Your rental real estate investment is a business, so look to the best ways to grow it.
Most people agree that quality tenants are difficult to find and hold onto. Even if they look great on paper, there’s no guarantee they will match what you want. The fact is that when you lease your property to a new person it can feel a bit like gambling and to some extent, you are. But, if you know what to look for, your odds are much better finding tenants who will stay longer.
Finding A Qualified Tenant
No tenant screening method is completely foolproof, however, there are still ways to clarify your search and find great tenants. It may take more time and patience to locate an ideal tenant, but in the long run it’s worth it. Following are some helpful tips.
Your rental application should ensure that all criteria is equally presented to all applicants. Avoid any discrimination based on any of these criteria and find additional fair housing information on this site:
- Race
- Color
- National Origin
- Religion
- Sex
- Familial Status
- Disability
Qualities of a Good Tenant
Basically, there are four traits that describe an ideal tenant. 1) Ability and willingness to pay rent, 2) care for rental property, 3) avoid creating disturbances, and 4) avoid drama and chaos.
Good tenants are friendly, on-time, enthusiastic about the rental property, and show respect for the landlord. These qualities are inherent in a responsible person. People who are good communicators make the best tenants. They will ask questions about the rental property and the neighboring areas and generally show interest in the community they intend to call home.
Good tenants are also:
Responsible – A good tenant is a responsible person. They pay rent on time and also take care of daily maintenance like mowing the lawn, weeding the flowerbeds, or changing out filters. Landlords should be able to rely on a responsible tenant to advise them of any potential issues that could be major if ignored.
Respectful – Good tenants are respectful of a landlord’s time. A good tenant will show up early for an appointment or at the very least on time. A polite and courteous tenant makes everyone more agreeable and builds a better relationship.
Emotionally Mature – Avoid potential tenants who thrive on drama. These are emotionally immature people who seek attention and will be the ones who wake you up at 3:00 am with an issue that could easily wait until morning.
Keeping Top Quality Tenants
Once you have found the ideal tenants, what’s the secret to holding onto them long-term? Almost half of all renters stay in their home for three or more years, and one in five stay for 8 or more years. These are the ideal tenants you want to keep.
A challenge for any good landlord is keeping good tenants which takes some effort and possibly some investment. For one thing, quality tenants gravitate to smart technology and devices. Security systems are also a big attraction for them.
Kitchen and bathroom renovations will catch the eye of quality tenants, as well as any additional storage space. More upscale renters don’t mind paying for the extras, especially if it provides what they need for the lifestyle they are accustomed to.
Also keep in mind that the location of your rental property will have an impact on top-tier renters. If they have small children, for instance, they will value being close to the elementary school and the bus lines. Parks and scenic outdoor trails and bike paths also offer the quality tenant a reason to call the area home.
Overall, quality tenants will increase your investment because they are usually pleasant people who contribute to the community. There are many reasons to keep your long-term renters happy because they will add value to your investment property while, in turn, enjoy having a beautiful place to call home.
Not Sure What to Do – If you’re unsure about how to find great tenants, we can help you. Cousin James Management takes care of all types of rental properties, including condos, and homes. If you’re interested in hiring a property management company, let’s chat about what you need. You can actually realize more ROI on your rental property with the help of professionals like us.
Visit Cousin James Management website and read some of the articles we publish to give you an idea of what we can do for you. If tenant screening is all you need, we can easily do that for you in the most efficient way possible. We use a rigorous method of tenant screening which delivers the kind of tenants you want to build your business.
We created this free Tenant Screening Checklist for you to download in case you have any additional concerns about what to look for in a great tenant. For more information, contact Cousin James Management today! We’re here to help!
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