If you are a landlord, there is no doubt that you want to rent to good tenants. Unfortunately, it is not always easy to know what kind of tenants you will get from the beginning. Even though it is difficult to measure the future behavior of tenants, there are some things that you can do on your own to find good tenants.
The following is a list of 10 different things that you can do to find the best tenants.
#1 Have a Good Home that is Priced Well
If you are looking for high quality tenants, you want to make sure that your house is in good shape. Generally, tenants and homes go hand-in-hand, so if you have a home that is run down and in a bad neighborhood, then you are going to get tenants that are highly likely to not take care of your home.
If you have a nice home in a nice area, you are able to charge a decent amount for rent, and you will attract high-quality renters.
#2 Ask for Referrals from Friends and Family
You do well to ask friends and family if they know of anyone who wants to rent. In this way, you can have a little bit more security in the type of people who will be renting from you.
#3 Advertised at the Right Places
When you list on reputable rental sites, there will be a charge for your listing; these are the sites where you will find serious renters. Some of the free listing sites are well known for scammers. Scammers change the information for rental listings, and they take the money from your potential tenants. Other good places to list are grocery stores and laundromats. Put signs up that advertise: let my property.
#4 Screen Everyone
Regardless of how great you think that your renters seem, you want to make sure to screen everyone. Get information such as rental history, a letter from past landlords, and information about their credit history; this lets you know if they will pay you on time, and if they have a history of fulfilling their agreements.
#5 Create a Rental Application
Applications are documents that can collect all the information that you need from your potential renters. This will include their Social Security numbers, previous addresses, names, driver’s licenses, information about children, information about pets, and information about your tenant’s work history.
#6 Insurance Requirement
Before you decide to sign a rental lease, make sure that your renters get renter’s insurance. This will cover the cost of the belongings of your tenants as well as any damage that they possibly caused to your home. You are wise to purchase landlord insurance in order to protect your property as well.
#7 Beware the Interview Trap
You may think that it would make sense to hold an interview with potential renters, but in reality, that could open you up to a fair housing lawsuit. If you think an interview is a must, you may want to do one over the phone. Keep in mind that even if you do an interview, people can be deceiving.
#8 Background Checks
In order to determine if your tenants will be good or not, you want to get an insight into their past history. This is history that has to do with their credit, bankruptcies, and even their criminal records. There are fees to run these reports, but it is totally worth it if it is going to help you avoid bad renters.
#9 Make Sure To have a Solid Lease Agreement
You want to make sure that your lease has all of the conditions and stipulations needed when it comes to the tenants who will be living in your house. It should set out all of the requirements that you have for your tenants, and it will give them information about policies, procedures, and eviction information.
#10 Don’t Be In A Rush
You may feel like you have to rush to find a tenant if your rental home is going to be vacant, but you don’t want to make the costly mistake of rushing and settling for bad renters. Take your time, and find the right renters for your home.