It’s something every investor wants – to find the perfect tenant. But few investors know how to achieve this often elusive goal.
How do you increase your chances of finding and securing the perfect tenant for your investment property?
Although the definition of a ‘perfect tenant’ might vary from investor to investor, there would undoubtedly be a number of common characteristics.
For many investors, the perfect tenant would probably be described as one who pays the rent on time every time, actively cares for the property and deals with minor issues themselves rather than contacting the property manager.
The best tenants are those individuals who tend to take pride in where they live. Consequently, when searching for a suitable home, they expect a property to be well presented and everything to be in good working condition.
Each potential tenant will have slightly different needs and wants, but making sure your property is up to standard will go some way to attracting the best applicants.
Given that every landlord wants to secure a great tenant, it’s fair to assume the best applicants won’t be ‘available’ for very long.
This means you can’t afford to make a bad first impression, both in terms of your marketing campaign and price. Poor photos or an inflated price can easily scare off potential tenants and therefore limit your pool of applicants.[sam id=43 codes=’true’]
Attracting the best tenants is one thing, but how do you actually spot them when they arrive? This is not always easy but involves the quality of their application, the strength of their references, and the general impression they make on the property manager at the viewing.
Skilled property managers certainly have an innate ability for spotting the best tenants, so it’s worth listening to their advice before deciding on a tenant.
Of course, if you’re lucky enough to secure a fantastic tenant for your investment property, you’ll want to do everything you can to hold onto them for as long as possible.
This means responding quickly to any issues that arise, doing your bit to maintain the property and being reasonable when it comes time to increase the rent.