The greatest method to attract and secure quality tenants is to have a high-quality rental property in an ideal location at an optimal pricing point. As a property manager, you may not have control over elements such as price and location. However, there are some things you can do to make the house more appealing to quality tenants. As a landlord, you want to safeguard your investment, but you also don’t want your rental property to be vacant for an extended amount of time. After all, this reduces your profit potential. While you may be tempted to rent the property fast without concern for tenant quality, renting your unit to ineligible tenants may result in costly, time-consuming complications down the road.
What is a good tenant?
A good tenant is someone who pays their rent on time, takes good care of the rental property, and follows the terms of the lease agreement. Selecting a tenant is a business decision; you should prioritize a good tenant based on objective facts versus subjective opinions.
sometime in October 2011 , the Lagos State Government warned against sheltering criminals, and more recently, The Economic and Financial Crimes Commission (EFCC) also reminded Nigerians about possible liability on Landlords who harbors fraudsters or “yahoo boys” in their property according to the Advanced Fee Fraud (Amended) Act 2005. Although some stakeholders and property lawyers have argued the legality and technicality of the surrounding this scenario. However, as a lawful citizen, we have a duty to ensure we collaborate with law enforcements in the pursuit of saner society.
Apart from possible legal consequences stated above, there are enormous reasons and benefits of securing a good tenant for your property.
How to Screen Your Tenants
When learning how to find good tenants, keep an eye out for these qualities in applicants:
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Healthy track record of on-time payments
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Steady income
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Positive credit report if available
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Ability to cover potential property damage with an upfront security deposit
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Good references from past landlords
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Polite and respectful to neighbours
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No prior history of eviction
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No criminal record of lewd or dangerous behaviour
Steps To Take To Get The Best Tenants For Your Property.
1. Layout your tenant criteria beforehand:
Before listing a rental, it’s important to have an idea of what kind of tenant you want. This helps you narrow your focus and gives you a target market to focus on. Additionally, you should be prepared for questions about smoking, sublets or shortlet, pets and minimum income, just to name a few. (always check the your local laws for compliance). Having all this in writing can not only streamline the process but can also protect you from accusations of discrimination if need be.
2. Write a compelling listing:
In your listing, ensure you state in the relevant features of the property, the type of neighborhood, facility present, and the type of tenant you want (Where applicable). This helps in attracting quality tenants and it can also increase your chance of leasing the rental sooner. It is very important to ensure that the Tenancy Agreement is well detailed and captures and clarifies all possible loose ends.
3. Conduct a comprehensive tenant screening:
A full tenant screening is one of the most crucial steps when learning how to find a good tenant. It can be tempting to just do a quick name lookup on Google or search on social media to uncover applicant behaviour. However, it is unlikely to give you the kinds of data to make an informed tenant decision. You may need to dig a bit further.
When learning how to find good tenants, keep an eye out for these qualities in applicants:
-
Healthy track record of on-time payments
-
Steady income
-
Positive credit report if available
-
Ability to cover potential property damage with an upfront security deposit
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Good references from past landlords, and obtain personal guarantors
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Polite and respectful to neighbours
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No prior history of eviction
-
No criminal record of lewd or dangerous behaviour
4. Provide Regular maintenance and conduct periodic inspections:
Another way to attract quality tenants is to perform regular maintenance. This can do best achieved easily if you hire a competent property manager. A good Planned Preventive Maintenance (PPM) and efficient Reactive Maintenance plan and execution ensures that there is less to do when it comes to fixing, cleaning, also gives potential tenants peace of mind knowing that the property is in good hands.
Additionally, good maintenance helps preserves the value the property in the long run.
5. Boost value with add-ons:
You can employ add-ons to widen your appeal to a more desired, higher-income market in order to attract excellent tenants. Extra storage space or illumination, built-in wardrobes, washing machine, high quality appliances, air conditioning, heating, and dishwashers are examples of optional features. While these additions are an investment, they will raise the value of the rental property and help you increase your rental yield over time.
6. Maintain good communication channel:
Quality tenants will look for property managers who are excellent communicators. You should open all channels of communication to ensure that you are always easily accessible and that you can answer any of their questions. Communication is relational and should also capture both formal and informal tones. Ensure you use your available communication channels to Consult the previous landlord, get a reference or guarantor, send reminders to tenants to confirm renewal or exit before expiration of current tenancy.
During the process, you can have a deeper grasp of the tenant’s life situation and determine whether they are a good fit for the rental property. The smoother you make the entire process, the better your potential tenant’s experience will be. This can lead to a happier renter and a longer tenancy, enhancing your reputation as an excellent property management.
By following these steps, I believe you can increase your chances of attracting and securing good tenants for your property. Please feel free to share your thoughts on this subject matter by commenting below, I would like to have your opinion.
