Posted by Jivko Stefanov ● Feb 5, 2021 9:00:00 AM

How to Find and Retain the Best Tenants

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Finding the right tenant for rental properties doesn’t have to be such a big thorn in the backside.
From attracting all the right applicants to getting to know them personally, all you need to do is follow some of our tips.

1. Put the Word Out

Your first step as a landlord looking for the best tenants is to start advertising your property. This can be done via various social media platforms or rental websites.  If you have a property manager, it is best to ensure them with this task.

Print out ‘For Rent’ signs that are not only posted on your property but also spread around the local community. If you’re trying to search far and wide, you could try spreading the word via your relatives and friends to get the word-of-mouth inquiries.

 

2. Ask Applicants for References

Once the inquiries start rolling in, it is crucial that you shortlist only those who are truly interested or are a good fit for your rental property.  A good way to do this is to ask potential renters for references from their previous landlords or perhaps even their employer.

Try to have a script of questions prepared before giving these references a ring. Usually, asking references whether your potential renters had a well-maintained home or job security translates directly to what you can expect from them in your rental property.

Of course, you shouldn’t just take their word for it. Just give their references a call and ask politely. The rest will come naturally.

 

3. Run a Background and Credit Check

A quick look into a potential tenant’s records over the past couple of years can help you discover both, minor and major offences. More often than not, potential renters aren’t going to bring these to your attention even if you asked them. Ask each applicant to list down their full legal name and their date of birth to get the information you need to run a background check. 

In addition, running a thorough credit check will also play to your advantage to ensure previous evictions and/or bankruptcies did not occur. Credit checks will also give you an idea of how likely the tenant is to pay rent. To run a credit check you will require some more personal information from each applicant along with their social security number.

 

4. Be a Good Listener

An effective flow of communication will help you form solid relationships with tenants, which can help with acquisition and retainment. More specifically, following up on your tenant’s requests in a timely manner motivates them to hold their end of the deal and keeps them happy. As a result, they feel more at home and are more likely to stay longer.

 

5. Hold Your End of the Deal

Every property owner and landlord is responsible for providing their renters with a home that is in good condition. A property manager or an online portal can help streamline communication, which will then result in prompt maintenance and problem resolution.

 

Topics: Landlording, Real Estate Investing, Property Management, Guest Posts