There are many reasons people decide to become landlords. Perhaps you’re looking into it so you can make some extra money on the side, maybe you want a new challenge to sink your teeth into, or perhaps you’re wanting to delve into a new full-time venture. No matter why you want to do it, the main thing to keep in mind is how you can find good tenants. If you’ve never had to select tenants before, you might not know where to find them, what to look for, and how to keep the good ones. With this in mind, we’ve put together a helpful guide that’s sure to make the process a bit easier. Keep on reading to find out more.
How to find good tenants for your property
Once you’ve got a place ready for someone to move into, the next challenge is finding the tenants! These tips should help:
Set Clear Criteria For What You’re After
The first thing you need to do when looking for prospective tenants is to set criteria for what you’re after. Think about the tenants you’d like, taking into account the type of property you’re renting and who it’s best suited to. Is it a solo professional for a small flat, or perhaps you’d be happy with a family if you have a larger home. Decide in advance on key factors such as maximum occupancy, pets, length of tenancy, and affordability. Having clear criteria helps you filter enquiries quickly, stay consistent in your decisions, and ensure you comply with fair housing regulations while finding tenants who are genuinely a good fit.
Run comprehensive background checks
Running comprehensive background checks is essential to protecting your property and your income. Once a tenant has expressed serious interest, carry out checks that cover identity verification, credit history, employment status, and income stability. References from previous landlords can also provide valuable insight into how a tenant has behaved in past rentals, including whether they paid rent on time and looked after the property. While background checks may feel time-consuming, they significantly reduce the risk of missed payments, disputes, or damage. A thorough screening process gives you peace of mind and helps ensure a smoother, longer-term tenancy.
Meet them in person
While someone might sound perfect on paper, it’s a good idea to meet them in person to get a feel for what they are like in real life. You could be there at the viewing to meet them, or if they put an offer in to live in the property, you could request to set up a meeting to go through the home in more detail and also just so you can all meet each other and check if you all get along. They will be able to ask you any questions they might have and you can see if they are the right people you want to be living in your home.
Use professional services to help you find the right tenant
There are a host of professional services out there designed to help you find the right tenant. Using one of these can really help you find tenants as they have the experience, tools and market knowledge to attract the right and most suitable applicants for your property. They can handle things like viewings, legal paperwork and compliance to help you avoid any mistakes. Professionals can also advise you on the right pricing for your property. You want to ensure it’s high enough that you get the maximum value and profit possible, but also not so high that you price people out. You can also use online services that help you with things like contracts and creating a lease agreement. These fill-in-the-blank templates simplify customizing and adjusting your lease agreement on your own, ensuring compliance with your state’s specific laws.
Ensure your property is attractive to potential tenants
From ensuring the property is freshly decorated and clean, to fixing any obvious repairs before you market it, making your property attractive to potential tenants is super important. Practical touches such as modern appliances, secure locks, and efficient heating can also influence a tenant’s decision. Have high-quality photos and a clear listing too.
How to keep good tenants in your property
Respond quickly to repairs or issues
If a tenant has a problem such as a leaky tap or a faulty boiler, make sure you respond to them as quickly as possible. They want to know they can rely on you to sort issues fast when they arise. This can help build trust between you both.
Respect their privacy
While you might sometimes need to go into the property, remember you need to respect their privacy. Always give at least 24 hours notice (but it’s much kinder to give more) and a reason behind it. Be quick, keep them updated and let them know what’s happening and why.
Allow personalisation to the property
While you might now want your tenants completely repainting everything to loud colours or ripping up the floor and making it impossible to sell, letting them do small, reversible changes to help make the home feel more like theirs is always appreciated. You could let them put the TV on the wall for example, or hang pictures on the wall as long as they put the place back in the same state it was when you rented it out to them.
Build a rapport with your tenants
Building a positive relationship with your tenants from the outset can lead to a smoother and more successful tenancy. Clear, friendly communication helps set expectations and shows tenants that you’re approachable and professional. Take the time to explain how things work, from paying rent to reporting maintenance issues, and respond promptly when questions arise. When tenants feel comfortable and valued, they’re more likely to look after the property, communicate openly about problems, and stay in the property long term, reducing void periods and turnover costs.
These are just a few tips for first time landlords that can help you do it successfully. Renting out a property can be hard work, but once you know what you’re doing it can be a profitable secondary or even primary income. What are some tips you have for any landlords who are just starting out? Let us know!
