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With so many people competing for rental properties, finding the best tenants should be a breeze, right?
While you'll likely have plenty of applicants, not all of those applicants are going to be great. Sure, most tenants are more than happy to treat your property with respect, but there are a few bad apples out there.
How can you find the best tenants? We're here to talk about it. Keep reading to learn all about tenant screening, creating a welcoming space, and more.
Creating an Appealing Property
If you want to attract good tenants, you need to ensure that your property is worth their time. Why would good tenants apply to live on your rental property if they can find better properties elsewhere for a similar price?
You don't need to have a ton of fun or fancy amenities, but your property should look clean and updated (and your photos should reflect that). It's helpful to make sure that there are new appliances and floors, so tenants feel like they're getting a luxury experience, even if they're not.
Appropriate Listings
Once your property is tenant-ready, it's time to list it. Again, make sure that you include photos that reflect just how good your property is!
Your rental property listing will also act as a pre-screen. When you pre-screen your tenants, you're reducing the amount of effort that you have to put in later during the real tenant screening process. But what does pre-screening look like?
On your listing, make sure that you include information about required income, credit, and anything else that you require of your tenants. Tenants know when they apply whether or not they're going to be good fits for your property.
Keep in mind that some of the best tenants may still apply if they don't meet one of your criteria. Pay attention to their notes (if applicable). They may have something to make up for wherever they fall short.
Tenant Screening
Now it's time for the tenant screening process. Once the tenant goes through the pre-screening, you have to determine whether or not they're a good fit.
The tenant screening process should include things like:
- Income or financial situation
- Credit score
- Cosigners (if applicable)
- Tenant background check
Keep in mind that not all tenants have the same types of jobs and income. Younger tenants may have someone helping them, and they may still have low credit scores (or no credit scores at all). This doesn't mean that they won't be good tenants.
When you run a background check, know that there are laws in place that protect people with a criminal history.
Retaining Good Tenants
So you've got great tenants on your property. Now what?
Make sure that you're being a good landlord. You want tenants to renew their leases, and they won't do that if they don't feel as though your rental property suits them.
Make sure that you're responsive to maintenance requests, that you keep common areas in good condition, and that you're always taking steps to improve your property.
Even if tenants don't renew, they may recommend you to friends that could also be great tenants.
Find the Best Tenants for Your Property Today
Try these tips next time you're trying to find the best tenants for your property. Remember: take advantage of tenant screening, create a welcoming space, and make sure that you take steps to retain your best tenants.
Are you looking for help managing your Tampa property? The professionals at HomeRiver Group want to help. Contact us so we can start working together today.
