Choosing the Best Tenant for Your Rental Property
One of the biggest concerns that most landlords or property managers have is finding a good tenant to occupy the property. However, there are several steps you can ensure that you attract and identify the best tenants for your property. Here is my guide to help you in choosing the best tenant for your rental property. This list of strategies will aid you select the perfect people to rent your home.
Define your criteria
Before you even embark on the tenant search it is vital for you ascertain exactly what you are looking for in a tenant. For example, are you going to allow pets on the property or not? Another equally important point to ponder is whether you would like a family or single tenant. Remember that if your tenant has young children then there will most probably be an increased degree of noise. Moreover, your tenant’s financial muscle will determine their desirability. As such you will need to determine the amount of income your tenant earns in order for them to be able to comfortable manage the rental payments. It is equally crucial that you carry out a thorough background check or any potential tenants. From character references to employment history, as well as rental history, you have to know everything about any potential tenants.
Create a clear advertisement
Your advertising campaign must clearly define and reflect your expectations of your tenant. Be sure to include all the pivotal items, including the rental home’s suitability for either children or pets. Also make sure you clearly make your position when it comes to smoking tenants. Doing this will help you separate the desirable tenants from the undesirable ones. In addition, you must clearly highlight the format of the application process to be following as well as point out all the attachments that must be included.
Set up an interview
When you have narrowed down your list of prospective tenants it is important to set up meetings and interviews with them. This gives you an opportunity to get a feel for them and get to know them a little bit more. Face-to-face interaction is paramount to determining the character of your potential tenant and help you determine if they are being truthful or not. Furthermore, a face-to-face sit down enables both parties to establish a basis of communication that is essential to a good landlord-tenant relationship. Be sure to be open, approachable, firm and open to dialogue. Lastly, getting to sit down for an interview with potential tenants will enable you to find out their short-term and long-term plans. This will help you decide if they are suitable long-term tenants or not.
Take your time
Do not be in a rush to quickly find a tenant for the sake of having the property occupied. My advice is that you take your time to find the best possible tenant. More landlords are in such a hurry to find a tenant so as not to lose any income, but this can be quite costly in the long run. One of the best ways to counter vacancies is to start adverting the property and trying to find a new tenant prior to the current tenant moving out. This will help you minimize the amount of time the property is vacant. Having the extra time will help you pick the perfect tenant for your rental property.
Know the warning signs
This process is made easier if you are clearly aware of the warning signs of bad tenants in addition to know what you are looking for in a good tenant. Not having traceable references is a definite red flag that should be taken seriously. Moreover, simple things like not showing up for meetings or turning up late could be signs that a tenant is not the right match for your rental property. Bad tenants will almost always try to talk you out of signing a legally binding agreement. Be wary, be cautious, be smart, and be prepared.
Closing the deal
A serious and good tenant will be eager to sign the lease agreement as well as pay the deposit and first month’s rent. Be sure that both the aforementioned are carried out before the tenant moves into the property. Remember to provide a comprehensive checklist detailing the condition of the property. Ensure that your tenant acknowledges receipt of the checklist and signs it. Equipped with these steps on finding the best tenant you can commence the application process for your rental property.