Hi this is Tanya at Envy Property Management. A savvy landlord will go to great lengths to find a good qualified tenant for their investment property. The most ideal residents are those that have a proven track record of financial responsibility and rule-abiding, respectful behavior. It’s not always easy to find the perfect tenant who takes good care of your property and pays rent on time. This is why in today’s video I want to go over the top 10 qualities of the most ideal tenant and what you can do to keep them in a lease with you.
#1: THEY PAY RENT ON TIME
The best residents will understand the importance of paying rent on time. The landlord-tenant relationship revolves around regular rent payments in exchange for a place to live. Making on-time rent payments is one of the most important jobs for which a resident is responsible. In most cases, investment property owners depend on timely monthly rent disbursements to make the mortgage payment on the rental property. When tenants pay rent late, it can be a financial burden for the property owner as well. When you choose to rent with a professional property management company, like Envy Property Management, residents have access to their own “Tenant Portal” where they can schedule regular rent payments conveniently online. These can be set up as auto-matic payments directly from their checking account or with a credit card so rent is always paid on time.
#2 THEY FOLLOW THE LEASE AGREEMENT
A standard lease agreement will prohibit any illegal activity on the property or any behavior that threatens the safety of the community. An ideal tenant will uphold these rules and regulations as well as all other terms listed in the lease. The most typical lease terms that a not so good tenant might break will usually involve pets or obnoxious noise and parties that disturb other renter’s right to a quiet enjoyment. Beyond failure to pay rent, lease violations like these constitute legitimate grounds for eviction, which is expensive and stressful for all housing providers.
#3: THEY KEEP THE RENTAL CLEAN
Any landlord’s dream resident will keep the property clean and tidy so as to not invite any pests into the home or cause any unnecessary property damage. A clean property not only keeps pests at bay but it also shows the landlord that the residents care about the home and the condition it’s in. This is especially important when it comes time to renew a lease. If the resident doesn’t care for the property and keep it clean, the housing provider could choose to not renew their lease. Not only can they choose to not renew their lease, they can also deduct the amount paid for any extermination, repairs, or cleaning from the resident’s security deposit per the lease terms.
#4: THEY COMMUNICATE MAINTENANCE ISSUES
Even a small leak can turn into a big expensive problem for a landlord, but, research shows that many tenants are worried about raising issues for fear of being evicted or having their rent increased. However, keeping on top of any maintenance issues is essential to keep your investment property in good condition. At Envy Property Management, we encourage tenants to raise any maintenance issues and we do this by developing positive relationships and fostering open communication. We also provide tenants easy access to place a maintenance request conveniently online on their tenant portal. By being proactive, we can move quickly to address any concerns, maintain the value of the investment property and ensure the resident is happy.
#5 THEY TREAT THE PROPERTY LIKE THEIR OWN
Tenants that take pride in “ownership” of the home they live in will not only ensure the return of their security deposit but they also build for a great landlord recommendation should they decide to move in the future. Normal wear and tear is always expected, but preventing resident-caused property damage is ideal.
#6 THEY AREN’T HIGH MAINTENANCE.
An excellent housing provider always values great communication from their resident, however, a renter who constantly complains or always requires special attention is a drain on resources. In most cases, landlords have more than 1 tenant and they aren’t the only priority. Tenants that try to resolve problems on their own, as long as they follow lease terms, are a huge benefit to housing providers.
#7 THEY DON’T LET SOMEONE LIVE IN THE PROPERTY WHO ISN’T ON THE LEASE
The lease agreement is designed to protect both the housing provider and the tenants. It must be signed by anyone over the age of 18 living in the premises. A quality tenant will never try to sneak in secret roommates and should always notify their landlord if they plan on hosting any long-term guests.
#8 THEY RENEW THEIR LEASE
Managing tenant turnover is an expensive and time-consuming task for a landlord. A dream tenant will want to renew their lease agreement and hopefully live at the same rental property long term. In a perfect world, they would meet every quality of a perfect tenant making the long-term tenancy even more ideal.
#9 KEEP UP WITH TENANT REQUIRED MAINTENANCE
While the majority of maintenance responsibilities will fall on the housing provider, residents will have some maintenance responsibilities of their own to attend to at the property. These may include; appliances, lawn care, changing out the air filters or replacing smoke detector batteries. A valuable tenant will not only understand and agree to these terms but will actually do it! A tenant’s maintenance responsibilities should be outlined in the rental lease agreement so they understand their contractual obligation in regards to maintaining the property accordingly.
#10 THEY HAVE PROPER INSURANCE COVERAGE
There are a myriad of insurance policies out there available for renters. Housing providers should require in their lease agreement that their residents carry it. Insurance can help cover the cost of replacing a tenant’s stolen or damaged personal possessions, it can also cover the cost of damage caused to the property by negligence. A great tenant will have proper insurance coverage so the homeowner isn’t left with a bill due a tenant being unable to cover the cost of damages to the property. The good news is, renters insurance is extremely affordable and easy for residents to sign up. As a landlord, you should know the difference between the multiple different types of insurance coverage residents can purchase and what type of policy you will require your tenants to hold.
So, what can you do to keep these quality residents in your rental properties? The secret to keeping valuable residents is simple: be professional, communicate effectively, keep up with maintenance, and most importantly, show them that you care. A tenant can go anywhere and rent a property, they do not need to rent it from you, they can leave, they will leave, and they do leave, and they vote with their pocketbooks. There are always simple ways that you can show you care for your tenant by doing things like….a birthday card, an anniversary card, or maybe it’s just a nice note thanking them for paying rent on time and being a good tenant. There are many things you can do that don’t cost you money, but it just shows that you care, and that goes a long way with the tenant.
Understanding these qualities of the ideal tenant and knowing what you can do to professionally manage them is yet another reason to use a property management company like Envy Property Management. You can always ask us for valuable tips and extra resources to make the choice simple and painless. Give us a call today, 801-337-4337 or visit our website at envypm.com where you can easily view our three-tiered pricing plan, so you can choose the package that best fits you and your needs.