Finding and keeping good tenants is the biggest task that a landlord has to face every day. In order to get the most out of your income property, you have to find renters who are responsible. There are many important resources on how to find good tenants, but the important part is to know how to keep great tenants and retain the edge over your fellow landlord competitors.
There are things you need to do, and others to avoid. While there are many good tenants out there, there are also bad apples that need avoiding and a diligent assessment regime will help sort the good from the bad. Any responsible tenant will be happy to answer your questions, will understand why they are being asked for the information and will willingly provide evidence of a clean track record to secure a good property.
If you want to know how to find good tenants, the first place to start is with advertising. Many landlords use just one or two avenues, and this can be a mistake. You need to use as many advertising outlets as you can. Make sure you have good photos that show the property off to its best and ensure that all information is up to date and correct facilities are included to avoid wasting everyone's time. Research the price of rentals in your area and rather than undercutting the price of others, why not offer 1 month free. Perceived value by the tenant and less money given away over the year on your part. Start advertising with your local papers and try the website based agencies that offer a good country wide service also.
The next step in the process is screening. In order find out how to keep great tenants, you need good tenants in the first place. You need to do background checks on any of your potential renters, and while some of these resources are free, the most thorough services cost money. You can offset these costs by charging a fee to your applicants. Not only do you need to run a credit history, but also a criminal background check as well, delinquencies on rental payments, etc. It's not enough to just get references, but you call these people as well. There is also nothing better than meeting with your tenants in person as not only will this open the relationship but you will also have a gut feeling if things are not right.
For some tips on how to keep great tenants; be straight talking and up front with your renters. Present your property well from the outset and if your tenants have a problem in the residence, be prompt about fixing it. Have a list of emergency numbers to give them if they can't get in touch with you. These are just a few tips on how to find good tenants, and how to keep great tenants once you've found them.