Top 5 tips for finding Awesome Tenants
Property Management Tips
The horror stories we could tell you from selecting the wrong people to occupy our investment properties. It can cause you too much time, headaches and way too much money! It is so important to learn how to pick the right tenants.
#1 – Buy the right property.
That means by buying the property for the type of tenant that you want to have. It’s no good buying a student house and then wanting to find a family to live in it. Likewise, you don’t want to buy just a single family home and then have students rent it out.
#2 – Buy in the right area.
Does the type of tenants that you are willing to deal with want to live in an area that you are going to buy houses in? Don’t just buy in an area because it’s cheap and it looks great. Ideally you want to be buying in the right area, but you want me buying a house that will add value in that area.
#3- Match the tenant to the property
Watch the video Grading your tenants A,B, and C for more depth detail to understand what that means. For the purpose of finding awesome tenants, you want to match the tenant to the property, which means if your looking for students, you want to make sure you’re looking for a student type house in the affordability that a student can afford. You don’t want to get the single family home that is a 20-30 40- 50 minute drive from home. Most likely they will want to live five minutes away. They might be choosing your property for the wrong location.
#4- Properly screen your tenants.
We can’t stress this enough. If you want to find awesome tenants, screen out the bad tenants. It’s as simple as that. It starts from the way you communicate with them, from your type of advert that you write, it starts with the property that you have, and the area that you’ve got. That’s where the screening process starts.
You really want to continue communicating with your tenants as you’re finding them.What is the communication like? You want to be firm but fair. If you want to find awesome tenants, that means they need to know that you know the rules and you will be a fair person, but you’re going to abide by those rules. If they’re aware that you know the rules and they’re going to try and bend the rules, they’ll be less likely to want to become your tenants. So you want to get rid of those bad tenants and make sure that you just ended up with all awesome tenants.
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Next Video – Grading your tenants A,B and C.