Tips To Get Great Tenants
When you buy a rental property, there are many questions that you may ask. Some of those questions include:
- The amount of rent
- Existence of water damage
- Foundation of house
- The kind of neighborhood the house lies in
- Status of cabinetry of entire house
- Status of roof
It can be an extended list but it is still going to fail to answer your question about how to get good tenants. For this purpose, you will have to ask some different questions which would target the previous tenants and their stay in the property.
Why is it necessary?
When you ask landlords, they would say that tenant screening is the most important thing to take into consideration. It surely is very important but the matter of fact is that it is no more a difficult task now. There are several online tools that can help you get the credit scores, criminal history and any other type of information you want about the applicant.
Having that said, there are other things you may want to look at if you want to identify good tenants. These are the very parameters which can help you identify true potential of a rental property. For instance, you can look at the attributes like reliability, longevity and responsibility. The best way to identify tenants this way is to visit the property they live in. if the homes they live in are taken care of in the better way, you can say it with certainty that they are the quality tenants.
Now, you may think about the ways to make it logical for you to visit the home your tenants live in. It can be possible by visiting the rental property you are about to buy. Surely you are going to let the existing tenants live there until their contract ends. You can see how well they have maintained the property. If they do not come up with the complaints about little things about property more often, you can certainly say that they are good tenants. You can see how well they are taking care of the home interior and exterior.
Longevity is an important factor to count because whenever a tenant leaves, there is an entire bulk of repair tasks that landlord needs to deal with. When a tenant tends to live in a property for a long time, they take care of things without causing much of the disturbance for the landlord. Furthermore, a repair work worth $1700 and the lost rent are the factors which can turn out to be pretty stressful for the landlord. If a tenant stays in the property for a long time, landlord wouldn’t mind paying for the repair work because the landlord would see the cost of repair work and lost rent as an amount divided by the number of months the tenant; has been staying in the property.
This one is straightforward. You will not have much to worry about if your tenants are paying you rent on time. A tenant who tends to live longer in your property and pays you rent on time is nothing less than a blessing.
You cannot certainly term the tenants responsible if they bring up a small issue to fix after every few days. Instead, you will like to have the tenants who wouldn’t bother you about a ceiling fan requiring some fixing or they would take initiative to fix a leaking faucet on their own. However, you have to make sure that you appreciate such tenants not just morally but also from financial perspective, i.e. offering them discounts, because they are saving you from a lot of troubles and expenditures.