5 Things Property Managers Do to Find the Best Tenants
Property managers can be invaluable in helping you take care of your rental properties. And they are especially helpful if you don't live in the local area. Property managers handle common tasks like collecting rent payments, addressing maintenance requests, marketing your properties and selecting new tenants. So, keep reading to learn about the five key things an experienced property manager goes about finding the best tenants for your properties.
Advertising to Attract the Best Tenants
To find tenants, your property manager needs to get the word out that your property is available. Many renters turn to the internet to look for rental listings, so this is where a good property manager will start. In rural areas, on the other hand, classified ads in newspapers are still quite popular. An experienced property manager will know the most appropriate methods to use to find tenants in your property's area.
Make Your Property Attractive to the Best Tenants
The most desirable tenants tend to have discerning taste, so it is important to maintain your property to make it look its best. Your property manager should pay attention to the overall appearance of the property, including the interior of the unit or home, the structure's facade, and any common areas or gardens.
This also includes handling any maintenance requests in a timely manner to prevent further damage. After each tenant moves out, your property manager should conduct a thorough inspection to identify any areas for improvement. Your property manager will address them before you begin showing the property to prospective tenants.
Setting the Right Rental Price for the Market
No matter how incredible your property is, you won't be able to attract tenants if your rental price is too high. Experienced property managers are well-versed in the real estate industry and can help you set the most appropriate price for your property. Set the price too high, and you could be turning potential tenants away. Set it too low, and you'll miss out on valuable income.
So, your property manager will take note of the rentals for similar properties in the area to guide you in setting your own price. But be sure to take any upgrades or improvements, like smart home capabilities, into account as well.
Ask the Right Interview Questions to Find the Best Tenants
Based on past experience, your property manager will know the right types of questions to ask prospective tenants. They'll also look out for any red flags with a particular tenant. This can include evaluating their rental history, determining their attitude towards housekeeping, identifying potential conflicts with neighbours and other useful information.
A savvy property manager won't ask about these things directly, but rather uncover the information by asking other strategic questions. People can be surprisingly forthcoming once they relax and begin to open up during an interview. And an experienced property manager knows what to ask.
Screening Applicants to Find the Best Tenants
This is the most important task your property manager will do in the process of finding new tenants for your rental properties. A prospective tenant's past rental history, bankruptcies, criminal history and other information will play a large role in their suitability as a tenant for your property. The National Tenancy Database (NTD) can provide a wealth of information on these topics. A smart property manager already uses such helpful tools.
Finding the right tenants for your rental properties can be a long, stressful process. But an experienced property manager can make it as easy as possible for you. But be sure to work with your property manager to identify the traits you want in your tenants. This way, your property manager will have a better understanding of what to look for when they start receiving rental applications.
Conclusion
Having the right property manager on your side is invaluable to getting the highest return on your investment. Choosing a property manager who knows how to find and keep the best tenants is the key to getting rent paid on time, reducing costs, and minimising tenant turn over.