A good tenant is worth their weight in gold. Finding them is one of the keys to a successful landlording business. As landlords, we must strive to find people who will pay, stay and respect our properties. Doing so is mostly done with tenant screening and background checks. But finding the best tenant goes deeper than screening. Smarter landlords have learned what the qualities of the best tenants are and to look for them.
What are these “best tenant” qualities?
The first quality landlords should seek out is stability. Tenant turnover is a cash flow killer. You want someone who is going to stay in your property for the long term. Look for tenants that do not move every year and have held steady jobs. People who move from place to place and from job to job may not have the qualities you are looking for.
A second quality is reliability. You want tents that will do what they say they will do. Have they paid their bills on time? Have they kept a job? Did they show up to their appointments with you on time? Reliability can be hard to find in this world so if you do find this quality in a potential tenant, make an effort to get and retain them.
Third is politeness. Lots of people can look good on the reports you get back from your screening service, but how do they act in person? What is their demeanor? How do they treat you or your staff? Were they rude or considerate, loud or even toned? Whatever they are, if you let them move in it is something you will have to deal with. Try your best to get a good feel for a potential tenant’s personality as you interact with them and then think about that person on the phone asking you for a repair. Shy and quiet is one thing, demanding and disrespectful is another.
A final quality is thoughtfulness. I am not so much speaking of a prospective tenant’s attitude, rather, have they put some thought into where they want to live? Someone who puts some active thought into where they want to live, checks out the market, and does their own screening process on potential landlords is likely to make for a better tenant than one who does not. Think about it. Would you rather have a tenant who looked around and choose your place or someone who said that “this will do?”
We landlords can often get a good read on potential tenants as we interact with them through the application and screening process. Looking for the above qualities will help you make a good decision and avoid many dreaded tenant problems. This may take a bit of practice on your part, but it is something that must be done.
What are the best qualities do you think are the best to look for in a tenant? Please let me know with your comments.
Kevin, all of these qualities you listed are good ones. Finding a good tenant takes some effort but is well worth it. I also look at the tenant’s car. Is it clean, especially inside or does it have a lot of junk in it? If it does, your house will likely look the same. Sometimes I will go by their current residence and take a quick look. How have they maintained the home/yard, etc? This can be a tell tale sign of their ongoing behavior.
Jim,
Thanks for the reply and advice.
A messy car is one of my red flags. That mess will soon move into your place.
It is almost like we have to be detectives to find out what we are not being told.
Thanks again,
Kevin