While many landlords may be focused on finding the right tenant, renters are also assessing your property and the landlord to determine if the situation and property will also be beneficial for them. In order to attract high quality tenants, a landlord should be aware of what most good renters are also looking for.
Finding the right tenant is essential for maintaining the integrity and worth of your property. Unfortunately, many rental properties and renters can get a bad reputation. From mistreatment of a home to not reporting leaks in an adequate amount of time, rental properties can undergo some heavy wear and tear, and even damage.
Finding the right tenant often begins with finding the right home. A high quality tenant often has high standards for the property they wish to rent. The following list includes a criteria that landlords should strongly consider before investing in a rental property. These considerations will better protect themselves and their assets.
If the property you are looking to buy as an investment is not in an area you would be comfortable living, chances are, neither would your tenant.
If the location of your investment property is in a desirable area, you are more likely to have an abundance of interest in your location. This means that you are also able to choose a candidate that meets all of the criteria of your home.
This increase in interest means that your property is less likely to sit vacant. This decreased vacancy can significantly impact your bottom line. Many homes that sit vacant for long periods of time can drain the resources of the landlord as they work to cover costs.
A good rule of thumb when finding an investment property is to buy a place that is less than 15 years old. This typically means that the structure needs less maintenance and repair. Homes that are older will require more updates, and the integrity of the appliances, systems, and big ticket items – roof, windows, and siding – are less likely to need to be replaced.
There are many components to consider when trying to attract quality tenants to your property. These different considerations can determine whether or not your tenant and landlord relationship is positive or negative.
Knowing where to advertise and how to advertise your property can help to dictate the clientele you will attract. You should also increase the range of locations where you advertise your property. A good practice is to advertise your rental across five different platforms. This increases the chance of attracting quality tenants that will view your property.
Additionally, include a plethora of pictures of your space. Potential applicants want to see the space, and not waste their time viewing a property in person if it does not meet their criteria. Treat the advertisement as if you are selling the home, putting care and detail into the presentation and description. This attracts individuals that care about the space where they may be dwelling.
Always present your home when it is clean, and make sure that it is well cared for. This can often require adding fresh paint and carpet between renters. Some tenants can destroy the carpet, scuff up walls, and leave nail holes throughout the dwelling.
Also, make sure that any necessary repairs are made as they occur. This can help you to avoid future repairs that can be more expensive. Oftentimes, repairs that are not properly addressed at the time the problem transpires result in major problems in the long run. This can include scheduling proper maintenance on your HVAC system, as well as repairing any leaks as they occur.
Having a standard rental application can help to streamline the process of renting your property. This allows a landlord to weed out applicants who do not meet the necessary property rent criteria. Many rental applications also ask for references, employer information, and past rental history. This further allows a landlord to see whether or not their applicant is a good tenant, has reliable work to pay for the rental, and is well-liked by their peers.
If potential tenants do not complete the application or are unable to provide the necessary documentation, this is a good indication that they would be unable to fulfill a potential rental agreement. This application is a necessary component every landlord should require of anyone interested in renting their property.
A lease agreement is essential once an applicant has been selected. It is helpful for both the applicant and landlord, as it sets expectations by the landlord as to what is expected from the prospective tenant throughout the course of their contract. This agreement also helps to protect both the landlord and renter.
One of the best ways to navigate the property management realm is to hire a property manager or realtor. They can find the right renter for you and perform the dirty work, helping to alleviate additional stress from your life. This allows you to avoid the regular day-to-day stressors of dealing with your tenant.
Your intermediary is more experienced in delegating maintenance requests, advertising properties, running background checks, and combing through applications. Their experience can also better equip them to know which type of residents to look for.
When you take the necessary steps to care for, clean, and maintain your home, prospective tenants will be more abundant. Treating your rental property like your primary residence, by selecting a desirable location and maintaining an appealing home, will help to attract high-quality tenants.
Furthermore, instilling an application process will further protect you from getting a problematic tenant. Instituting these best practices increases your chances of having the best renters.
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