Every landlord has the same goal— find a trustworthy tenant that they can depend on. There are some seriously costly issues that can arise when leasing a space to a bad tenant. It is important that when a landlord has finally found a good tenant, they can make sure to do whatever they can to keep on good terms. This blog will explore how to lock down those good candidates and some ideas on how to keep them as long-term tenants. Happy reading! Â
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When trying to find quality applicants, you may want to consider hiring an agent to list your property on the MLS and help guide you through the application process. Not only could it help you get some more eyes on your property, but your agent can also help negotiate the lease and provide concierge-level service to both you and your applicants. You will have to pay a commission to the listing agent and if another agent procures a tenant for you, they will split the commission based on what is agreed upon. However, landlords still always have the option of listing their property on their own. Â
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After deciding how to list your rental property, you’ll want to make sure that you’re familiar with both state and federal housing laws to best protect yourself, consider any upgrades or improvements, and determine a price for your rental. Â
Make sure to then advertise your tenant expectations upfront so that applicants don’t waste your time. It is key to have your applicants complete a background and a credit report check as well as a landlord reference check. Â
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After choosing a tenant, make sure to create a joyful living environment. Here are some tips on how to do so:Â
- Regular property inspections and maintenanceÂ
- Promptly addressing their repair requestsÂ
- Giving notice for any inspections or entry beforehandÂ
- Effective communicationÂ
- Providing incentives surrounding lease renewal Â
- Fairly handling any rent increasesÂ
