Making sure that you get the best tenants for your rental property is no easy task. But a few helpful tips can make the difference whether you get the best, average, or the worst of them.
Last week in “Tips to attract the best tenants- Part 1” we discussed a few helpful reminders. This week we will enumerate and discuss some more tips that can help property owners avoid problems that later come with less-than-desirable tenants, thanks to Realestate.com.kh.
Know the competition
Knowing your competitors and knowing what they can offer will give you an edge when you want to snag the best renters in town.
You can start by inquiring in your own area to find out the number of competitors, their facilities, marketing methods, unit types, rent range, and functional units.
You can later expand your inquiry into other areas. The Internet and real estate search portals like Realestate.com.kh are also helpful in this regard.
Let prospective tenants know you are a great landlord
Good tenants are attracted to landlords with excellent reputation. Let prospective tenants know that you could be trusted, respectful, and attentive to tenants’ needs and inquiries. Testimonials from previous tenants are also helpful in this regard.
Conduct a background check
This is a very important thing to do. As much as possible, you don’t rent your property to someone with a criminal history or a dark past.
A simple criminal background check, as opposed to the more extensive criminal checks done in Western countries, will suffice.
It is also important to check on the rental history of the prospective tenant. You may do so by inquiring from his/her previous landlords.
Google is a very helpful tool in conducting a background check. Many people, especially younger ones, are very active on Social Media. Information posted on their Facebook, Instagram, Twitter, LinkedIn, and other Social Media accounts will give you a hint on what kind of person you are getting.
Be picky and don’t rush
Due diligence and being a picky landlord will save you much grief in the future. Bad tenants often come when you don’t set high standards and settle out of desperation. Don’t just settle for the first person who appears at your door with an offer. Take your time and settle for the best.
You need to have good contract/lease agreement
A good contract spells out clearly the terms and conditions for tenants. These include the number of occupants allowed, when rent is due, policies and basis for eviction, and so on.