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How to Reduce Your Turnover Damage With Quality Renters.

Preparing your rental for a new tenant isn’t a hassle. If, you do your due diligence. You can hire the best vendors and line them up to turn the unit fast. But, what if the cost exceeds the deposit? You can put the rest through collections but when will you see that money? The key to reducing your turnover damage is putting the right tenants in your rental. This increases your chances of avoiding the damage altogether. So, how does landlord find a great tenant?

Tenant screening:

Tenant screening is always worth it. You never want to put a tenant in your rental without a thorough background check. You can add an authorization form in the application. Then applicants authorize you to run all the screenings. There are some basics that must take place at every screening.

  • Credit check: The credit check reveals a lot about your prospect. If your tenant is reckless with their spending that will be evident in their credit score. This doesn’t mean you shouldn’t consider them. It means there are some red flags to look for.
  1. Did a former landlord send them to collections?
  2. Do they have an eviction on their record?
  3. Are they up to date on their utility bills? Do they have an open bankruptcy?
  4. If any of these are present, you may want to reconsider renting to the prospect.

If they can’t take care of their credit, can they take care of your property?

  • Criminal check: You must conduct a criminal check on each prospect. This way it keeps you and the neighbors safe. It ties into managing the damage to your home too. Criminals tend to live by their own rules, not yours. By avoiding repeat offenders and violent criminals you bypass many issues. Examples include squatters and property damage.
  • Landlord reference: Landlord references are especially important for getting a good tenant. It’s a way you can tell if the tenant has a history of damaging rentals. But, you need the proper strategy. Call the current landlord. You want to ask about money owed, relationship with neighbors, property damage, and lease violations. Then, you want to call the former landlord and ask the same questions. The former landlord has nothing to lose by being completely honest. The current landlord may tell you what a great tenant they are because they want them out.

Make your rental shine:

Your goal is to find a high-quality renter who won’t destroy your rental. To reach that goal, you must present a rental that attracts high-quality renters. You want plenty of applicants to choose from in case the first one doesn’t work.

High-quality photos: Take high-quality photos that highlight the best features of the home. What are the most attractive aspects of the unit? For example, highlight hardwood floors, stainless steel appliances, his and her sinks in the master baths, spacious kitchen, and high ceilings. If you can, use a wide-angle lens for your photos. Otherwise, take your pictures diagonally to get the widest view of each room.

Video tours: Video tours allow prospects to view your rental from the comfort of their home. This saves you time too because you don’t have to be present for the tour. Video tours are a must have. Prospects can get the most realistic view of the home and you can highlight the best parts of the unit.

Choose your words wisely:

High-quality renters don’t want a cozy home they want a spacious home. Don’t just state what upgrades you did to the rental. Talk about the benefits of the upgrades. Instead of saying ‘new garage’ say upgraded garage to protect your car and provide added storage space. Don’t say ‘new AC’. Say new energy efficient air conditioner. Keeps your home cool for less.

Make sure it’s well priced:

The price of the home will determine the quality of the prospects who apply. If you price it too low, good prospects will wonder why it’s so cheap. They will not apply. You may find yourself with several applicants that don’t qualify if the price is too low. If you price it too high, no one will contact you. They can’t afford it, and they can get a better deal elsewhere. Do your research and see what other comparable homes are charging for rent. Try to match that closely but take upgrades into account when pricing.

The best way to prevent damage to your unit is to rent to quality tenants. To do that you must have a rental that shines and attracts great tenants to your property. Looking to fill your unit? Let the experts at Property Management help. We show you how to find the best renters for the highest return on investment. Contact us today.

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Disclaimer: Property Management Pros is not intended to be marketed as a Property Management Franchise, but rather a License. Every state has different laws regarding real estate and brokerage laws dealing with Franchises and Licenses.