What if one small detail could ruin the best opportunity of your life?
For many landlords, renting out properties is an amazing opportunity to earn passive income. On top of that, you get to meet many new people and form great relationships with your tenants.
Sometimes, though, challenging tenants make it hard to get paid and can ruin the entire experience. Are you a landlord wondering how to find good tenants? Keep reading to discover the answer!
1. Advertise In the Right Places
In order to find tenants in the first place, you must list your property. And if you’re wondering how to find good tenants, it all starts with listing properties in the right places.
It may be tempting to use free sites such as Craigslist or Facebook Marketplace. But more often than not, you get what you pay for.
Try to work with a good property manager and pay the modest fees to advertise in better places. Trust us: this makes a big difference when it comes to getting the best tenants.
2. Create A Very Detailed Application
Landlords traditionally use rental applications to determine if someone will be a good tenant or not. And if you want to be one of the more successful landlords, you need to create a very detailed application.
Make sure to ask about their previous rental history. Usually, this serves as a good metric for whether they will be a reliable tenant or not.
It’s good to ask about employment history as well. This not only lets you verify their stable employment status, but you can potentially rule out people who change jobs too often.
Finally, be sure to ask for references. Two or three non-family references can give you a better idea of the quality and character of a tenant. And make sure to ask what their relationship to the tenant is!
3. Write A More Solid Listing
Earlier, we discussed the need to list your property on better websites (ideally by working with a good property manager). But no matter where you list the property, writing a better listing will help you get better tenants.
In addition to highlighting the features of the house, give detailed info about the vibe and culture of the neighborhood. For example, emphasizing the great nearby schools will help you attract parents who want the best education for their children. And talking about the proximity to public transit options is a good way to attract professionals focusing on their careers.
Long story short? Writing a better listing is one of the best landlord tips for finding better tenants.
4. Keep It Clean and Ready
What if you missed out on a great tenant because a property wasn’t ready?
Many tenants have been actively looking for a place to rent and haven’t found the right place yet. So after you list a property, you may be contacted in a matter of hours by tenants who wish to visit the property.
Therefore, you need to make sure the property is clean and (if needed) renovated before you list it. This helps you show the property off as soon as possible. Furthermore, a clean and well-maintained home is likelier to attract a good tenant.
5. Require Credit Checks
When it comes to tenant requirements, there is one more big one you should be concerned with. We’re talking, of course, about the tenant’s credit score.
One of the easiest ways to weed out bad tenants is to set a firm credit score. For example, requiring a credit score of at least 650 (which is considered “fair”) will solve many of the problems you have been having.
In addition to the score itself, requiring a credit check can help you to get a better idea of how reliable a renter this person will be. And if nothing else, a credit check will help you to verify that the annual income they provided you is correct.
6. Require Renters Insurance
As a landlord, one of your bigger concerns is likely how much damage tenants could do to your house. But what if there was an easy way to protect both your home and your tenant’s property?
Renter’s insurance is the single best way to do this. And you are perfectly within your rights to require all tenants to purchase renters’ insurance as soon as they move in.
This helps protect tenants’ belongings and the damage they may cause to your property. And if you are still worried, you can always take out a separate landlord insurance policy of your very own.
7. Use Detailed Photos
What they say is true: a picture really does speak a thousand words. So even after you have improved your rental listings, you need to work on improving your photos of the property.
Take multiple detailed photos that show off every room in the house. And make sure the rooms are clean and that you are using the best lighting. For example, you can photograph bedrooms and living rooms with the curtains drawn back so you can take advantage of the natural light.
If you really want to take things to the next level, consider adding video content (such as tours of your home and closer looks at the front and back yards). This helps you attract more selective tenants rather than people who would settle for any four walls and a roof.
8. Upgrade and Renovate the Property
Your basic goal as a landlord is to generate profit. But as with most businesses, you sometimes need to spend money to make money. And that means upgrading and renovating the property to attract better tenants.
Now, you don’t need to throw too much money at this. But replacing a few aging appliances, putting new paint on old walls, and recaulking old tiles can make an old property look practically brand new!
How To Find Good Tenants: Your Next Step
Now you know how to find good tenants. But do you know who can make your life much easier as a landlord?
We specialize in property management that keeps both tenants and landlords happy. Hire us for your property management needs and you won’t need to worry about any of these items.
To discover the difference we can make for your properties, just contact us today!