A good tenant can make or break the ease with which a property investor can maintain and grow their property portfolio in Portland. Unfortunately, with shifting rental laws and legislation, it can often become difficult to know exactly what an effective strategy for attracting great long-term tenants might be.
We see so many property owners who, trying to make sure their mortgage payments are made, are willing to put any tenant into their property, only to end up with a huge headache down the line.
We’ve outlines a few key strategies or tips that a property owner should consider to avoid bad tenants from the get-go and end up with tenants who will be a joy and respect your property.
What Kind of Tenant Do You Want?
Despite what many sources may have you believe, you do still get a chance to express the type of tenant you’d like to see in your property. However, much of that personal preference for tenant type should be considered before and depends upon how you pick the investment property you purchase.
It’s self-evident that you want a tenant who is responsible and respectful, but are you looking to attract a family? College students? Business professionals? Think about the amenities and nearby venues that would be advantageous to each lifestyle.
For instance, a small family with young children is going to be interested in school district quality. A college student will be looking at proximity to schools, bus routes, and places to study. A business professional may be more interested in internet speed, proximity to major highways, airports, or business centers.
As you can see, you may have a property that could very easily fit the needs of each of these tenants. Highlighting various amenities and nearby venues can be an interesting way to paint your property in a certain light.
Put Your Best Foot Forward
First impressions matter in the real estate industry. When someone is deciding what their new home is going to be, the curb appeal of the property can make or break the transaction. Before inviting potential tenants to see your rental property, make sure the following has been tended to:
- Lawn mowed, edged, and swept
- Exterior paint in good condition
- All exterior repairs made for strong curb appeal
- Door cleaned and/or freshly painted
Paying attention to how your property looks when someone pulls up for the first time can be a game-changer for the quality of tenants you attract and lease to.
Collect Great Testimonials from Past Tenants
It can be a tough choice to move into a property owned by a stranger you know nothing about. Tenants have more options than ever and often go with properties managed by larger firms solely for assured quality of service.
No one wants to move into a home only to find out that many things need updating or repair and the owner is unwilling to make the improvements in a timely fashion. Having strong testimonials on your website and printed, and presented clearly in the rental property during showings can be an easy way to showcase that other tenants have had a good experience with you as a property landlord.
Highlighting any successes or wins you’ve had with other tenants can help you justify a higher rental rate and attract tenants who will treat your property with care and respect.
At InterWest Properties, we’ve been compiling our team of experts for over 30 years so that our clients can rest-assured that their property is in good hands. If you’d like to discuss how we can take your property portfolio and and help you find great tenants, we’d love to hear from you.