What's your target? (by WMH [NC]) May 13, 2018 2:09 PM|
What's your target? (by Roy [AL]) May 13, 2018 3:28 PM
What's your target? (by Robert J [CA]) May 14, 2018 2:15 AM
What's your target? (by Andrew, Canada [ON]) May 14, 2018 2:40 AM
What's your target? (by Sisco [MO]) May 14, 2018 3:55 AM
What's your target? (by WMH [NC]) May 14, 2018 5:36 AM
What's your target? (by S i d [MO]) May 14, 2018 5:58 AM
What's your target? (by RathdrumGal [ID]) May 14, 2018 7:35 AM
What's your target? (by Barb [MO]) May 14, 2018 8:21 AM
What's your target? (by Nicole [PA]) May 14, 2018 8:41 AM
What's your target? (by Oregon Woodsmoke [ID]) May 14, 2018 8:46 AM
What's your target? (by CJ [MO]) May 14, 2018 10:01 AM
What's your target? (by Busy [WI]) May 14, 2018 12:21 PM
What's your target? (by Pat [VA]) May 14, 2018 12:34 PM
What's your target? (by NC INVESTORS [NC]) May 14, 2018 12:46 PM
What's your target? (by GKARL [PA]) May 14, 2018 8:13 PM
What's your target? (by WMH [NC]) Posted on: May 13, 2018 2:09 PM
The Co-SIgner with Assets thread reminded me that Jeffrey preaches knowing who your target market is - what kind of tenant are you looking for?
So I'm asking: what are your target markets and how do you hone in on them? I spelled mine out in that thread, I'm interested in yours and why. --50.82.xxx.xx
What's your target? (by Roy [AL]) Posted on: May 13, 2018 3:28 PM
My target is anyone who can manage money and has a personal responsibility to pay their rent on the due date. However, I have never figured out how to hone-in on these types via advertising. --68.63.xxx.xx
What's your target? (by Robert J [CA]) Posted on: May 14, 2018 2:15 AM
My mind is slightly bent, distorted a bit and not of the common landlords mentality. It's because I've had an advantage of going to lectures and seminars such as Jeffrey's. Here's my way of thinking.
I want a tenant that's going to stay put for many years. Cause me little trouble and pay their rent on time. This will eliminate my turn over costs and maximize my time and profit.
Tenants with perfect credit scores, tons of savings and a great paying job will move into the next best property around the block. Once a tenants lease is over, they'll move into that new property with a Starbucks on the ground level or a roof top pool.
My buildings are humble, well maintained with little thrills. But priced reasonable and I give great service -- same day or next day repairs. Available 24/7. Emails, texted message or phone calls accepted.
My tenants are:
a) hard working people, some with families (child/spouse)
b) good but not perfect credit -- something they are trying to fix.
c) some savings but not enough that they can afford to move every year.
d) they tend to rent and stay in one locations for a minimum of 3 to 5 years.
e) they are smart, well mannered and easy to talk with
They are not:
a) someone who skips out on bills
b) someone who can't hold a job or find one if they get laid off
c) no criminal history
d) not a drunk or drug user
I have a wide range of tenants from all walks of life. One tenant was from out of the country with no domestic credit. They were looking for a large home to rent for them and their kids. No one would stop of look at their situation. I decided at an open house to give them a chance to show me they would be good tenants. They proved to me that the husband was an international attorney. His wife was a PhD with teaching credentials and was offered a job at a local private school. Her salary alone qualified them for my rental. But they had a bankruptcy three years prior. It was because of the mortgage melt down back in 2007. I gave them a shot and they lived in my property for 5 years, always paying the rent. Special cases need hands on review.... --47.156.xx.xx
What's your target? (by Andrew, Canada [ON]) Posted on: May 14, 2018 2:40 AM
Robert J(CA), you say you look for long term tenants. Doesnt CA have rent controls and if so how much are they typically. Do you have to renew leases?
Ontario has rent controls and its typically 1 to 1.5 percent annually and leases automatically renew. There are very few situations where a landlord doent have to renew the lease.
Long term tenants here drastically devalue a purpose built rental property due to lower than market rents.
How do you manage in CA? --70.48.xxx.xxx
What's your target? (by Sisco [MO]) Posted on: May 14, 2018 3:55 AM
I am looking for tenants that are as Robert described. I add that I target people with family/Church/civic ties to the area.
I lose much of my profitability with annual turnover, and cannot find an effective way to pass these costs through. I consider 3year tenancy a success, 2 year as barely acceptable, and 1 year or less as a failure in my screening process.
What's your target? (by WMH [NC]) Posted on: May 14, 2018 5:36 AM
We don't often lose money at turnover, Sisco, and usually I can raise the rent, so I don't mind them as much as I used to. Usually one tenant moves out at noon on one day, and the new ones move in at noon the next day.
Sometimes not the case of course, but usually. --50.82.xxx.xx
What's your target? (by S i d [MO]) Posted on: May 14, 2018 5:58 AM
Similar to Roberts.
I really try to target folks with at least 1-2 land lords (not family). Stable income from garnisheeable source (job...1+ years). So-so credit basically due to not interacting with debt much.
Who are they: Younger people fresh out of school. Middle age folks who just don't want to be home owners.
