to reach the proper audience, whether it be online, posters, newspapers or another source. Figure out the best way to attract tenants who desire the amenities you offer, want to live in your area, and can afford the rent.
Step 4 – Avoid high risk tenants
Often you will attract tenants who care little about the property or looking to pull a scam. Its a good idea to advertise that all tenants are required to pass a tenant credit check and other tenant screening in order to cut back on the number of risky tenants.
If a prospective tenant someone you want as a tenant they should have no problem proceeding with the application process. This criteria and the questions below will save you time and money as it tends to eliminate individuals who you don’t want to rent to.
· Where do you work and how long have you been there?
· Why are you moving?
· Where do you work and how long have you been employed there?
· Do you have any prior evictions?
· Have you ever been convicted of a crime?
· What are you looking for in an apartment?
· Are you willing to undergo a Tenant screening that includes tenant credit reports to determine credit worthiness and phone calls to current/previous landlords to determine tenant worthiness.
Once you have created the process you are going to use, it should work every time you need to find a new tenant. It may sometimes require changes and tweaking, depending on the situation. So make sure you keep any eye out for problems.