3 Steps to Finding Great Renters

113 Shares

How to Find the Perfect Renters for your Unit

Finding great renters for your income property is ok, finding the perfect renters for your space is possible with these 3 easy steps.

You’ve put an incredible amount of time, money and effort into creating your rental unit so it’s desirable to renters. You want reliable, respectful people who will pay the rent on time and take care of your place. Finding great renters is especially important if the rental unit shares walls/floors with you or other renters.  Finding great renters for your unit is important and finding the perfect renters for your unit and situation is possible! While we can’t guarantee you’ll never have problems, using the 3 steps below will help you find the right fit.

Here are 3 steps to finding great renters:

1. Know who you’re looking for

Know who you’re looking for. Obviously, you want someone with a way to pay rent in full and on time. But you’re not just finding great renters; you’re looking for good neighbors. To us, these are people who are respectful of others and match the suitability of the rental space. Knowing who the suite is suitable for and what your personal limits are will help guide this decision.  For example, if you don’t smoke, you probably don’t want a smoker. Or if you’re a shift worker, you may want a shift worker so that there is some understanding of your/their sleep schedule. Make a wish list of who you want as renters. This will help you when you write your ad and when you are assessing interested applicants.

One of the main reasons people don't want to have a rental is because of the horror stories they have heard... Finding great renters for your income property is possible with a little patience and these 3 easy steps. Discover how o find great renters!

2. Advertise your suite honestly

When you write your suite’s ad, list the price, what’s included and describe who you are looking for. State that you are looking for good neighbours and list a few things from your list. This can start to build trust with your future renters and can help avoid complaints in the future. For instance, our dog is a big, nervous guy who doesn’t understand running in the house is noisy for tenants downstairs (obviously). We addressed this potential noise complaint in our ad: “Must like dogs as a large, goofy, SPCA Special lives upstairs”. By adding this to our ad, we have accomplished 2 things: renters know what to expect so are choosing to live in a basement suite with a dog upstairs, and we found people who are gentle with our timid dog.

Please be aware that you cannot discriminate based on person’s race, religion, family status, physical or mental disability, gender, sexual orientation, age or anything else that could be considered a Human Rights violation. However, you can list some things you are looking for.  Hopefully, potential renters will self-select rentals that they are interested in. Some examples we thought of or have seen are:

  • Suitable for quiet student
  • Environmentally conscious household looking for tenants who are interested in recycling, composting and sustainable living.
  • Quiet house and neighbourhood. Looking for shift worker or someone understanding of shift worker’s sleep schedule.
  • Family with young children, looking for family with young children or renters who like kids.
  • Shared forced air heating system; please note we love cooking with onions and spices.

Regardless of what specifics are addressed in the ad, we make it positive and don’t hide anything. This helps minimize surprises and frustration for both you and renters because you both have an idea of what to expect.

One of the main reasons people don't want to have a rental is because of the horror stories they have heard... Finding great renters for your income property is possible with a little patience and these 3 easy steps. Discover how o find great renters!

3. Check references

Your application needs spaces for references. Preferably, a recent landlord and current employer. Although there are standard questions we ask, what we really want to know is if the story the prospective tenant is telling us jives with what the references are saying. In addition to the supplied references, you are within your right to check Facebook and other social media accounts. Again, we don’t just use it to assess a prospective renter, we want to see if their profile aligns with what they have told us. If someone tells us they don’t party much and all they have on their Facebook page is pictures of them partying, we get suspicious. It’s not about whether they party, it’s that they lied about it.

Finding great renters becomes easier when you start thinking in terms of good neighbours. Renting to the perfect renters for your unit is possible when you define who you’re looking for, share expectations and check references. Finding the right renter(s) takes effort and it is well worth it to minimize complaints and get neighbours that are a good fit.

What are your tips for finding great renters? Let us know in the comments!

Cheers,

Denise and Sean

P.S. Check out our About Us Page to discover more on our story and how we can help you!

One of the main reasons people don't want to have a rental is because of the horror stories they have heard... Finding great renters for your income property is possible with a little patience and these 3 easy steps. Discover how o find great renters!

113 Shares

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.