Now that you’ve done the basics – prepare your property for rent, go through all the necessary paperwork, legal work, and even the nitty gritty such as cleaning and preparing the rental home or unit itself, it’s now time to find individuals who will be occupying your property. It’s time to get yourselves, tenants!
Being a landlord is more than just collecting a passive income. Besides being mindful of upkeep, payments for insurance, and other operational expenses, it’s not something that should be bringing you stress on a day per day basis AND this largely all comes down to one very vital thing: whether or not you have good tenants.
So how do you get good tenants? While there’s no exact formula and yes luck does admittedly play a role in finding good tenants, we just might be able to help. When starting to find tenants, you can follow the tips and tricks below so you can make renting out your home or property the smoothest experience ever: So you would have to create a perfect strategy for your listing
The Perfect Strategy
You have to let your community know that you have a property for rent, this means putting up a listing. Now, whether or not you choose to do it online in certain groups, websites, or on-site at some establishments, be very careful. You would want to be posting in online spaces and on-site public areas wherein you can attract the following:
- Finding Tenants With The Capacity To Pay
To do this, focus on online and physical spaces that are near technology hubs, industrial parks, or in forums where job listings are posted because chances are, people who are employed in the area will be the ones to see your listing, that’s a good way to ensure that you are attracting people with a capacity to pay without discriminating.
- Good Rental History
Once you’ve established their capacity to pay, now is the time to perform all background checks before you move another step forward with your potential tenant. Ask for references, ask for the number of the last landlord and verify if it is the correct number and ask about the potential tenant’s habits. Chances are, if they have a good rental history, you won’t have a problem renting out your property to them.
- No Felonies Or Other Untoward Records
This is following background checks, now that you’ve established morals and how they are when they occupy and live in a space, next is the black-and-white requirements. Ask them (along with proof!) regarding felonies or previous records. Be fair in assessing their records – some felonies are considerably harmless while some histories are just asking for trouble if you invite them to rent your property. Be mindful and trust your gut here and, if needed, get an objective second or even third opinion.
- Agrees To Terms and Contracts
Not all potential tenants agree to contracts and firm terms and conditions and would sometimes opt to look for properties with lenient landlords. During the finalization of your contract, make sure that you are clarifying with the tenant that you expect each and every one of the terms and conditions to be adhered to. If possible, agree on action points should terms not be met and include a termination clause in all agreements that both of you will sign.
- Find Tenants Who Can Maintain Boundaries
We have said beforehand that choosing family and friends as your tenants may not be the best way to go as you will likely be more lenient if you have a bond with your tenants. This could also occur if strangers who become your tenants become overly close with you – while forging relationships like this that occur organically is an amazing thing and is sometimes inevitable, make sure that these tenants-turned-friends are still able to maintain boundaries, respecting you as their landlord and the terms that come with it.
While we were able to list a few things you can use to check off interested tenants, in the end, choosing the right kind of tenant boils down to you being a good judge of character so trust your instinct when it comes to assessing each of your potential tenants. Making one or two preemptive choices now is a lot better than dealing with unfortunate situations later keep note, it’s not just stress, sometimes, bad tenants lead to a big financial setback. At the end of the day, even if they look good on paper, if there’s something about them that’s not sitting right with you, it’s perfectly alright to reject them as long as you do it in a professional manner.