Experienced landlords and investors will tell you that your choice of tenants is the most significant element of owning and managing a rental property.
Excellent tenants who pay rent on time and take care of your home ensure the smooth operation of your business, saving you time, money, and effort. Poorly selected tenants may leave you with a damaged home and a financial loss after failing to comply with the terms of the lease.
To find the best tenants for your home, market a quality property and thoroughly screen prospective tenants.
Property Condition
In order to attract excellent tenants, you must be marketing an excellent home. Your home should be clean, functional, and well maintained if you’re advertising it for rent. Spend some time and money on landscaping or apply fresh paint and new flooring.
Homes with hardwood floors rent faster than homes with carpet because they are more appealing to prospective tenants. Hardwood flooring will also save you money because every time your tenants move out, you won’t have to clean and replace the carpet.
Also update any old and tired appliances, and pay exceptional attention to cleaning the bathrooms and kitchens. If your home has superb curb appeal and feels welcoming, you will have high-quality prospective tenants turning in applications.
Applications and Screening
Once you have people interested in your home, use a thorough screening process in order to determine your best tenant. After prospective tenants complete an application, start checking their backgrounds, credit history, and previous rental history.
Look at their credit report to make sure that they have been responsible when paying bills in the past. Verify their employment to guarantee that their monthly income is at least three times the amount of rent for your home, so you know they won’t have trouble making rent payments.
Then, call present and past landlords to discover how they have treated other properties. Ask if they paid rent on time, if the property was left in good condition, and if neighbors or Home Owners Associations had any complaints.
Excellent tenants provide peace of mind and increased returns. To find the right tenants for your property, have a consistent process in place that considers fair housing laws. You will want to work with a property management company or screening service for the best results.
For questions about how to find an excellent tenant, please contact 208.properties today.
