Tips To Help You Find The Best Possible Tenant
Category Advice
Whether you are leasing property in the residential or commercial space, finding good tenants is not always easy. Maintaining constant occupancy with reliable tenants who pay their rent on time and take care of your property is vital to ensure a good return on your investment.
But where do you find these tenants? And how? Don't panic! Read on for some professional advice on ways to find and sign the right tenants for your rental property.
7 Tips To Help You Find Reliable Tenants
1. Thorough screening
It is vital that your screening process is thorough enough to help you sort the good candidates from the bad. This process should include:
- Background and credit checks
- Employment verification
- Proof of rental history, and
- Reliable references
This process will help you get a good sense of their financial stability and responsibility.
2. Effective advertising
There are plenty of opportunities to get the word out to the right people and reach a wider audience with your rental. Try online rental listing websites, social media platforms, local newspapers, even community bulletin boards. Make sure your ad highlight the key features of the property to attract the right target audience.
3. Clear tenant criteria
This is a key way to make sure your candidates meet your standards. Be sure to lay out clear and specific criteria for prospective tenants, such as monthly income requirements, credit score thresholds, and rental history standards. Be on the lookout for any red flags and trust your instincts.
4. Face-to-face interviews
Meeting potential tenants face-to-face is a good way to determine whether they are a good fit. Compile a list of questions beforehand to help you get a sense of their lifestyle, their reasons for moving, and how they plan to take care of your property. In-person meetings are a good opportunity to allow you to assess their communication skills and overall compatibility.
5. Income verification
A potential tenant might seem perfect, but the proof is in the payslip. Being able to verify their income is essential to avoiding rent issues. Request proof of income and employment to make sure the applicants can afford the rent. This can be done through pay slips, tax returns, or employment verification letters.
6. Reliable references
A good reference is gold when it comes to choosing the right tenant. Reach out to a candidate's previous landlords to gain insight into the applicant's rental history and their tenant/landlord relationship. Ask about their payment history, adherence to rules, and overall satisfaction. This information can be a valuable indicator of their behaviour and reliability.
7. Written agreements
Get all expectations down on paper. A comprehensive lease agreement that covers all important terms and conditions for both parties is essential to a successful rental relationship. Be sure to clearly outline rent payment schedules, property rules, maintenance responsibilities, and procedures for handling repairs. A written agreement helps protect both parties and provides a reference point for any disputes.
Finding good, reliable tenants can take some time, but the long-term rewards are worth the effort. Proper screening will allow you to get a good sense of whether a candidate is a good fit, and will ensure a great return on your investment.
Need help finding the right tenants? Give us a call!
Let's set you up for rental success. Our experienced rental team would love to partner with you to help you prepare and list your first rental property and find the right tenant. Contact us today to set up an introductory meeting.
Author: SAProperty.com
