Finding the perfect tenant for your investment property can take a lot of hard work. If all goes well, the time and effort you put in to the search will result in that special unicorn who diligently pays rent, maintains the property and never parties. However, if you are relying on your own judgement, the risk of choosing a renter who damages the property, disturbs the neighbors and is late on rent will always be there. Let’s take a closer look at how to find the perfect tenant, and why hiring a property management company, like Nomadic Real Estate, could help save you time, effort, and headache.
Multiple Channel Marketing
To properly market your rental unit to your target audience, be prepared to spend plenty of time creating eye catching ads, posting them to relevant channels and promptly responding to inquiries. Nomadic Real Estate not only has a professional in house photographer and ad writer, but our leasing team uses all of the data and resources at their fingertips to aggressively market our clients’ properties.
The wording can also make or break your ad from reaching the right tenants. If you want responsible and reliable tenants, be sure to communicate like one. Make sure you are formal, friendly, and credible in the promotional material you post in order to attract the perfect tenants.
The most time-consuming aspect of finding the perfect tenant is showing your property. Potential tenants usually prefer to view living spaces during lunch, after working hours, or on weekends. Along with time, a sense of flexibility is always required as cancellations and rescheduling happen frequently!
Tenant Credit and Background Checks
Finding the perfect tenant to occupy your rental unit requires choosing an applicant with a well-vetted financial and criminal background. Some potential tenants may say the right things or have the right look, but at the end of the day, could leave you high and dry on rent. Nomadic Real Estate uses an application process involving a third party credit and background check service. This ensures every applicant has a credit score of 600, an income of at least 3 times the rent, and no criminal background.
You want to look for tenants who have an income that is usually triple the rent. This lowers the risk for late-payments and guarantees a tenant that can pay for other unexpected expenses for the unit. If a potential tenant refuses to run a background check, take this as a warning sign. Move on to the next person that can provide the information and the proof that he/she can be a reliable tenant.
Photos of the Property
Images of the unit should look professional and accurate to the description of the actual property. Don’t catfish your possible tenants with pictures of a place that looks nothing like your property. Build trust with your ideal prospects to further attract the target market of your liking. Always update the photos to reflect the current appearance of your unit.
The Appearance of the Property
Show the place as if the perfect tenant already lives there. This may help potential tenants understand the standard of upkeep you expect for your property. In other words, the quality of your property should match the quality of the tenant you are looking for. Showing an attractive and well-maintained unit is imperative to finding tenants that share the same level of responsibility when it comes to sustaining the place. So, do not forget to keep your units in top-notch condition when showing a property.
Lease Drafting and Execution
The last step of getting that perfect tenant is to seal the deal with a legal lease. The lease must follow state guidelines and explicitly state the terms of the tenant’s living period on the property. The final execution of the lease can take several days of communication, negotiation and follow up. On the occasion that the lease falls through, sometimes landlords are stuck starting right back at square one.
At Nomadic Real Estate, securing the perfect tenant is just a small part of how we can save you time and money as property managers. If you are interested in our property management or leasing services, we would love to hear from you! Fill in the form below and someone will reach out shortly. Our consultation is completely free, and we don’t collect a fee if you aren’t collecting rent!
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