Picking the right tenant can save you a ton of headache and money. Some owners just rent out their properties to whoever that comes along, which poses a risk in itself because bad tenants can make managing your property a daunting task. Therefore, screening all applicants beforehand is a must in order to find the right tenant.
Finding the right tenant is easier said than done. The ability to do so will come with experience, being able to pay attention to detail and sometimes even relying on your gut. So here are some handy tips on how you can find a good tenant.
1. To attract good is to first be good
A property that is well maintained and in decent condition will give you higher chances of attracting a decent tenant. So by setting high standards for your property, you will have better chances of finding a good tenant suited for the property. A good way to start is by making sure that all fixtures are in working condition and the property is clean and neat.
2. Pay attention when you meet prospective tenants
When you meet potential tenants for the first time during their inspection of the property, be sure to take note of who they are, what their occupations are, and any other detail that stands out. For instance, if a family comes in with kids running around and pulling on your curtains while the parents do not make an effort to discipline or stop them, it is a clear sign that you should be wary and therefore, carefully consider whether those are the type of tenants that you want.
3. Read between the lines
It is best to be curious and question certain information about prospective tenants before deciding. If a prospective tenant tells you that they have rented 4 or 5 different properties in the span of a year and a half, a red flag should be waving. You should ask yourself, why do they keep moving around? Are they not paying their rent? Were they evicted? You should not judge a book by its cover, but it may be wise to have these questions in mind and do not be afraid to ask them directly. If they are unwilling to answer simple questions, that might also be an indication that you should be careful.
4. Double check with references
Another measure to verify that prospective tenants are genuinely who they say they are, it is best to contact their current employer to gain confirmation of their employment status. Checking whether their identification information is correct and matches the person you are dealing with may sound rather unnecessary, but there have been cases where owners have been duped before. You can also refer to previous landlords or agents who have dealt with the prospective tenants to gauge their authenticity.
5. Trust your gut
If you are really uncomfortable with one potential tenant, then move on. Be firm with any applicant whom you think is not suitable as there is no harm done in waiting for the right tenant. Remember that it is better to have your property vacant than having a bad tenant.