According to many landlords, as well as property managers, the perfect tenant doesn’t exist. However, that’s not the case. They do exist, but there is a proper way of getting them into your house. No one said it was easy; finding the ideal tenant can be a challenging job, one that takes time and effort both, but it’s not unattainable.
There is a lot to consider when looking for the ideal tenant, and nothing can be left to chance. As a landlord, you need to be vigilant about how the tenant behaved during the interview, his income as well as his referrals. The personality, as well as the lifestyle of the tenant, should also be secularized. Here are some tips and tricks that can help you find that perfect tenant and also to keep him in a long-term contract.
Background Check:
Running a background check is mandatory even when a tenant has been referred to you by someone close. This isn’t something that any landlord, new or old, should miss. A thorough background check is a given; this isn’t something that should be at the back of your mind.
Fortunately, we live in a time and era of easy access to all kinds of advanced technology. This makes it very easy to track people down and get all available information about them. With very little time and effort, you will have all the data you need from all tenants you have lined up for the interview. With all the information available at your fingertips, you can easily make a well informed and fact-based decision about accepting or rejecting the tenant.
Now, with a proper background search, you will not only have the history of the tenant but also access to their former landlords. A short call with the former landlord will help you understand your potential tenant better than a lengthy interview with the tenant himself.
The background check will also help you understand what kind of temperament the new tenant has if he has ever been thrown out, has he ever been accused of immoral activities on the rental property.
Long-term Tenant Contract:
Why should you put time and effort into searching for the perfect tenant? Well, a perfect tenant will stay with you for a long? And this is the reason why we all put in extra effort in finding the perfect tenant. Putting in an effort the first time will save you from going through this whole ordeal again and again. Tenant screening takes a lot of time, but if you do it right the first time, you will be able to rest for longer without having to do it all over again.
Having long-term contracts and tenants pay not only in monetary terms but also in communication-wise. How to know whether a particular tenant will stick with you for long? Well, nothing is inevitable, but with a thorough background check, you will be able to take a guess.
Financial stability, employment, and rental history, all of these are good enough to indicate whether they will stick with you for long or not.
Rental Property’s Up-Keep And Maintenance:
The way you are looking for the perfect tenant, similarly, the tenant is looking for a perfect place to rent. Hence you need to make sure your rental property is up-to-date with all that is needed by the new-age tenants. 80% of the renter’s pool is dominated by the Millennials or generation Z. it’s a group of people that are always on the go and who are always entertaining. This group needs value for money; they do not care about what they spend as long as they get good value for the money spent.
Apart from that, these people also have pets, and if your rental isn’t pet-friendly, you will miss out on a big chunk of the renter’s pool as these people would rather give up an excellent rental place with a good rent than give up their pets.
Keeping the place in good condition, asking the right amount of rent, and effective communication with the tenants are all steps of keeping the tenant for the long term. When the tenant is moving in, be there, and assist. This is when they need you the most if you aren’t there at this time, they will have a bad impression of you, and they might not want to stay for longer their current contract.
The Interview:
Effective tenant screening isn’t complete without an interview or a meet and greets with the tenant. A quick but effective interview will help you understand the tenant a bit more. If you haven’t got the time, you can also call all your tenants to an open-house and access them in one space at the same time. Why is this important? It’s easier lying on paper than in person; if you can read people accurately, you will be able to know whether the tenant is genuine or not.
A one on one interview is a great way of knowing what kind of a person your potential tenant is and how he reacts to certain pressing questions like lifestyle and money matters.
The interview doesn’t have to be long, but it does have to be meaningful. Give every tenant ten undistracted minutes, and ask him all the right questions. You already have the information and the data about them, so the question you need to ask should be more informal, like what do they do in their spare time, or how do they spend their weekends.
These questions may not seem much, but they will give you the know-how of your tenants’ lifestyle, priorities, and some basics about what kind of a person he or she is. Reaction to some questions will also tell you whether they have anger issues or not, whether they are good with rules or not. All of this is extremely important to have a cordial relationship with the tenant in the future.
All in all, finding a great tenant takes some digging, but when you do find one hold them for along and make sure you both get along well.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
