You met you perfect tenant, how to keep him over competition

5 Replies

I have searched around and would like to start a new discussion. Edmonton market now is renters market, so if you found a good tenant you need to catch him before he goes to see something else. I have property for rent right now, got killer ad which brings a lot of response and even more showings that I am willing to do, however once application form is completed, my potential tenants go to check out a few more options and go to competition. So who would had an advice on the following?

Tenants came for viewing, filled out the form, you know they might be the one you were looking for, but you still need a day to do references check ext. They also have a few more places to look at. How can you ensure they stick with you before references are checked and lease is signed? Has anyone ever done a deposit during application fill if you really like tenant or is it about being strategic with showings schedule? Or is it about your ability to sell your property? We really need help. It feels like we are missing an important step.

We did this recently during an open house.  Multiple people had looked at the home and we had another person coming later.  Asked the prospective tenant for a deposit with the application and he decided to lease with us.  Harder to do in a situation such as yours, but for this tenant it worked becaus the next person that viewed the property also wanted to rent it.  They are now a backup tenant.

From my experiences as a landlord: I wouldn't ask for the security deposit without vetting them first and ensuring you actually want to rent to them. Someone might look great at first and look great on paper, but definitely protect yourself by digging a little deeper

If this tenant is really great, try to make them feel as though there is a lot of interest property and that you are trying to fill it immediately. It will cause them to feel a sense or urgency and will make them want to rent from you over renting elsewhere. 

Hi Natasha,
You are making some great points here. Being flexible with showings will certainly help you build a relationship, also if there is a maintenance problem they will know that you are proactive and will react immediately.
Sometimes it’s not you, the property just doesn’t meet their requirements.
Getting a deposit during the application process would create tension, personally I don’t recommend it. Skin in the game strategy works when you have multiple people that want to rent with you.
Hope this helps.

@Natasha Attia ,

From the landlord's perspective, I only want someone who REALLY wants the place, if a few days of screening will weed them out, it's probably not who you want long term.  

Also, we do annual renewal improvements, where at renewal-- they get to pick a $200 improvement to upgrade the property!   Also.. money talks, if yours is a bit cheaper, it'll make them pick yours over the competition!

Thank you pros for valuable tips. Improvement upgrade is an amazing idea. Does anybody do anything else to attract good tenants?

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.