What is your process for picking great tenants? Here's ours...

Question

We are realtors and investors in Cleveland and own ten properties in the Cleveland area. Our tenants stay with us at minimum 3 years, most even longer. When they leave, it's usually because they are buying a home (which we sell them lol!) AND, they ALL paid during April and May! This is our "secret sauce".

• 1. Offer rents that are slightly below market to attract a larger tenant pool, 
• 2. We hold 1-2 open houses for the rental, meeting them face to face. No individual appointments (pre-COVID...) 
• 3. Invite the cream of the crop from that group to apply ($30 fee per adult to cover background and credit check) 
• 4. Selection criteria: renters earn ~3x the amount of the rental, no recent evictions, credit score 600+, no pets, tenants are responsible for snow removal, grass, utilities.

What has worked for you?

Lea Kaai · Answer

Do you do placements and/or management? We just closed on a property in Ohio City a month ago and are currently working on getting it filled. If so we would love to connect. Thanks!

John Underwood · Answer

I am very similar. I use the open house (pre covid) to have a bunch of people show up at one time. I don't charge below market rents, this encourages the bargain shoppers who aren't always your best tenants. I charge market rents, then I don't have to worry about hitting them up for a large rent increase later.

I have tenants that have been with me for many years.