I don't target the professional crowd. My houses are too humble for most of them anyway, and there would be constant complaints/requests for upgrades.
Absolutely no evictions! I changed that criteria recently. Used to take folks with 1 eviction if they'd paid it off. But I recently re-checked some of my applicants over the past 5 years, and NO ONE who had an eviction met that criteria, so I dropped it. --173.19.x.xxx
What's your target? (by RathdrumGal [ID]) Posted on: May 14, 2018 7:35 AM
I am with Robert. My apartments are clean and attractive, but not "granite and stainless". My target markets are blue collar working folks with family in the area. I will take a chance on someone with a "special circumstance" -- typically the "living with family" types that was common in 2013 in my area after the recession, or newly divorced employed mothers.
My 900 square feet apartments are easy to turn over and rents are up substaintially in my area. I don't fear vacancies. I still have two elderly inherited tenants that are below market now, but living in my remaining un-rehabbed apartments. I am itching to get in there and do the rehabs before we get too old to do the work, but have made the decsion to let these old guys live out their days where they want.
What's your target? (by Barb [MO]) Posted on: May 14, 2018 8:21 AM
I target university students or recent students who want a well maintained place that is close enough to walk to campus, but far enough away that there aren't parties next door most of the time. I love it when someone moves into my place straight from the dorms. I'm one of the few that allows animals, as well, so I get a lot of students willing to pay slightly more, but thrilled to have their dog/cat.
I do a lot of tenant training. I hold their hands a lot. After short time, they are trained. Then they hear from their friends about the LL that doesn't send over anyone when something goes wrong. I usually get someone there within 24 hours to at least evaluate the situation. I'm also one of the few that does direct rent collection. That just amazes me! --131.151.xx.xx
What's your target? (by Nicole [PA]) Posted on: May 14, 2018 8:41 AM
I like the elderly and those with a steady pay check like social security or long term disability. My biggest criteria is are they able to pay the rent.
I dislike young, single mothers. --72.70.xxx.xx
What's your target? (by Oregon Woodsmoke [ID]) Posted on: May 14, 2018 8:46 AM
I want tenants who pay rent on time, don't damage my property, and are easy to work with.
I have no idea how to specifically target that tenant. The bad tenants are hoping to get into a nice house in a good location and I think they all honestly believe they are good tenants, so it doesn't work to put "no losers" into the ad. No loser actually realizes he is a loser.
Unlike some of you, I don't want tenants who stay more than 5 years. Tenants go bad over time and after the 5 year mark, they develop ownership illusions. Plus after 5 years a house needs to be freshened up and I can usually jump the rent quite a bit. --174.216.x.xxx
What's your target? (by CJ [MO]) Posted on: May 14, 2018 10:01 AM
Tenant with stable job, stay busy. People with too much time and too little money are very hard to satisfy.
Can we put our target market in the advertise? --97.91.xxx.xxx
What's your target? (by Busy [WI]) Posted on: May 14, 2018 12:21 PM
Person developing strong internal locus of control. Persons who believe in luck, or are victims annoy me.
CJ, my off the cuff response is, its best not put in advertising. Even if one's criteria are perfectly legal, fair housing tester will try to make a case of it. Advertise the rental, not for a certain type of tenant. Income requirements, eviction history are usually still acceptable in most locations. Though I did read somewhere that in one area, if ad says Income must be 2.5 X rent, if an applicant shows they paid that rent amount with only 2X income, the landlord must consider that applicant. So, I guess it depends on the local laws, and local judge's interpretations. (If I had a tenant challenge that, I'd be wary there was undocumented and illegal income.) --172.58.xxx.xx
What's your target? (by Pat [VA]) Posted on: May 14, 2018 12:34 PM
I'm happy if they have a j-o-b, preferably the same one for at least a year. If they have one landlord reference I'm happy, two & I'm ecstatic! I prefer it being a two income family, because I have experienced too many problems with one income. I like a two year tenancy, but anything four & over seems to come with a lot of expense unless it is a long time and I think my record is nine years.
Pay on time, don't tear the place up, and low drama please. They will probably put it on my tombstone! --71.51.xxx.xxx
What's your target? (by NC INVESTORS [NC]) Posted on: May 14, 2018 12:46 PM
I target well educated Millenials with a minimum annual income of $70,000 and 700+ credit score and a good history of steady employment. They tend to stay approximately 3 years and don't mind market rate increases. I also have some older couples, 30-50 , who have children (I prefer pets to kids) with both employed so they generally earn more than the younger Millennials.
My properties are constantly being updated and modernized which is what this target looks for.
For the most part they are responsible, understand how to follow rules and don't argue when I fine them for not adhering to the rules. They also communicate well which is a pet peeve of mine. Another benefit is that this demo is anti-smoking except some weed which is their prerogative. --71.75.xx.xx
What's your target? (by GKARL [PA]) Posted on: May 14, 2018 8:13 PM
A stable job and having at least a year's tenure in it is huge for me. Most of my applicants will have no credit or low credit, but I don't want to see a bunch of collections and late pays. My ideal tenant is someone who is older but some reason, I never attract older folks for my apartments. I seem to get them in the rooming house however. My ideal tenant is someone who'll stay for three years. --207.172.xx.xxx