Being a landlord requires a lot of responsibility, and a significant aspect of this involves finding a tenant that is a great fit to occupy your property. Finding the right tenant can save you a lot of time and money in the long run because it helps you ascertain that the person who occupies your property can pay rent on time and keep your property in the same condition they found it in. In addition, investing the time up-front can save you hours of your time later on trying to mitigate the damages and headaches caused by an unqualified tenant.
Here are some top tips on how to find the perfect tenant for your property:
1. List out the criteria of the type of tenant you’re looking for
Before you look for a tenant to occupy your property, you need to understand the type of tenant that is suited for your property. For example, if you’re renting out a studio apartment, you most likely wouldn’t look for a family to take residence in your property. The same applies if you’re renting out a huge home — you likely won’t want a single person occupying your property.
It’s also crucial to consider whether you’re willing to rent to pet owners, and if so, you’ll have to be okay with taking the risk of your home potentially being damaged by pets. Another key factor to consider is whether you’re looking for a long-term tenant or a month-to-month lease. Although securing a long-term tenant guarantees a rental income for months to come, a short-term lease gives you the flexibility of ending a relationship with a tenant should you ever need to.
2. Make sure you take great photos of your property
To attract the best tenant possible, you need to take great pictures of your property. The property should be clean and well-decorated to be as appealing to potential tenants as possible. It’s recommended that you invest in a professional property photographer as they know how to make properties look attractive on camera. If you’re taking the pictures yourself, make sure you take wide-angle photos because they make spaces look more prominent and will allow you to capture a space fully.
A 3D virtual tour is also a great alternative as it allows prospective tenants to “walk” the property virtually and ensure it’s a good fit, prior to booking an in-person viewing. Ask your property photographer in advance if they offer packages that include photos and the virtual tour.
3. Make your rental ad as appealing as possible
To attract the right tenant, you have to make your rental ad appealing to them. This means putting in the effort to write a creative and persuasive ad that would make someone want to live in your property.
List basic details such as the rental price, the duration of the lease, whether the property is pet-friendly or not, when the property is available, as well as your contact information. Also, highlighting local amenities, landmarks, public transportation, and other attractive things about living in the area. The more descriptive your ad is, the more likely you are to generate interest.
4. Respond promptly to rental inquiries
Providing outstanding service to people who inquire about your property will leave a good impression and likely help you attract quality tenants. If you happen to get into contact with someone who seems like a great potential tenant, make sure you secure a viewing with them as soon as possible to avoid them signing another lease. Remember - time is money when it comes to a vacant property!
5. Screen interested people by asking important questions
Asking potential tenants questions about who will be living in the property, what they do for a living, whether they have any pets, and whether they smoke or not is essential before setting a date for the viewing. Consider this a part of your due diligence process as a landlord and request supporting evidence where applicable (e.g. employment letter, pet pictures, credit reports, etc.).
The decision of who you choose to occupy your property lies with you, and using the top tips above, you can make sure that you find the most suitable tenant for your property.
