How do you secure the highest quality tenants? What does high quality tenant really mean? When renting an investment property, the goal is to secure tenants that pay the full rent on time every month, abide by the terms of the lease and ensure the property is well taken care of. What steps should you take to make this happen? Follow these suggestions from the professionals to increase your chances of finding that ideal tenant.
Marketing your property to your target market is key to attracting a pool of tenants. However, before you begin to get inquiries and responses from your marketing, the property must be in show case condition. Depending on the condition of the property, plan to dedicate a weekend to addressing every space on the property. If the property is a single family residence, make a list of the items on the exterior and interior to be addressed.
Curb appeal is the prospective tenant’s first impression of the property. A welcoming curb appeal suggests the interior will also be inviting. Grab some plus sized clothing and start sprucing up the exterior of the property. You’ll want to be in loose fitting clothing as lots of bending and stretching will be involved. Trim all the shrubbery away from the windows and walkways and remove any branches below 8 feet from trees on the property. Power- wash the sidewalks and gutters. Repaint the shutters and front door a complimentary color a few shades darker than the home’s exterior. Place a pot of fresh flowers near the front door. This is a proven welcoming sign!
On the interior, every appliance should be serviced and in complete working order. Every room and surface should be sparkling clean. All the floors and carpets need to be steam cleaned and the windows cleaned from both the interior and exterior. This will allow the property to be flooded with natural light.
Special attention should be given to the kitchens and baths. No prospective tenant wants to see evidence of the prior tenant in the property.
When a property is in show case condition, the chances increase that the tenant will continue to maintain it as such. Follow these suggestions and you might well have a line of prospective tenants at the door. Good luck!