Once you’ve invested your heart and soul in a property, you want to appeal to high-quality tenants who will take care of it. But what does high-quality mean? In terms of the rental business, this is someone who is going to take care of your property and come through with their end of the deal. The ideal candidate is someone who values cleanliness, who upholds respect for people’s property, and who has a sense of responsibility. In other words, high-quality tenants are low-risk tenants. So how do you attract the best-of-the-best? Here are a few tips that will teach you how to screen potential tenants.
Treat Your Property the Way You Want Your Property to be Treated
Remember the Golden Rule—it applies in all aspects of life. High-quality tenants expect high-quality amenities. If you’ve invested in a property that is already in a decent location, with a good school district, low crime-rate, and an accessible array of food and entertainment, then you are already on your way. But whether you are accepting your first tenants or you are looking to improve the quality of tenants you receive, you have to keep your amenities updated. A little curb-appeal can make a huge difference. Whether that means re-painting, landscaping, replacing cabinets, or updating the tile floor. This will keep the tenants interested. Doing your part in the process gives you the potential of high returns.
Know Your Terms
This includes being realistic about your goals. Assess the location by finding the average income of those living in your area. The income of your applicants versus the income of the neighborhood will play a significant role in the kind of tenants you get and the profit you can make. The largest house with the most frills will not necessarily be worth more than the other homes. In addition, a wealthier renter may not make the most respectful one. Money does not necessarily give them a better character. So as stated above, keep this in mind when setting your terms.
Exchange Contact Information
After advertising your property, you will likely get a lot of responses. Exchanging contact information with those interested will show you immediately who has follow-through potential. When you receive an e-mail, call, or other type of inquiry, be sure to respond as soon as possible with a clear and polite reply. When somebody is interested in seeing your property by giving you a phone call, respond to any questions they may have over the phone, and ask them questions about how many roommates they have, if they own pets, and when they would like to meet. If they respond by e-mail, respond with a clear and concise reply that you can save in your draft folder for future use. This will help you begin the screening process and will indicate how responsive they are, which can be a telling sign when choosing a prospective tenant.
Meet Them in Person
Your applicant will likely want to tour the property. Meeting them in person should give you an idea about their level of respect for others and others’ property. Giving a walk-through takes little time and should show you immediately what they are like.
Get a Background Check
This is another quick and easy service. By hiring an outside source, you can obtain a background check in a matter of minutes. With this provision, you can automatically cut out applicants with a high-rate of evictions—usually more than three in less than five years—in favor of candidates who have cleaner records.
Don’t Forget References
You may already know that this can be iffy. There are opportunities for applicants to simply enlist their friends or family. It should not be dismissed, however. The best way to do this is to follow through by actually contacting these references. Speak with past landlords, and ask about their cleanliness and whether they were responsible to pay their rent on time. Inquire about parties and whether they left on good terms. Of course, there are always crooked landlords out there, so there is no one hundred percent guarantee on this, but for the most part, this should be beneficial to you.
Photo Credits
Photo is pixabay public domain
Guest Author Bio
Hank McKinsey
When my wife and I purchased our home in the Spring of 2013, I became a stay-at-home-dad to our two wonderful and wacky Malteses – Digit and Poppy. Hailing from Western Pennsylvania and currently residing in Central California, my hobbies include golf, tennis, jazz music, and eating. While journalism was my college minor, crafting and DIY have always been my creative outlets. So sit back, pour up a drink, and let’s make something together!
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