How do you attract the BEST tenants?

Submitted by LaurelSimmons on Thu, 11/12/2020 - 22:44

Aside from good credit scores and payment history, plus the good references, I think great tenants are more than just "numbers and credit history". The overriding question is then "how do you attract and find those great tenants"? Is it making your property so beautiful that tenants love it. Is it asking the highest rent in the area? Is it providing the perks (and charging for them in the rent) that makes great people want to rent? Is it putting in a fabulous garden so that the people who are attracted to it are those who like to garden and take care of the outside? Is is a combination?

I want to know - how do YOU attract great tenants?

- March 16, 2021

We rarely accept tenants that we have to ask for guarantors for but we do occasionally.

A lot comes from our impression of the candidates. Do they present themselves well? Are they clean cut? Are they swimming in debt?

We treat our tenants with professional courtesy and we respond in a timely manner to their concerns. We hardly ever have issues beyond the everyday annoying.

Hope that helps in some way!

- March 16, 2021

Create a process and stick to it. You won't always get it right but it's about creating that system that lets you weed out the problem tenants and get the good ones.

I manage over 200 units and what we try to do is make out units better than anything around them, we avoid buildings that are in low-income areas and we have a full-time maintenance team that takes care of any issues that pop up in an 'as soon as possible' manner. Then we have a standardized list of questions to pull some basic information such as their work situation, number of tenants, pets, the reason for moving etc. We turn away a good number of tenants at this first stage. If you don't get the warm fuzzy feeling, on to the next one and by having nice units in well-maintained buildings in good locations, we don't have a shortage of applicants. Its better to leave it empty for a month than have a bad tenant right away. We then have our application where we run their credit, proof of income and references.

- March 16, 2021

I am not speaking from experience when I say this however I think that maybe finding tenants through word of mouth (ex. someone in your network refers their friend or family member who is looking to rent) could be a good way to find a great tenant. Obviously you would have to still run their credit history and check with references to see how they are first, but I say this because it is possible that the tenant will be more motivated to be a great tenant if they know that their landlord has personal relationships with people in their network.

- March 16, 2021

Having a conversation...on the phone or especially in person.

I fall into the trap of texting myself becausevits so convenient but old school conversation can reveal a lot.

Just chat them up...listen...and you'll learn a lot.

- March 16, 2021

Yes, I agree with some reservations. Working with a realtor is a good idea. However, there are many things you can do that a realtor will not do for you.

For example... making sure the property you are leasing is in tip-top shape. A realtor may TELL you to do that, but it's up to the owner to actually DO it.

How about landscaping? The owner has to arrange that.

Staging? Same thing (although possible a realtor will do that).

Arranging cleaning services throughout the lease. That's an "extra" that the tenant pays for but can add lots of value because it shows that the owner cares.

Same with outdoor maintenance. If there's a nice garden, and you want great tenants, then why not arrange for someone to mow the lawn and look after the gardens? Again, you can set that up as an extra.

I think merely by offering these things, you'll attract a much better type of tenant.

It also depends on what type of property it is. If it's a small multi, then yes, I would absolutely make sure that the exterior is well tended. Even cleaning services can make a difference for multiplexes.

What other ideas are out there?

- March 16, 2021

Aside from good credit scores and payment history, plus the good references, I think great tenants are more than just "numbers and credit history". The overriding question is then "how do you attract and find those great tenants"? Is it making your property so beautiful that tenants love it. Is it asking the highest rent in the area? Is it providing the perks (and charging for them in the rent) that makes great people want to rent? Is it putting in a fabulous garden so that the people who are attracted to it are those who like to garden and take care of the outside? Is is a combination?

I want to know - how do YOU attract great tenants?