29 August 2016

How to Find the Best Tenants

At Triumph, we understand how important good tenants are to your investment. That is why we have installed a robust tenant screening mechanism to filter through only the very best. Here, we look at some of the ways in which landlords can do exactly that.

Quality tenants are, for many landlords, an undervalued resource. It’s only when you’re saddled with a bad tenant that you begin to reminisce about the value that a good tenant can bring to your investment.

There are also health benefits, too – though this is clearly ancillary to the profit motive. No landlord wants to waste lucrative time and energy on an unscrupulous tenant who fails to fulfil their contractual obligations.

Landlords shouldn’t even have to think about a good tenant. After all, they pay their rent on time, they keep the property in the best possible shape, and they report any problems that may arise during their tenancy. Good tenants lift the burden off the shoulders of landlords.

How to find the best tenants

But as with anything in life, in order to reap the reward, you first have to invest the time and the effort. There’s no point just hoping a good tenant will arrive on your doorstop. Landlords need to be proactive at all times, placing themselves into the shoes of tenants.

First, what are the characteristics of a good tenant? They pay on time, right? In order to avoid bad tenants, therefore, landlords should check the credit and employment background of any prospective tenant. Be sure they are capable of paying the rent each month.

References are another great way to find the best tenants. Of course, there is a small chance that the reference may be exaggerated in some way, but the vast majority will be honest and genuine. No landlord wants to saddle another landlord with a bad tenant, after all.

Going that extra mile

You might already have a quality tenant. In this case, landlords should be careful about raising rents to the current market value. The increase in rent, of course, has a greater effect on the tenant than the landlord (due to the latter’s taxes).

So coming to a compromise with the quality tenant can be a smart idea. If their current rent is $1,000 per month and the current market rate is $1,500 per month, it might be worth going half-way – at $1,250 per month. That way both you and the quality tenant are satisfied.

How you market the property matters, too. Quality tenants are attracted to flexible, but honest landlords. Be sure to market the property using language that appeals to a broad audience, as good tenants are willing to pay that little bit extra for quality and convenience.

Property management firms are an expedient way to acquire the very best tenants. They have the knowledge, experience, and contacts to install a tenant whose background has been thoroughly checked, references collected, and whose financial track-record is positive.

If you’d like to learn more about finding quality tenants, check out this page for more information. Triumph is the leading property management firm in Las Vegas, dealing with everything from tenant selection and marketing, to maintenance and rent collection.