When it comes to being a successful property manager, it starts and ends with finding the right tenants. In past blog posts, we shared some tips for screening prospective renters and even some important questions you should ask. Now, let’s take a step back and examine exactly what the so called “perfect tenant” looks like so you’ll be able to weed out those that don’t fit before wasting valuable time and resources on them.
For best results, the main characteristics you should be looking for in a tenant include:
• Stable employment with steady source of income (verifiable)
• Solid credit rating
• History of paying rent regularly and on time each month
• No evictions on record
• Communicates openly and in a timely manner (important for maintenance and repair requests)
• Is polite and respectful of other tenants and neighbors
• Is agreeable to all rules, regulations, responsibilities and expectations set forth
• Takes care of own appearance (tends to indicate that they’ll also take pride in the appearance of the property)
It’s important to point out that the factors you use to select tenants must never violate any laws as they relate to discrimination. In other words, you cannot eliminate a prospective tenant based on their age, race, religion, disability or family status.
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Locating Your Ideal Tenant
With your checklist of ideal characteristics in hand, you should now have a better picture in your mind of who your perfect tenant might look like. At this point, you should also take into consideration the location of your property and the demographic that would most suit your needs. This will help you to determine where to market your properties for optimum results.
For instance, if you’re marketing to college students, social media may be the most effective tool for reaching your prospects. If it’s family’s you’re trying to reach, consider partnering with local schools and family-friendly organizations to help get the word out. The better you hone your marketing efforts, the more likely you will be to reach the type of tenants you’re hoping to rent to.
Now that you’ve focused your efforts to be most effective, you should start getting inquiries and interest from potential renters that will hopefully fit what you are looking for. At this point, we recommend that you engage in thorough screening to further weed through your selections until you pick the one that’s the perfect fit. If you need a refresher, here are 5 questions we suggest asking your prospective tenants during the screening process. The more work you do upfront, the better your chances of landing quality, long-term renters.
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