Finding the right tenants for your property can be a challenge. If you’ve had some less-than-stellar tenants in the past, you may want to take extra precautions to prevent a repeat of tough situations. There are many steps to take along the way, from interviewing candidates and completing walkthroughs to finalizing lease agreements. As a busy landlord, you want to find the right tenants for your property without it taking up too much time. This article explains how to do just that!
Complete Background Checks
When reviewing candidates for your property, the first step is establishing effective screening protocols for your initial review. To begin with, there is no point in meeting with renters that do not have the qualifications you’re looking for.
While you may want to have more flexibility in some instances, for the most part, you want to rule out any renters who do not have the financial security intended to rent out your property each month consistently. Ensure to include an eviction check and rental history checks so you can feel confident in your decision to move forward.
Interview Possible Renters
Before establishing any lease arrangements, you’ll want to meet with qualified renters in-person for an interview. You can also meet with them on a video chatting service if they are not local. You want to get a sense of their personalities and decide whether you feel you can trust them. Getting to know possible renters can also help you better understand their interest in your property. You can ask them questions about what they do for a living, their familiarity with the area, and so on to see if they’re a good fit.
Post Your Listings On Popular Property Websites
To avoid the need to go through tons of unqualified applications, you can preset your specifications on the popular property listing sites so that those who apply already match the most important credentials you want before moving forward.
You can have a specified income amount determined, determine whether your property is or is not pet-friendly, as well as other specifics that align you with the best potential renters for your property. You can also post ads on ad placement websites as a sublet opportunity or as a year lease agreement.
Go The Old-Fashioned Route With Advertising
Another way to find tenants you’re comfortable with is to put a “for rent” advertisement outside your property and wait for phone calls. This way, you control who you choose to meet with and can get a feel for personality and trustworthiness in the first phone call.
You can avoid dealing with many applicants by using this dialed-down advertising version, which is similar to content moderation in the digital sphere. Unless you live in a major city, you’ll likely get fewer applicant requests by posting a sign rather than advertising online. Depending on how urgently you need your property rented, this may be an option.
Check Tenant References
When your tenants complete their applications, you should include a section for tenant references where they can list previous landlords and rental addresses. This way, you can call previous landlords and determine if the tenants you’re considering have a positive rental history.
Since you’ll be the new landlord, you don’t want to choose people who have not had a good rapport with other landlords in the past. You can follow up on any feedback you receive from potential tenants and rule out any issues before committing to a rental agreement with them.
The Bottom Line
To find the best possible tenants for your rental, carry out the necessary steps to secure the most suitable applicants for your listings. Consider the suggestions above as you work to find the right tenants for your rental properties.