Education and news for smart DIY landlords!
You can invest in various strategies to increase the success of your rental business. But one thing you should never miss is finding a good tenant. In the past, we’ve talked about preparing your rental, marketing it, and some upgrades - but we’ve never focused on what makes a good tenant.
As a landlord, you know that bad tenants only cause unnecessary stress and burden. They are the reason behind damage, financial loss, and good tenants moving out. While you can’t be 100% sure if the next renter you accept is perfect for your property, the 6 traits below will help.
Can your next tenant afford the monthly rent? A tenant’s financial capability is one of the most important aspects you should look into. You also need to consider the reality that while a tenant earns well, he might live beyond his means. Be careful not to discriminate against tenants based on employment.
Read More: Preventing Illegal Discrimination
A good tenant knows how to keep things neat and orderly. Of course, you’d want to entrust your rental to someone who doesn’t allow food to stain the sofa and washes the dishes. Cleanliness is essential to prevent pest infestation, leading to property damage. You can ask the tenant’s previous landlord about cleanliness.
Whether or not it is required by law, a good tenant will make an effort to protect his own belongings against loss and damage. This is what renters insurance is for. Renters insurance will not only cover the tenant’s things but also accidental injuries. For example, when the tenant’s dog bit his guest.
Honesty starts with the application process. This means that a good tenant doesn’t cover up anything regarding his ability to pay, identity, and previous rental experience. Call his previous and current landlord and ask for feedback. Always verify the information that the tenant wrote in the application.
Read More: 3 Ways to Screen Potential Tenants
You need tenants who abide by the rules of your rental. Good tenants follow your standards because they are also aware that others in the apartment or building can get affected by their behavior. For example, the tenant acknowledges your designated smoking areas that are away from the apartment. Also, the tenant informs his guests about this no-smoking rule.
Respectful renters give the rental property the care it deserves. If something needs to be done, the renter does it without delay. One way to tell that a potential tenant is respectful is when he shows up on the scheduled day and time to tour the property.
Ready to accept your next tenant? Check the traits above to weed out low-quality tenants. Achieving peace of mind starts in the rental application and screening process.
Finally, I offer you the opportunity to take a complete DIY landlording course: Landlord Prep: Video E-Course and How-To Tutorials. Everything you need to know to become not just a landlord, but a successful landlord, is here!