As a landlord, there are plenty of ways things can go wrong, especially if you attract the wrong kind of tenant. Tenants are the lifeblood of rental properties, it’s how people in the rental property business make their money, but if you attract the wrong tenant, there will be high costs associated with your property.
You will want to make an impact with people before they even see the physical property. Invest in advertising. It’s important to make sure the property is a space that people will want to live in.
A good way is to stage your property. Get some furniture you want other people to feel themselves liking.
The internet, in all it’s glory, will help many people sell things quicker. But without the right marketing tools and strategies it can fall to wayside where even the best of tenants can’t find it. High resolution photography and proper placement on as many rental websites as possible. It’s really all about location, location, location.
Another way is to be friendly and inviting when prospective tenants come to view the property for sale. It’s important to make sure you greet them with a warm welcome making them already feel at home. Of course, if small talk and showing properties isn’t your thing, CanStar offers that services to all clients who need it.
In places where you already have tenants be sure to give them lots of notice in advance. It gives them time to clean and make sure everything is in place before you bring new tenants to the home. If the property is vacant, it is a good idea to make sure you have everything dusted and cleaned. A clean home is a happy home.
- Ask for a deposit
Always ask for a deposit when renting to a new tenant. This ensures that any damage that will occur while your tenant is residing can be resolved with that money. Many landlords have a damage deposit equivalent to their first month’s rent. For example, a property that rents for $1,100 per month, should pay a damage deposit of $1,100 up front. If for example, your tenant has roommates or intends to bring roommates in, make sure part of your deposit is acquired from them should this happen.
- Consider allowing pets
Consider allowing pets on to your property, many good tenants are sent elsewhere do to lack of properties that allow cats/dogs or pets in general. While pets can be messy, good pet owners know how to remedy problems and train their pets properly. Many pet owners will take responsibility for their pets mistakes but others won’t. A good suggestion would be a pet fee. This ensures and added amount of money in case any damage is done by the pet and not fixed by the owner.
- Let them create their space
It’s a little less convenient for landlords to allow tenants to decorate. Especially in large buildings, however, many people wish to create a space that’s their own. Allowing tenants to hang photos and paintings or even addings shelves and decorations can be a great way to make a tenant feel welcome. Of course, things like painting may cause a problem so outline that in your lease but don’t prevent them from making the space their own.
- Do your job
Often landlords can be intimidating. It’s important that you do your job. Be approachable and friendly. Tenants need to be able to reach out to their landlords in case of a problem. Good tenants need that security, not only will they stay longer, but they will recommend you to other people. Being good at your job is great way to expand your reach within your community or city.
- Due diligence
It’s important as landlords you do all your due diligence. Someone may seem like a great tenant but have poor credit or bad references. Of course, bad credit doesn’t mean they can’t pay their rent. It will mean double checking with the tenant to make sure you get the money. It’s important to get references and background checks. These will help give you a solid idea of who the person is. It’s also a good idea to check with former landlords. These people have already rented to this individual and will be able to give you an accurate picture of what their ability was to pay rent.
In saying all that, there are unsuitable tenants. But people are more than who they are on paper. It can seem daunting to task this upon a person who might not have any experience but that’s what CanStar does as a company and we’re happy to help. Give us a call.