How to Find and Keep Good Tenants

Tuesday, May 15

Talk to any landlord and they’ll have a tenant horror story to tell –
myself included!  When you get into the rental property business,
tenants are one of the most important factors to consider.  Not only
will they be looking after your property for you, they will also be
paying it off and ultimately building your wealth in real estate.

Your ability to attract and keep good tenants will determine whether
your rental property business will be a success or a failure so it’s
important to know the basics.

ADVERTISING
Writing a detailed advertisement has two purposes.  It allows you to
describe all of the benefits of your property and is also the first step
in describing the type of tenant you are looking for. You can be clear
about whether you allow smoking, whether you allow pets, the amount of
rent and damage deposit expected and the length of lease term you are
looking for.  With all of this information available in the ad, you
have already narrowed the field to prospective tenants that potentially
fit your profile.
SCREENING
Screening is your second line of defense and the most important step
in weeding out bad tenants.  When a prospective tenant calls me, I have a
list of questions that I ask immediately.  If their answers to these
questions are favorable, I set up a viewing time to see the property.
If they are interested in renting from me, I take things to the second
and most important step; filling out the Application Form.  This signed
form is invaluable as it covers their personal information, their
employment history, their financial status and their rental history.
The form also allows you to call previous landlords, call credit
references, call personal references, conduct a credit check and a
criminal record check.  If a prospective tenant is not willing to sign
the Application Form and provide me with access to this information, I
do not rent to them.
Screening is an important first step for landlords and it also sets
the tone for tenants as well.  It portrays you as someone who is
organized, diligent and someone who takes their business seriously.
RELATIONSHIP
When you have completed your initial screening and decided which
tenants will be moving in to your property, the rest of the relationship
is up to you.  You may have found the best tenants in the world but
they won’t stay with you if you don’t live up to being a good landlord.
A good landlord/tenant relationship involves many aspects but here are
the most important things to remember:
When tenants are moving in, have a landlord checklist ready so that
you don’t miss anything.  Some examples are signing the Lease, getting
the locks changed, going through the Accommodation Inspection Report,
getting post dated checks, preparing a Tenant Binder and putting
together a Tenant Basket to welcome them to your property.
Throughout the tenancy it is important that you are always available
when contacted.  If a tenant calls with a request or repair that needs
attention, always respond in a timely manner.  Keeping your property in
good repair let’s the tenant know that you expect the same from them and
also gives them a sense of security about where they live.  Stopping in
at prearranged times gives you peace of mind that the property is being
looked after.  Giving small gifts at holiday times and lease renewals
also goes a long way to making the tenant feel appreciated.
The law of attraction is always at work in every aspect of your life
and the landlord/tenant relationship is no different.  Be a great
landlord and you will attract and keep good tenants!
Finding and keeping great tenants is just a piece of your rental
property business.  If you would like more information, there is a
comprehensive e-book on the subject available on my website.

 

Visit link: How to Find and Keep Good Tenants

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