Trust is a big factor in screening the best candidates for your property. As everyone knows, trust is earned. But the pressing question is, how do you know if you can trust someone with your prized possession?
Set tenant application criteria
Setting a tenant application criteria is a straightforward approach to:
- Filter your candidates according to your standards
- Attract like-minded candidates to consider your property.
The standard criteria to look for are the following:
- Minimum income requirement
- Previous accommodation history
- Character references from their previous and current employers
During the screening process, be mindful of your approach to not discriminate against any classes. These information are enough to save you the time and headache of dealing with these common tenant problems:
- payment problems
- prior eviction history
Aim for long-term occupancy
Run research on what tenants are looking for in a long-term rental. We are not looking to just sign the lease here, we are looking into securing long-term tenants to minimize the cost of frequent rental expenses and the potential damage of tenants moving in and out.
Make sure that your property has everything that they could possibly need. The least thing you want is for them to continue shopping for options even if they have already settled in your property. Know your demographics and what they value. Below are some examples of what renters are looking for in a property that are in your control as the rental provider:
- Maintenance – Ensuring things are fixed in a timely and regular manner provides reassurance to the tenant that you want them to be comfortable during their duration in the property.
- Price – Everyone is conscious that rent is an expense. The cheaper a rental property is, the longer a renter will most likely stay within the property. It is a fine balance between maximizing your rental return and keeping it at a level that will promote a tenant to stay in your property. Consult your Real Estate agent for their opinion on how to maintain the balance.
- Essentials – Certain demographics of renters will require different things within the property. It is imperative that you consult with your agent to identify what tenants are looking for. E.g. Families with young children require a bathtub and generally prefer an outdoor area for their children.
You attract what you are ready for. Preparing your property to be competitive in the market is the best way to attract the best candidates. How you present your property before tenancy sets the standard on how you are expecting to see it post-tenancy. Tenants will be encouraged to respect and keep your property in good shape once they see that the landlord is doing the same.