Finding quality tenants for your property can be tricky. As a landlord, you want to protect your
investment, but you don’t want your unit to remain vacant for an extended period of time which
damages profit potential. Sometimes, you are stuck between wanting quality candidates who
will take care of your property and lowering your standards in order to fill your property. It is a
difficult balance to find. Here are our tips for finding the right tenants for your property:
Keep Up With Upkeep
Finding quality tenants starts with having a quality property. Keeping your property in good
condition goes a long way towards attracting the tenants you want. Additionally, taking care of
your property will signal your tenants to respect the property as well.
Learn the Laws
Do your research and know how your jurisdiction regulates advertising and the tenant selection
process. Find this information on the U.S. Department of Housing and Urban Development
website or on your local Bar Association’s website.
In order to get quality applicants, they have to know about your property. Make sure you get the
word out. Online advertising is the industry standard because of its ability to reach many
potential renters, relatively low costs and popularity of online rental housing websites.
Focus on Facts
Look into the applicant’s history. Oftentimes, landlords collect most of their information about
potential tenants through an application. Look for qualities like a good track record of on-time
payments, steady income, good credit and good references from past landlords.
Make sure you and your applicant are on the same page. Go over your expectations from pet
restrictions to smoking rules and anything in between. Being very upfront and clear with each
other will help make sure you are the right fit and will set you up to have a positive relationship.
Once you have a good tenant, try to keep them. Maintain a respectful relationship and ensure
that you are taking care of maintenance and other issues in a timely manner. A happy tenant is
likely to stay.
Finding good tenants is key to protecting the investment you’ve made, but it can be an
extremely time consuming and stressful process. In addition to the tips above, we also
recommend exploring the option of hiring a property management company to help take that big
to-do (and more) off of your plate. Don’t hesitate to reach out to Kunkel Wittenauer Group at
(618) 632-8200 to learn more about how we can help you and your property!