Finding a GREAT tenant is obviously SO important! I know that your first reaction to this statement is DUH! In my opinion, finding a great tenant is about 75% of property management. If this is done well, then everything else comes easy.
Ok, great. But, what is the definition of a great tenant? Then, how do we go about finding a great tenant?
Our definition of a great tenant is a tenant that has a demonstrated history of stability, consistent payment history, a realistic ability to consistently pay, a good communicator, and has a strong likelihood to be a long-term tenant. With our model, the owner actually approves or declines the rental applications and tenants, but we do assist with screening and providing the benefit of our experience. Also, we integrate the showing experience into the rental decision, as that can also sometimes provide key data to the owner. Sometimes we will have multiple APPROVED or Approvable tenant parties for one home or unit and then the owner has to decide who’s their favorite. Sometimes there can be some tough decisions to make in this situation…
Next, how do we go about finding a great tenant? The first step is our expansive marketing. We market to just about every known rental website that you can think of. Some of the biggest websites are Realtor.com, Zillow, Trulia, Craigslist, AHRN, rentals.com, rent.com, apartments.com, and many others. We also leverage our other currently available listings through our Rental Showing Agent at the showings and also through the other vacancies shown on our website (http://www.thewrightchoicerichmondrealty.com/vacancies/) Then, once everyone in town knows about our rental listing, then we show the house and encourage a rental application. This is made easy by our mobile-optimized website, so would-be tenants can apply on their phone, their tablet, or their computer from any location throughout the world. Once they’ve applied, we apply world-class screening from all 50 states (many of our competitors only screen from the state of Virginia). We screen for Credit, Criminal History, Eviction/Court History,Sex-Offender Status, Terrorism, and Rental Payment History. We also verify ALL sources of income and require all adults (anyone over the age of 18) to apply. This extensive screening may cause some would-be tenant applicants NOT to apply because they imagine that they are likely to have wasted their money with a denial outcome. More importantly, it allows for the owner to make a very well-informed rental decision which ultimately results in good tenants that pay on time, stay a long time (as vacancy rate/turnover is a huge cost of being a landlord), and take good care of the home.
If you’d like to learn more or schedule an appointment to talk about this in person for your home, then please contact us. We’d be happy to help you to achieve your property management goals and become another satisfied landlord client!