How to Attract High-Quality Tenants for Your Rental Property
As a rental property owner, you’re always looking for the best tenants out there because making the right choice for tenants is as important as choosing the right property.
From property listing to investigating potential candidates and verifying their IDs or police records, finding a tenant who will pay the rent on time or won't burn the place down, is not an easy task. Here's how to make it a little manageable.
Make your rental property look impressive
We can all agree that first impressions matter. So if your property is clean and nicely painted, you have a good chance to attract quality tenants. Make a list and take your tool belt for necessary repairing before showing your property for rent.
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Price it right
Pricing your rental property too high is just as dangerous as pricing it too low.
Take time to compare your property with current market value so you don’t lose good tenants who can’t afford to pay your asking price, but would take care of your property.
Advertise your property
Listing brokers or listing agents can easily advertise your property for you. However, your pride in your property will shine through when you show your own property and that might add value for your potential tenants. Be sure you know what your tenants are looking for in a rental and advertise those features.
In addition, you should advertise yourself as well as the property. You’re looking for the perfect tenant and they’re looking for the perfect landlord.
Take some quality photographs
Some quality photographs can tell more to your tenants that the broker can. Quality photos can attract quality tenants. It’s highly recommended to take some good quality photos after repairing and painting your house.
Collect all the information you need
Often landlords make a mistake not to collect all the important information they need about the tenants.
Doing all the paper works and collecting information like income source, police records, permanent address, parents or any reference phone number, etc., should be the first priority to complete before you give rent. Keep some legal documents signed so that you can take action if needed.
Break the ice: communicate
No tenant will ever want an arrogant rough and tough landlord. An ideal landlord needs to be friendly and easily communicative so that tenants feel free to share their problems and get a friendly environment to live.
A good owner-tenant relationship is an advantage for the landlords as this relationship can make the tenants take a good care of the property.
Try to know why they left the previous one
It’s absolutely normal for the tenants to change their rental home time to time but the reason behind it might not. Some tenant leaves because of the location, some leave because of money or some for a bad landlord.
But it's important for a landlord to find out the actual reason why the tenants are leaving their present rental property. It’s also essential to verify the reason because it’s possible that they might have been kicked out for their behavior or for any criminal activity or anything else as you won’t ever want to have tenants like this.
Even if you put all these tips to good use, it’s still possible to find a bad tenant. Be sure you take necessary steps to acquire property insurance for rental properties so you can cover the loss if anything bad happens.
David Nicoll is a freelance writer who writes about landlord insurance, property management, and rental property related niches. He is always enthusiastic to promote local brands like St George Underwriting Agency. Connect with David via Twitter.