If your a rental property owner, you know all too well the importance of finding a quality tenant for your property. A well qualified tenant will take care of your home and pay their rent on time – ideal qualities for a landlord! But how can you find a tenant like that? And what should you do to ensure a successful tenancy? Here are 3 ways!
1. Be patient. While most landlords want little to no vacancy understandably, patience is sometimes necessary in order to find a qualified tenant. Feeling rushed to fill a vacancy can lead to accepting a tenant who may not be very qualified and sacrificing on qualifications, such as credit and rental history. While limited vacancy is preferred, a well qualified tenant can lead to a successful investment.
2. Screening. Screening is an important step to find a qualified tenant. Why? Because proper screening can shed light on a prospective tenants history of paying bills, upkeep of homes they have rented before, evictions and paying their rent on time. This history can provide you with crucial information to see how a prospective tenant, who is interested in living in your home, will treat you and your home. Finding a tenant who has a solid history of maintaining homes, paying their rent on time and keeping up with other obligations is a good indicator of what to expect. On the other hand, if a tenant has poor credit, unpaid bills, evictions and late rent payments , what will motivate them to now pay you rent on time? What will motivate them to upkeep your home? These are important factors to consider.
3. Sign a lease! Believe it or not, many properties do not have executed leases. In order to have a successful tenancy, a lease will go along way. A lease will spell out your expectations to a tenant, which can include the rental amount, maintenance handling, non payment of rent procedures and other pertinent details. This way, there won’t be any surprises should situations arise at the home.
So, find a great tenant for your property by being a proactive landlord.