Happy tenants make for happy landlords. And happy landlords don’t have to work as hard because happy tenants never leave! In this episode, Natalie spills her secrets on successful tenant selection and how to efficiently navigate this important part of real estate investing.
Happy tenants make for happy landlords. And happy landlords don’t have to work as hard because happy tenants never leave! In this episode, Natalie spills her secrets on successful tenant selection and how to efficiently navigate this important part of real estate investing.
“Tenant selection is the absolute most important part in your journey as a landlord. It’s the difference between making money and losing money.”
So how do you go about screening tenants to solidify a good relationship? For Natalie, 98% of her tenants have been incredible people, but even with her extensive experience, sometimes you get a dud. Natalie recommends using a blend of both paid advertising for leasing, paired with free (or minimal investment options) Facebook Marketplace. As you go through the process, remember that time is money. It’s critical to prioritize where you spend your time when running your business.
Interviewing tenants is a skill and you must ask the hard questions early on – “How much did you pay in rent previously? Why are you looking to move? Do you smoke outside?” Having a pre-written script helps get a sense of a potential tenant’s character before meeting them, allowing you to avoid unnecessary showings with unqualified tenants.
Great tenants are great tenants for life! They pay the rent on time, they don’t damage the place and they don’t implode your investment. They’re really nice people that you’ll have a good relationship with for years to come. It’s so important to have a good tenant system. A good system is worth its weight in gold.
