How to attract, screen and keep renters

Attracting tenants

Attracting tenants starts when you are looking for a investment property. It is important that you consider what the advantages the tenant will have if they rent this property. It can be amenities such as pools, underground parking, and en-suite laundry. It may be location like a trendy neighbourhood, next to schools, public transit, or shopping. It could also be upgrades like new kitchen, hardwood flooring, balconies, or fenced yards. Ultimately you want the unit to buy to have as many attractive features as the possible to encourage renters that this would be a great place to stay.

Screening potential tenants

It is very important to screen potential tenants to reduce the risk of trouble tenants. It all begins with your first contact often on the phone. Ask lots of questions like where they work and how long have they been with their present employer, how will be residing at the property, do they have pets. A colleague of mine likes to ask the question "Do you own a vacuum cleaner?" She knows from their response if they are worried about keeping a clean house. Once you show the potential tenants the property have them fill out an application form and sign allowing you to do a credit and reference check. Call their present employer, past landlords, and do credit checks to ensure they have the capability to pay the rent and have a good rental history. Take your time and find the right renters first. This will save you head aches in the future.

Keeping renters

The best way to keep your existing renters is to be prompt with fixing any issues they may have. These may be maintenance issues or neighbour issues. It is in your best interest to keep the property well maintained and updated. This will keep existing clients happy and if necessary allow you to find a new renter in a shorter period of time.

Contact Me

If you would like to discuss the possibility of investing in real estate contact Real Phaneuf. He will be happy to discuss this wealth building strategy in more detail so you can decide if this is the right option for you.