When you become a landlord, it doesn’t take long to realize how a great tenant can really help make your life and job much easier. Having a good tenant means less work, less time, and less aggravation for you. But the problem is finding those tenants and holding on to them. If you’re perplexed about where to find the good ones and how to keep them, here are some tips on the best practices that can help you during your search.
If you want a quiet, professional tenant with a stable income, your best bet is to go right for the source. For instance if your apartment is located near the Discovery District, use those sorts of keywords in your ad: “Conveniently located near Toronto General Hospital, perfect for residents, nurses, and hospital support staff.” Likewise if you have an apartment, condo, or rental home near a campus that would be perfect for visiting professors or graduate students, use this terminology in your listing.
Before advertising and showing off your apartment, make sure that it is in great shape. Any repairs or painting that needs touch ups are important to finish. If you have photos of a rough, unattractive looking space, chances are that you’re not going to attract the best kind of tenants, or alternatively, you could attract no one at all. Make sure it’s clean, that everything is fresh and fixed, and that the photos are bright and taken from angles that capture the space in its best light.
This is a normal practice that just about every landlord does to ensure that their prospective tenant can afford to pay rent and has a history as a pleasant, stable tenant. Run a credit check, request income verification, and call references. One question that will tell you everything you need to know from a past landlord: “Would you rent to this tenant again?”
It’s natural for many of us to conjure up images of what the ideal tenant will look like. But of course, that isn’t always how they turn out. Do not judge people solely by appearance or occupation. All that matters is that your tenant is clean, pays their rent on time and is respectful of your property and other tenants.
Once you have found that dream tenant, it’s important to do your part as a landlord if you want them to stay long-term. That means keeping on top of any problems and repairs and being responsive to tenant inquiries.
Use these best practices when searching for your next tenant. With the proper steps you can find and keep that perfect tenant, which can make your job a whole lot easier. A property management company can help with all steps of the process, from interviewing tenants and performing routine maintenance to upgrading the property to increase rental value.