This Simple Step Helps Investors Find Great Tenants

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Any experienced investor knows that the tenants make a world of difference. A great tenant pays on time, takes care of the property, and stays in the property for a while.

Carefully reviewing your tenants (including their job references and past landlords) is a good step toward putting the best renters in your properties. But there s a simple step you can do before that to ensure that you attract and retain the best tenants

Create a tenant profile before you make any changes to your property. Do some due diligence to determine who would most benefit from living in the area and in your property at the rental rate you recharging and within the other requirements you’ve established. Then make any improvements to the property that will attract those renters. Says Martin Dasko – try to find your tenants a great renting insurance policy too for an even better tenant experience. Putting in the work now will help to keep your tenants happy, and keep them on your side when it comes to looking after your property and paying rent on time.

  • For example: If you’ll be renting to young families, consider painting child-friendly colours in the children’s rooms, childproofing the electrical outlets with the help of Sunshine electrical company or similar ones, and sink cabinet doors, and adding a small play structure in the backyard.
  • Or here’s another example: If you’ll be renting to elderly tenants, consider installing handles by the bathtub and toilet to assist them, and put longer handles on the faucets to make it easier for arthritic hands to turn the water on and off.

Every type of tenant you wish to attract will be attracted to a few well-chosen changes to your property before renting it.

This tenant profile will also help you identify which aspects of your property s neighbourhood to mention in any marketing you do.

  • For the young families, mention proximity to parks, daycares, and elementary schools.
  • For elderly tenants, mention proximity to family medicine center, healthy living options, and other health services.

Consider who your tenant is and what s important to them at that stage in their life.

How to build a tenant profile

To build a tenant profile, follow these four steps:

  1. Look at your neighbourhood. What kinds of attractions, services, and institutions are nearby? (Parks? Schools? Hospitals? Bus routes?) Look at who else lives in the neighbourhood. (If possible, chat with the neighbours to find out why they live in the area. This will give you a shortlist of a few ideal tenant profiles to consider.
  2. Weigh these tenant profiles against who you prefer to work with. Consider which tenants are most likely going to pay promptly, take care of your property, and stick around the longest. Build a picture of what the perfect tenant looks like from family to job even to their life goals.
  3. Then, look at the property itself. Identify aspects of the property that would already be attractive to the tenant (such as a big backyard for a growing family or fewer stairs for an aging tenant). You can also buy custom fire pits for your backyard and garden area. No matter how small your backyard is, you can opt for the models which can fit in the space. A fire pit is a destination, attracting families with kids ready to roast marshmallows and adults looking to enjoy cocktails and conversation into the cool of the evening-it’s a wonder how any backyard party ever got by without one. So it could be a great investment to attract the tenants.
  4. Consider what small, affordable changes you can make to the property to raise the level of attractiveness to that group.

The clearer you paint a picture of your ideal tenant through this tenant profile, the better you can create a perfect rental for them, and the more you ll attract and retain these great tenants!


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