Attracting & Selecting Great Tenants: Strategies & Tips
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Attracting prospective renters and selecting tenants carefully is an art form as much as a science. There are always ways to improve our processes and run our businesses more successfully by doing so. Over the last few weeks we’ve been focusing on advertising vacancies and refining the tenant screening process. If you haven’t seen our most recent posts, here they are!
A rental vacancy is one of a landlord’s worst nightmares. Having your property vacant means having no cash flow while you continue to bear maintenance and mortgage expenses. A rental property that is vacant for even a month could cost a landlord a whole year’s profit. Therefore, it is very important to attract reliable long-term tenants. In this article, we will be discussing some marketing strategies to use when advertising your rentals. The good news is that most of these options are completely free!
Asking the right questions in the screening process is a critical step to finding the best tenant for your property. These questions allow you to evaluate whether an applicant can meet your expectations. Most seasoned landlords even recommend asking pre-screening questions at first contact, before even showing a unit, let alone conducting background and credit checks. We suggest some questions to help optimize your tenant screening process.
Being a successful landlord requires that you avoid problems such as late or missed payments, evictions, and property damage. Developing a careful tenant screening process helps ensure that your property remains, profitable, desirable, and safe. Setting rental criteria, asking the right questions, calling references, and reviewing background & credit reports are all elements in the selection of great tenants. This post deals with the importance of each, and gives tips on how to run a highly effective screening process.
Let us know if you have suggestions for any other topics related to landlording or property management. Send us an email at: firstname.lastname@example.org
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