How to Find World Class Residents

There are a lot of factors that play into a property investor’s success. You can purchase the right properties in the right neighborhoods, but how do you attract the right residents? If you are going to use your time and money to invest in great properties, then you want to make sure you are filling them with equally as great residents.

Having exceptional residents is an essential part of keeping your business strong and thriving. This means you can’t simply accept the first people to apply. You must be strategic and follow specific guidelines to find the perfect residents. Here are some easy ways to make sure you find the best residents for you.

Have a Tough Screening Process

Implementing a strict screening process is the first and maybe even the most important tool for finding the right residents. You should set high standards and make sure that any prospects meet at least the minimum of those standards. In addition to being tough and keeping your standards high, you must also remain fair. Be sure to always follow the Fair Housing Rules and treat all prospects equally.

When screening any applicants, it’s important to do the following:

Verify income is at least four times the rent (many recommend three times the rent, but we have found that four times drives the best in class performance and DOES NOT increase vacancy time)

• Get copies of their pay stubs
• Confirm their employment by contacting their employer
• Perform a criminal background check
• Check their rental history (Any evictions? Do they move a lot?)
• Check their employment history (Do they switch jobs often?)
• Check their references
• Meet them in person

The final thing you’ll want to do if a prospect passes the screening process is to meet them in person. This will give you a better sense of what to expect from them. If possible, meet them at their current property. This will give you deeper insight about the kind of residents they are. Take a good look at their place. Is it trashed and damaged? Is it clean and well kept? Are there any secret pets? Any adults secretly living in the unit?

Take Advantage of Technology

You use technology every day. Whether it’s the GPS on your phone or a simple Google search, technology helps make your life easier and more efficient. So why wouldn’t you use it to find residents.

There are several ways technology can help bring in residents. One of those ways is through digital marketing. You want to make sure you are advertising your properties on multiple websites to reach as many prospects as possible. The more applicants you have, the pickier you can be when choosing your residents.

Make sure your properties are shown on the right websites and don’t underestimate the power of social media. Social media can be a great platform for you to target potential renters. You’d be surprised the number of applicants you can find by advertising on sites like Facebook.

Smart and efficient digital advertising really is the key to targeting world class residents. The game has changed over the past years, and if we don’t change along with it we can easily be left behind.

Practice Excellent Communication

Once you’ve chosen your residents, set them up for success by constantly communicating with them. Your residents should always be provided with any information they need from the moment they move in to the moment they move out.

Make sure that they understand the rules and what is expected of them from the very beginning. Confirm the cost of rent. Explain their payment options. Show them how to submit maintenance requests. Make any penalties for breaking rules known right away. Then make sure they have written copies of everything as well. It will not only make it official, but also give them something to refer to.

Follow up with residents often to make sure everything is going well. Make it easy for residents to reach out to you if needed. If any issues do come up be sure to address them as soon as possible to avoid them becoming habits.

Create an Exceptional Company Culture

At the end of the day, if you want to find and keep great residents, you need to be great yourself. A business with a kind, friendly and welcoming company culture is going to attract exceptional residents. Not only will you find wonderful residents, but they will be less likely to move out as well.

If you can keep your residents happy and provide them with the best living experience possible, they may even recommend you to their friends and family. A great resident probably knows other great residents and can send them your way if you manage to impress them.

It can be discouraging when you put a lot of time and effort into a property only to have it occupied by awful residents. If you offer quality properties and service, then you should find quality residents. If you are continuing to get residents who are less than ideal, it may be time to rethink your strategy.