5 Ways Property Managers Find You Great Tenants
Updated: Nov 1, 2022
If you’re a rental property owner, you know the value of an experienced property manager. Not only can property managers take care of duties such as collecting the rent, having leases signed, and arranging for repairs and maintenance, but they can also help marketing the property and choosing trustworthy tenants.
As a landlord, you want reliable tenants who will respect your rules and restrictions while keeping your property in good condition. However, this isn’t always easy to find. Fortunately, property managers are well-versed in screening applicants and can find you trustworthy tenants. This article delves into some of the ways property managers find you great tenants and keep them around when the time to renew the lease comes up.
1. Thoroughly Screening Applicants
One of the most important parts of reviewing tenant applications is screening applicants. While you may conduct a simple search, a property manager is sure to conduct an extremely thorough one. Because property managers have experience in this, they can discern and separate good candidates from poor ones. In addition to a complete background check and criminal history, a property manager will check applicants’ finances, including their credit score and rental history. They may even request employment certificates, references, and other documents to ensure applicants are acceptable. Based on these factors, they will pick the best applicant.
As a landlord, you can also set additional boundaries or restrictions. Sharing this information with your property manager will allow them to screen the applicants further and ensure the applicant selected is one that meets the requirements you’ve set. For example, you may not want tenants who are smokers or pet owners. This information can be used during the screening process to eliminate certain tenants.
2. Setting the Right Price
No matter how good your property is, you won't attract many applicants if you set an incredibly high rental price. Setting the right rental price is difficult. On the one hand, you don’t want to set the price too low and miss out on rental income. However, you also know that setting the price too high will eliminate a large pool of potential tenants. A property manager can price your property based on their experience and other similar properties. In doing so, they can attract multiple tenants, ensuring you have a wide pool of applicants to choose from.
3. Effective Advertising
It would be best if you spread a wide net to find the best possible tenants. This means having effective advertising strategies to attract reliable tenants. After all, if you don’t advertise properly, potential tenants may not know about your property in the first place. Property managers are a great resource during this because they know exactly what to advertise to grab potential tenants’ attention. Whether it's online listings, traditional ads, or even hosting an open house, an experienced property manager can make sure the right tenants know about your property’s availability.
4. Improving the Property Itself
You may not think that improving the property will help find trustworthy tenants. However, this is not true. Reliable tenants may scrutinize your property and be unhappy with the home’s exterior, outdated appliances, etc.
Improving the property itself can attract better applicants. The property managers know this and can advise you on what changes to make to attract high-quality tenants. Because they’re well-versed in property improvement and have an idea about similar properties or other rentals in the area, they can guide you through the renovation process. Even small tweaks such as a fresh coat of paint or a neater garden can attract better tenants, making this a valuable investment.
5. Reduce Tenant Turnover
In addition to finding great tenants, a good property manager also knows how to reduce tenant turnover and keep trustworthy tenants around. According to these property managers in Orlando by prioritizing their needs, keeping an open line of communication, regular maintenance, and swift repairs, your property manager can improve the attractiveness of your property and keep great tenants around.
Additionally, long-term tenants show newer applicants and tenants that your property is worth renting. It serves as social proof and may turn new tenants into long-term tenants.
Hiring a property manager is one of the best things you can do as a landlord. In addition to freeing up your time and taking care of maintenance and other issues, property managers can find you excellent tenants who pay on time, take care of the property, and renew their leases when the time comes. Find a reputable property management company to find experienced property managers who can make your life as a landlord easier.