Quality tenants in Ellenton can be hard to come by without an excellent screening process in place. Of the potentially thousands of renters in the area, only a select few of them are individuals property owners consider highly desirable residents.
The best tenants will pay the rent on time, honor the lease agreement, renew with confidence, and form a professional relationship with a property owner that can last for years (and several renewals). Ellenton property management professionals work hard to identify these types of tenants for real estate investment professionals. Here are some top traits to look for when reviewing potential tenant applicants!
Desirable Traits In a Good Tenant
The red flags of tenants are probably easier to see than the excellent traits of desirable tenants. You know the terrible things that poor tenants will do, like not taking care of your rental property. They may break the lease or not pay the rent on time—or stop paying entirely. When you try to evict them, they may squat on the property and not leave. However, when investors learn to spot good traits, these are all situations Ellenton real estate investment professionals can avoid by placing better tenants.
What are some of the ideal traits of good tenants? What are things you want your property management in Ellenton professional to look out for? Let's dig a bit deeper into some of the great traits you want in excellent residents.
Trait 1: Acting Responsible and Accountable
Responsibility and accountability are critical tenant traits. Responsible tenants understand that signing the lease holds them accountable for following the rules, paying the rent, and taking care of your property. They will honor that lease agreement to the letter, but how can you spot "responsibility" during the screening process.
Review the payment and credit history of potential tenants. A credit report shows on-time bill payments or bankruptcies and defaults. Maybe they were late once in the past, but it was due to a job loss or a family emergency that caused financial strain. Aside from an occasional late payment, look for a steady history of on-time payments, and talk with prior landlords about rental payments.
Trait 2: Cleanliness
You want a tenant to take care of your property. They may pay their rent on time, but their inability to keep your house clean and free of pests could lead to other problems down the line. You want a tenant that cleans up after themselves, takes care of the property, and throws the trash away on trash day according to the lease rules. Hoarders and people who ignore the garbage for weeks on end can create expensive problems for your Ellenton property.
How can you identify cleanliness in a potential tenant? While you can't ask to see where they currently live or judge a tenant based on how they dress, you can take note of their appearance during your initial interview or a property showing. Glance at their car as they leave the showing. Is it full of fast-food wrappers and trash? This could be the sign of a tenant who won't care enough for your property to keep it in good condition.
Trait 3: In It For the Long-Term
A tenant in it for the long-term is one you can rely on. Turnover is one of the hardest things for any real estate investment professional to deal with. High turnover rates turn into lost rental income and the costly process of marketing your vacancy and screening for a new resident.
Look for tenants who indicate that they're looking for a long-term rental home commitment. While any renter who meets your criteria, passes the screening, and signs the lease is better than no tenant, offer long-term leases of more than one year when it's time to renew.
Trait 4: Financial Stability
Having a tenant with financial stability is ideal. Someone with a verifiable job and reliable income indicate that they'll be able to pay the rent on time. While self-employed or freelance tenants aren't people to avoid at all costs, make sure their credit history and income verification point to enough funds to cover the monthly rent and deposits.
Hire a Property Management Professional to Spot Excellent Renters
Still not sure about how to spot the traits of an excellent tenant? Leave resident screening up to Ellenton property management professionals! We apply a thorough screening process and know what to look for when choosing quality renters—and avoiding the bad ones.
Identify Top-Tier Tenants With Ellenton Property Management!
Don't risk a long vacancy or placing the wrong tenants to fill an empty property. Apply these tips to spot the traits you need in an excellent tenant, or let Ellenton property management professionals screen and manage tenants for your rentals!
Gulf Coast Property Management helps investors set criteria for quality tenants before the screening process begins. We apply the same criteria and a fair screening process for every applicant, and we look for these top-tier tenant traits (and more)! If you're ready to find better renters, let's chat about how we can help!