Renting out your property isn’t always as easy as it sounds, dealing with tenants and presents a whole new set of challenges, unforeseen expenses and can become a time consuming and stressful process. If you want to get the most out of renting your property, it’s crucial to find quality tenants to occupy the space. Although it might seem rather straightforward to approve the ideal applicant, there are certain qualities that a tenant should have.
Consider the following factors to find a quality tenant:
1. Check Their References
Any applicant can sound good on paper, but it’s advised to contact their references in order to check their rental background. Ask the previous landlord whether the tenant made their payments on time and what it was like interacting with them. Be sure to phone more than one reference in order to determine the ‘average’ experience.
2. Keep a Waiting List
Another way you can find a quality tenant is by keeping a waiting list of interested parties even before the rental property opens up. By doing this, you’ll be able to determine who is ‘sticking around’ and truly excited about renting the property. Another plus is that you’ll already have their details on file and you’ll be able to screen their application beforehand. This allows you to contact only those you believe to be the right fit.
3. Consider Using a Rental Agency
If you find the process tedious and stressful, you could consider using an agency to manage the rental process. Educate yourself on the costs involved by using a letting agent so that you aren’t caught off guard with the contract is in place. These agencies are experienced in screening applicants and finding a quality tenant, so don’t be afraid to outsource the process.
4. Ask for a Letter of Motivation
Many landlords request the applicant to provide a letter of motivation, especially when there is a lot of interested in a particular property. This process will eliminate the chance-takers and those not fully invested in renting your property.
5. Run a Background and Credit Check
In a previous article, we’ve covered how you can go about checking the credit records of an applicant to assess if they’re financially solvent. A quality tenant will have a good credit record and no outstanding payments. Even though it might feel strange, it’s also important to check whether the applicants or those that will be residing in the home have any criminal records to their name.
6.They Ask All the Right Questions
If you are dealing with applicants that have an entire list of questions, don’t let this put you off. If they’ve done their homework and they are just as serious about the property as you are, they’re showcasing responsibility and the fact that they make informed decisions. Discussing a variety of factors and concerns will be the foundation for a long-term renting relationship.
7.Meet Them in Person
Whether you are reviewing the applicants yourself or working with a rental agency, it’s ideal to meet the prospective tenants in person. This will give you a sense what their lifestyle and personality and what it will be like to interact with them on occasion.
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