Having quality, long-term tenants in your rental property is the most essential aspect in the success of your real estate business. Working hard to find a good tenant will give you a good return on your investment, whereas settling for a bad tenant can be financially straining.

As a landlord, knowing how to find reliable tenants is crucial. Even if you hire a real estate agent or a rental property manager to do it for you, you should know what goes into locating a good tenant. 

Here are tips on how to find great tenants for your rental.

The Internet and Social Media

Most individuals are aware of social media's marketing potential when handled effectively. Reaching out to your social media networks can have a significant impact. People from your immediate circle will see your post, and your connections will help you reach new audiences by sharing it. You can get hundreds of people viewing your post by repeating this process a few times.

To find a suitable tenant, you only need one individual to be interested in your rental property. Asking your friends to spread the word about the property listing you created can be helpful when trying to maximize its reach. The more people you can contact, the better your chances of finding a quality tenant.

Create Appeal in the Property

Scheduling potential tenants when other applicants are viewing your unit is one approach to increase demand and attract renters who are ready to cover rent.

It's a natural instinct to want what other people want. As a result, when candidates see other individuals examining your unit, it can potentially increase demand.

Listing your rental on popular rental sites can also help attract more attention. The goal isn't to get more rent or start a bidding war, though that may happen occasionally; it's to encourage potential clients to move forward quickly.

Hire a Property Manager or Leasing Agent

Experienced rental experts know the property market like the back of their hand. In addition, by virtue of their networks, they might have a ready list of great tenants—prospective renters looking for housing in the area and ready to fulfill their rental obligations, including a security deposit.

When exhibiting the property, a reputable property manager will advise on the appropriate rental pricing to set for your property. They can recommend renovations or upgrades that will make your property a stand-out in the neighborhood. 

MTD Property Management is dedicated to paying close attention to the needs of both owners and residents. MTD has established client loyalty through constant proven outcomes, backed by cutting-edge equipment, considerable knowledge, and expertise. 

Select a Tenant With a Good Credit Score

You’ll want to find a tenant who will cover the rent on time. If they cover their bills on time, there's a good chance they'll cover their rent on time. There is a fee for obtaining a credit check, and some landlords also require their applicants to cover the credit check fee.

There are two steps to check a tenant's finances:

1. Confirm the income:

• You should look for a tenant with a monthly income that is at least three times the monthly rent.
• Request a copy of their pay stubs.
• Confirm their employment, length of work, attendance record, and monthly earnings by calling their employer directly.

2. Get a credit report:

• Do they have a track record of paying bills on time?
• Examine their debt-to-income ratio.
• Consider how much debt they have.
• Look for evictions, civil judgments, or bankruptcies in the past.

Get Ready for Property Showings

Tenants are aware of their needs and will arrive at a viewing eager to ask questions. Prepare to have answers about waste collection dates, electricity suppliers, and key terms of the lease agreement. Ensure you have the details of everything on your property. Make a property viewing checklist to ensure no details are overlooked before potential tenants arrive.

Finally, make it easy for the possible tenant to attend the showing of the home by ensuring there is ample parking and easy access.

Meet and Interview Prospective Tenants

We recommend requesting that interested tenants contact you by phone or email to schedule a showing. This way, you can communicate with the prospective tenant to see if they have a genuine desire for the property. At the showing, you can meet with potential tenants in person.

This will provide you with an additional opportunity to ask questions and obtain further information. Finally, you want to see if this person appears trustworthy, mature, and dependable.

Use Rental Listing Sites

Nearly every age demographic group uses online resources such as rental listing websites to find a rental house.

Landlords who use a rental listing website benefit from dramatically improved marketing exposure. They also save time and money by reaching out to prospective tenants more quickly to fill a vacant home. Many rental listing websites are available for optional features such as tenant screening and automated rent collection.

Consider Hiring a Reputable Property Management Company 



MTD Property Management is one of the best property management firms in the area. Our extensive services and online interface help landlords and tenants live more relaxing, stress-free lives. MTD now serves a broader portfolio of Chicagoland properties managed by a team of more than ten seasoned experts.

To learn more about our services, please contact us at inquire@mtdpropertymanagement.com or visit our MTD Property Management website.