How to Protect Your Property when Attracting Financially Questionable Applicants

protect rental housing properties from bad credit

How to Protect Your Property when Attracting Financially Questionable Applicants

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So you’ve put your rental property on the market, and people are interested. You’re getting applications from potential tenants, but none of them are quite up-to-par. They have a bad credit history, don’t have a high enough income, the same old story. You can’t seem to avoid attracting financially questionable applicants, so what do you do?

At times, you may not be reaching potential renters who are up to your standards. You don’t want to accept the first tenant that comes along just to fill the vacancy, so you have to take some different measures. Maybe a higher quality of tenant has to be incentivized to apply, so how do you handle this?

  1. Offer Savings
    The trick is to not give away the whole farm. You want to attract better tenants, but you don’t want to deplete your revenue stream. One option is to offer one month of free rent. The idea of a month without rent is enough to convince additional tenants to consider your property. Alternatively, you can go another route, like offering a discount on the security deposit or other expenses. Some people can even be enticed by the idea of an application fee being waived.
  2. Upgrades
    Tenants love the idea of upgrades and living somewhere that is up-to-date. Update your rental property with stainless steel appliances or add a new washer and dryer. Offer new or upgraded amenities and spruce up communal areas. In order to really modernize your property, let your tenants pay rent online instead of dealing with the hassle of checks.
  3. Offer a Gift
    Some landlords decide to offer a gift to accepted applicants in order to entice more people to apply. Consider offering a gift card to new tenants or providing a flat screen television for the rental property. Instead of giving renters a big discount at the beginning of their lease, offer to provide free internet or a television package for the duration of their lease.
  4. Allow Pets
    With so many people owning pets, allowing furry friends could make all the difference in attracting better applicants. While there is some risk when allowing pets, you can counteract this by asking for an extra deposit or some form of pet rent. Set yourself apart from your competitors by catering to this pool of tenants, and watch as the applications start to roll in.
  5. Wait a Month
    We all know that good things come to those who wait. Sometimes the right course of action is just to wait a month, rather than filling your vacancy with a subpar tenant. Since the market is slower in winter and early spring, simply giving it another month until the spring/summer time can open you up to a much larger tenant pool.

The most important thing is that you don’t compromise your standards. This could be seen as a discriminatory act down the road and land you in some hot water. In order to make sure you’re getting the best possible tenants, proper tenant screening is an absolute must. With ApplyConnect’s tenant screening service, landlords have access to an applicant’s criminal history. All of this information combined will allow landlords to properly evaluate tenants, and help you select the best occupant for your property.

It’s important to take proper precautions when it comes to protecting your property. Sometimes the perfect applicants aren’t immediately breaking down your door, and that’s alright. It is important to stick to your standards, and perhaps incentivize better renters to consider your property. You can ensure that you’re putting your property in good hands with proper tenant screening and utilizing information about criminal and eviction history. Making good decisions in this regard can make all the difference in protecting your property.

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ApplyConnect marks used herein are trademarks or registered trademarks of applyconnect.com. Other product and company names mentioned herein are the property of their respective owners.

Get Started with ApplyConnect!

The nation’s most trusted tenant screening for real estate agents, landlords, and property managers. No cost background checks available 24/7.

©2018 ApplyConnect. All rights reserved

ApplyConnect marks used herein are trademarks or registered trademarks of applyconnect.com. Other product and company names mentioned herein are the property of their respective owners.