Avoid Bad Tenants, Find and Keep Good Tenants.Mar 26, 2022
Tenant eviction could be a very troublesome, costly, and time-consuming process, but you can avoid it by taking the right steps during the selection phase! In this article, we'll teach you how to screen prospective tenants before bringing them on as a tenant.
How to Identify Good Tenants
Conduct the necessary research to minimize the risk of receiving a bad tenant. Investigate the financial history of prospective tenants and be wary of any red flags that might appear.
There are numerous stand-alone tenant screening services and bad tenant databases to use. However, experience is the best method to detect a tenant who may seem good initially but will be trouble in the long run.
A property manager provides the experience and efficiency you need to prequalify a prospective tenant. It also gives your property a track record of being well managed and results in tenant retention.
How to Retain good Tenants
Every landlord wants to limit their tenant turnover because it takes time and money to place a qualified tenant. That's why tenant satisfaction should be your next priority after finding a qualified tenant.
Strong tenant retention numbers are the result of consistent, quality service and a pre-planned tenant retention program. A tenant retention program can start small and include inexpensive things such as seasonal greeting cards and minor amenities that let tenants know management cares.
A property manager can help you in this regard and gives your property an edge in a competitive market. They know how to handle your tenants' needs and keep them satisfied.
Before hiring a management company, ask them questions such as, “What is your average turnover rate?” The answer can help determine if you could benefit from their experience in this area.
Don't miss a beat!
New moves, motivation, and classes delivered to your inbox.
We hate SPAM. We will never sell your information, for any reason.