Finding The “Long Term” Tenant

Obtaining a long-term tenant is landlords’ dream – especially if you find that perfect tenant who is quiet, clean, pays rent on time, and respects your property as if it were their own. So how do you make that dream a reality? Read on as we provide tips that can help you find and retain a great long-term tenant.

Ask for References

Ask for previous landlord references and follow up. The previous landlords will be able to tell you if the tenant had paid their rent on time, taken care of the property, and respected their neighbours – all important pieces of information. If you are speaking to the tenant’s current landlord, look out for red flags that indicate that they may just be giving a glowing reference in order to help get the problem tenant out of their property. To solve this, try to speak with a previous landlord as well.

Talk to Friends

Your peers won’t steer you wrong when it comes to recommending tenants. Ask around in your friend groups for prospective renters they know and trust. Also ask for recommendations of people they may have rented to in the past and who they can vouch for.

Perform a Credit Check

A credit check is crucial to ensure the applicants have a good credit rating, which indicates they have the means and responsibility to fulfil their financial obligations. Just make sure that you follow your local laws when it comes to asking for personal information.

Keep the Property Maintained

Once you have a quality tenant, you’ll want to find ways to retain them for years to come. One way to keep tenants happy is to ensure your place is well maintained. No one likes to live in a run down and unkempt place. Do routine check-ups and address any maintenance items as quickly as possible.

Respect Boundaries

Showing up uninvited without the required 24-hours notice or complaining to your tenant about small unimportant issues will have them running for the hills. Show your tenant the same amount of respect as you would also like to receive. And if you accidentally cross the line, make sure to apologize and make well by continuing to respect their space.

Build a Relationship

Give your tenants plenty of space, but also try to build a rapport with them. It’s possible to engage in small acts of kindness without overdoing it or coming on too strong. Personal touches like sending holiday cards, or greeting them when you cross paths can help your tenant feel more welcome and comfortable.

Finding a long-term tenant can be challenging but not as difficult as you think. Once you find that perfect tenant you can easily keep them content by having a welcoming and safe environment for them to live in. Looking for more tips on finding, and keeping, the right tenant? Contact Medallion Capital Group today! Our Toronto property management team is here to help with everything you need.