Tips for Finding Great TenantsMay 07, 2018
Great tenants don’t come easy, but if they did we might describe them something like the following. Looking for a tenant that pays rent on time, stays for the full lease, low wear and tear on the property, reasonable neighbor and doesn’t call very often. The reality is all tenants believe they fit this description, so how do we find, select and keep an actual great tenant.
Here are some suggests we’ve compiled:
If you aren’t online then you don’t exist
Well, the first step you should take is to show off your rentals, because people can’t find your ads if you’re not advertising. You may want to go with traditional postings at places like coffee shops, public transport or building walls, but this has a very low probability of being seen. Most tenants looking for a rental are searching online.
Online options include Craigslist or simply use TenantCloud that can put your listings on Zillow, HotPads, Oodle, MSN and 6 other major integrated listing websites automatically. This allows you to get on nearly all listing sites with the highest potential of being seen by that great tenant. To get the best chance of being seen you will want to make sure to add photos and some key points about the property that will target your specific tenant for the area.
Location, Location, Location
Having the right location isn’t always about where your rental is located. It can be more about what is around your rental. Walking around your rental and observing neighbors, shops, businesses, schools, parks can all help you describe the type of tenant you are looking for. Close to a school and park is great for a family. Close to coffee shops, mass transit and bars might attract a younger professional. Quiet and close to a grocery store can be appealing to an older population.
It is a must to monitor and analyze the market your rental is located in. Check out other rental properties in your area and note their listing keywords and rent amount. Knowing what neighborhood amenities other are using to advertise will help in narrowing your target. It will also help in understanding the right rent price.
Charging too high a rent price can detour great tenants. Determine the best rent range for the type and quality of property, as well as rent relative to the neighborhood. You can also get neighborhood information with TenantCloud, which offers you a Rental Report service, that shares important information about your rental in a report format, so you know schools, walking assets, rent price comparisons and more.
The past is a good reflection of the future
Sharing with your applicants upfront that you will be running a background check will help in screening through tenants that don’t meet your base requirements. Screening with a credit check, background check, rental history and eviction history will then narrow your search even more.
Use a screening service that includes multiple options, so you don’t have to run numerous reports. You can also charge an application fee to cover the cost of running the background check. Products like Checkr, RentPrep and Smartmove all offer varying information and prices that can help provide such information and are fully integrated into TenantCloud, so you can purchase easily right in the tenants digital application.
The Golden Rule
Treating tenants the way you want to be treated helps in keeping open the dialogue between you and your applicants and future tenants. Limiting the over embellishing of your rental will save you time from applicants not showing up to a viewing and setting the tone for the ongoing tenancy. If you don’t offer certain amenities or services, be upfront about it. Better that a tenant go in knowing what they’re getting, then find out later that the property isn’t what they expected, which will likely result in them leaving after a single lease and leaving bad reviews on the internet.
When the applicant becomes a tenant that forthright communication will be helpful in the event anything happens like late rent or delayed maintenance request repairs. In addition it is helpful to share up front what you expect of them. Being clear as to when rent is due, where they should pay, how to communicate with you will avoid any confusion. TenantCloud offers a tenant portal that is a one place solution, so tenants know where to go to pay rent, communicate, see invoices, sign lease agreements and much more.
Make Insurance Obligatory
You may think that renters insurance is valuable only for tenants, but Assurant's new Renters Insurance product actually covers the landlord as well. If the tenant does leave your property with damage from fire, water or even theft then having a policy you can claim for costs.
Requiring your tenants to have insurance also helps ensure tenants are not left out on the street in the event of a fire or other unforeseen things that require the tenant to vacate their home. Renter’s insurance as a requirement should be stated in the application prior to renting. There is a number of companies that supply renter’s insurance and the average cost is around $22 per month. You can checkout TenantCloud that also integrated Assurant for easy set for your tenants.
We hope this helps in finding a great tenant! Stay tuned!