How do I attract good tenants?

Question

I intend to let my flat to tenants who can be trusted to pay the rent and respect the property.

I am completely new to letting property and assumed that having modernised, redecorated and restyled the property I would find it relatively easy to attract good tenants. I have been using local ads in papers and lettinmg agencies. Most of my contacts, however, are coming from a local website called Wightbay.com. These people seem often to be dishonest or unsure of what they really want.

I would like to know how others managed to keep smiling, cheerful and positive when dealing with people who don't keep appointments, tell lies about their credit history and/or appear to be in relationships that from the outside look to be on the brink of collapse.

I am mindful that I must not drop my standards even though I am not getting what I want as quickly as I thought I would.

Have you any affirmations or prayers to share with me?

I do bless the people who contact me and you.

Answer 1

Get a realtor and put it on the MLS. Tenants working with a realtor are generally much better.

Answer 2

do you live in the south of England my any chance.people will tell you any think to get what they want, its sad i know that you can't trust anyone nowadays.your best way would be to go to a letting office.they will Collete the rent, and check they don't destroy your property.i wish you luck,and hope you find what you are looking for.xx

Answer 3

Renting and hoping to find the perfect tenants are 2 really hard things to do.  I helped my brother-in-law rent out his three apartments, its not always easy.  You can get a mixed batch of people who come to see the place.  Ask for references, it should help find out if they paid in the past.  I know nobody wants to get burned with the rent money, but keep an open mind and go with your gut feeling.  Like "Someone Stole My Identity" wrote--sometimes someone that might not appear to be rolling in the money, might turn out to be your best tenant.  My brother-in-law rented to a couple who ran into tough times and actually got their house foreclosed on (the son had a kidney transplant and medical bills spent all of their money), but he gave them a chance and they are the most reliable tenants, keep the house immaculate, and even cut the grass, etc.  They are just happy to have a place where they can live and actually treat it like it was their own.  They are living there 4 years now.  So, yes, you should keep your mind open to everybody.  We all may look on the outside one way, but in our heart most of us just want a break.  You could be that someone.  Good Luck with your new tenants-to-be!

Answer 4

you could try a letting agency or you could get references and follow up on them by foot not on the phone but even if you do everything perfectely if it's gonna go wrong it will go wrong

Answer 5

Some of the advise here is not legal, at least in the US.

Check credit reports, you can tell a lot about a persons ethics and honestly level from it.   You can at least determine if they are comfortable not repaying money they owe, and honest people are never comfortable with stealing from others.

You are better off biting the bullet and staying vacant another month then letting anyone is that will disrespect your property.

While it is not legal to say "professionals only", as it discriminates against several protected groups (US only here) it is legal to point out features that attract working families.   "Easy freeway access" "top school district" (name it on that one), "low maintenance landscaping", etc etc.

Answer 6

use an estate agent.

Answer 7

Be a little open minded and give people who have no credit history a chance.

I've been with my Landlord over 2 years and had nothing in the way of credit history of reference to offer.

He took a chance taking me on and he hasn't regretted it to date as rent has always been paid on time every month for over two years.

What im saying is everybody has to start somewhere so just because someone has no checkable history doesn't make them a bad risk.

Give some a chance because it sounds like you've been given plenty during your life.

Answer 8

charge more and you will get fancy people.

Answer 9

In your advertisement, write "professionals only please". When I worked for a rental company, we put "grads and professionals only" for our higher rated properties. It helped. No offense to people with kids, but they were some of our worst tenants too. Other than that, just hope for the best...it's a gamble.

Good Luck!

Answer 10

I have been renting property for 5 years for the company I work for.  Looks are VERY deceiving.  I remember I rented a home to a couple, very well dressed, upper middle class and they drove a Lexus.  He was a "professional" and she was an executive with a local bank.  Their credit was just ok, and they easily explained the marks against them.  Well, once they got in the house, they didn't pay one penny of rent.  We ended up evicting them.  Credit, credit, credit!  If they have good credit, they are upstanding people.  Yes, I've taken a chance with people who have no or little credit, and most of them were great tenants.  I let my instincts rule once in a while.  I feel people with no or little credit have to be given a chance.  I was in that boat myself at one time.

Answer 11

Remember that when you are renting that perhaps why these people don't own property of their own is because of their bad credit. Also, you can choose based off what your criteria should be. Things such as credit, former residentilal history, a good job and good personal references are things to consider. If your standards are too high then you may need to wait or lower them some. Always ask for more than your mortgage so you can pay for damages yourself. Get a warranty on the appliances to save costs. Also, do regular inspections on the new tenants to confirm the home is in good shape. I also recommend asking for 1st and last month's rent so people don't bail on you and you lose rent.

Finally, don't judge people's personal lives too much. Be an EEOC landlord and Don't discriminate against anything.

Look for other agencies to attract the client you are looking for by knocking on doors of other landlords. How? Call the tax accessor and find out who owns the homes at certain addresses in your area. 411 those people and give them a call.