5 Tips on Finding the Best Tenants for your Property
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Loading... - Esther Okon
- 16 Feb 2023
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The most important factor for most landlords is that their property is occupied by a paying tenant, but it can be difficult to locate new tenants, and there are many things to think about before a tenancy agreement is put in place. Will either students or business people rent your property? Will the property be managed by a property manager?It’s crucial to maintain the property in good condition to ensure that you attract any tenants at all, much less the correct tenants. You won’t obtain valuable tenants by accident. To help you find the best tenants for your property, we’ve put together five tips.
What makes a good tenant?
When selecting a tenant, you want to ensure that they can and will pay rent on time and in full. You also want to confirm that they will look after your property.
There are a number of ways to do this, such as asking for evidence of their current income (usually, you want to make sure the tenants make enough money each quarter to cover the rent annually) and checking their rental history to see if they have ever paid their rent on time.
Examining whether or not the prospective renter will maintain your property with cleanliness and respect during their tenure is a secondary consideration.
You can once more consider stating indicators like rental and eviction history, even if this is more difficult to figure out.
So let’s get to the tips that’ll help you with finding the best tenants for your property.
Tip #1 – Screen the potential tenants
It is not unreasonable to conduct background checks on potential tenants. Setting basic requirements for potential tenants will make it simpler for you to pick out candidates. You can base it on things like work, family size, and rental history. You should continue marketing the property if none of your potential tenants match the requirements. If more than one renter meets the requirements specified, you should just rent to the first qualified applicant.
Your criteria might look like this, for example:
- Newly-wed couple or family of 3.
- No previous evictions on record.
- No criminal record
- Employment letter.
Be severe and apply your standards equally to each and every candidate. Reevaluate your criteria—are they reasonable given the neighbourhood the property is located in?—if, for any reason, you do decide to lower your standards, because the property could have been vacant for too long. Read More…
