Tips to Help You Match with Best Renters

Posted On Monday, 22 February 2021 21:15

Although the rental property business can be rewarding, it can also be challenging, especially in today’s uncertain housing market. As a landlord, one of the best ways to lower your risk is to match with the right tenant. After all, the quality of your tenant can drastically affect your rental property business. 

For example, a renter who fails to pay rent on time breaks the lease rules, uses your property for illegal activity, doesn’t tell you about repair or maintenance issues, is quickly going to tank your rental income. 

To match with a good renter, you must adopt a multifaceted approach:

#1 Enhance Curb Appeal

Your property is more likely to attract a high-quality tenant if it has excellent curb appeal.

• Hire professionals to thoroughly clean the lawn, yard, steps, and other areas if your property
• Ask a landscaper to manicure the grass on your lawn and your yard
• Have the door and window sills painted if necessary
• Ensure that all lights are working and replace fixtures if needed with modern ones
• Add a new mailbox on the porch to set a good impression
• Have your asphalt driveway sealed and repaired by a company that provides driveway repair in Ottawa to improve its looks and enhance its longevity
• During the winter, ensure that your driveway is regularly cleared and salted

#2 Pay Attention to Maintenance and Repairs

The best tenants expect everything inside the home to be in excellent condition. Before listing your house on the rental property market, ensure that all the appliances, like the fridge, stove, and microwave, are in working order. If the appliances are faulty or outdated, then replace them with modern ones.

Check the plumbing, furnace, and cooling to see if it needs maintenance or repairs. If the floors have carpeting, you may need to have them replaced. If your floors are hardwood, then have them professionally cleaned. 

Also, replace old fixtures in the bathroom, kitchen, and living room with modern ones. 

Remember, your biggest demographic is the 30-something market. Consider investing in smart home technology like smart speakers, smart bulbs, smart thermostats, and the like to really appeal to them. Not only will smart technology entice the millennial demographic, but it will make your home eco-friendly. In some districts, you can gain tax breaks as a landlord for adopting energy-efficient technology. 

In addition, you can also add features such as Internet connectivity, motion sensor lights, and a security system to your rental property. 

#3 Take Good Photographs

Once the property is ready, take high-quality photographs of the inside and outside of the home. Seek professional help if you need to. Likewise, note down every detail of the property for the listing. A detailed listing with professional quality photographs will help you match with renters who appreciate well-maintained properties.

Also, the details will help you minimize unnecessary queries. For example, the listing mentions that the home has two bathrooms, then tenants seeking homes with four bathrooms will not bother to contact you.

#4 Set the Right Price

Setting the right price is essential if you’re interested in matching with a good renter. Set your price too low, and you’ll be missing out on rental income and may attract undesirable renters. Set your price too high, and you will suffer from high vacancy rates.

Study the market to establish the right rental price. Look at listings similar to yours to get a fair idea. Alternatively, connect with a real estate agent that knows the market for professional advice. 

#5 Use All Advertising Channels

It's a good idea to use all advertising channels at your disposal to enhance your market reach. Although for rent signs, newspaper listings, and magazine classifieds aren’t effective as they used to be, they’re still useful. 

However, you must list your property on the leading rental pages where countless potential tenants look for rental homes. You can also contact your local trusted real estate agents for assistance. My good real estate agents already have a list of good tenants looking for the right property.

#6 Screen Applicants

While the process can feel tedious, you must screen your applicants to zero in on the right one. Start with their credit report and watch out for red flags. A candidate with high revolving credit, bankruptcies, past-due accounts may not be the best renter. 

In addition, ask for employment letters, professional reference letters, and reference letters from landlords. Even if everything looks good on paper, it doesn't hurt to verify information with a few phone calls. 

Finally, trust your gut. Meet the applicant yourself and read their body language. If they seem presentable, speak well, and seem genuine, then extend an offer. Otherwise, mull it over and interview other applications too. 

It may seem like a lot of effort to match with a good renter, but it’s worthwhile in the long-term. Once you've found a good renter, try to develop an excellent professional long-term relationship with them. 

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