Landing a good resident is easy- if you know how to do it. There are many tips and tricks you can use to make sure that you get quality residents, all year round. A bad resident could not only reduce your profits, but also cause you problems in the future. In turn, this could lead to time wasting and legal issues that could prevent you from serving your other tenants.
Screening Tenants
You should always screen your residents. Screening enables you to see all about their history. This includes missed rental payments, credit checks and even criminal records. Screening your tenants is the first step toward securing great tenants. Don’t ever let a tenant into your property if you doubt their consistency. A property manager will give you the access you need to these facilities, enabling you to choose the best possible tenants within that location.
You’re Reputation
Tenants like someone with a good reputation. If your tenants know that you will look after them, then more tenants are likely to come. For example, if you evict a tenant who is noisy and reckless in a quiet area, then the people within that area will appreciate your efforts. This opens the door to new tenants, and quiet tenants usually want someone who will respect their preferences. If you have a reputation for purchasing properties in quieter areas, then quieter tenants will want to rent from you.
Property Location
The location of your property can play a large part in your tenant income rate. If you own several properties within a well presented area, then you will most likely receive this band of tenants. Renting properties in poorer, run down areas will result in you receiving rougher tenants who thrive under such circumstances. Parties, missed rental payments and criminal activity will soon occur, whether it is down to the tenant or not.
Hiring a Property Manager
The last thing you need to do to secure great tenants is to hire a property manager. A property manager will be able to open your property to a whole new market. They have the power and tools you need to reach out to these great tenants. From advertising to marketing and publicity, tenants will know your property and feel privileged when renting it for you.
Memphis Buy And Hold is specializing in locating, purchasing, renovating and managing single-family and multi-unit properties and possesses from 2007 up to the present of experience in real estate investing and property management in the Memphis and Nashville markets.