What is the Best Way to Get a Great Tenant?
Screen, Screen, and Screen
Steve, I think you know the answer to this! Conversation starter?
Well, I'll bite. @Russ M. said it perfectly. Let everyone know your screening process BEFORE they apply.
"Mr. Tenant, I run a full background check, credit, eviction, and criminal. (Depending on class of property for this next response). While a little ding on your credit won't hurt you, I do want to make sure you pay your utility bills and rent on time. I also check your income and you need 3x rent."
Also, to attract a "great tenant," you need to have a "great place." If your property is dumpy (unless you are in ultra competitive markets like NYC), then you are going to attract a dumpy tenant.
I've listed a few ways that I think help strengthen your chances of finding a great tenant!
1. Be a firm but fair landlord. Always treat your rental as a business first!
2. Price your house at a fair price and set strict qualifications for your applicants to meet.
3. Prescreen your tenants (income, credit, evictions, criminal).
4. Walk your applicant to their car following a showing and see what kind of condition they keep their car in. This will give you a better idea of the condition they'll leave your home in.
5. Do a very in depth screening; full credit and background check, as well as an eviction report. Call previous landlords for references, and verify employment and income.
5. Always follow your gut feeling!
Thanks for the informaiton, we all know as investors and as a PM company this is a moving target and and economies change so does the clientele. I have always found by listenting to others it helps us revamp our process... Thanks all