How to find a Good Tenant for your Rental Property
As a landlord, you want to have reliable tenants that will maintain your property in a respectful way. You definitely don’t want unpunctual and uncivil people that won’t pay their rents on time or trash the residence. To save yourself a lot of grief and unfortunate experiences there are several vital things you should remember before renting out your beloved home to a complete stranger. Follow these tips for the best possible outcome in finding a trustworthy tenant for your property.
Meet the tenant in person
We cannot emphasise more on that! You must schedule a meeting with potential tenants prior to leasing your home to them. By meeting them in person and walking them through your property you can find out whether or not they will respectfully inhabit it. Check the car they are driving, observe their behaviour, how they dress and talk. Most importantly, follow your gut feeling. If it tells you that these people are not to be trusted it’s better to listen to it and wait for other potential tenants.
Reference and background check
There is nothing undignifying about checking your future tenants’ references. On the contrary, if you don’t do that, you may never find out that these people had problems with their previous landlord because they had loud parties and didn’t pay their last rent. Additionally, a reference check will help you develop a better picture of what your tenant is like. A reference check includes calling the tenants’ last landlord (although it’s better to speak to at least two previous landlords) and their current employer as well.
Background checks, however, require more efforts and they can also be expensive. Thankfully, there are companies that provide such legal services to both landlords and tenants. With their help, you can easily find out if the person is likely to be a good tenant.
Ensure your property’s investment with a large deposit
Taking a large upfront safety deposit is another ‘definite must’ when signing a rental contract. With its help, you can cover damage or other costs if your tenant leaves the property before his tenancy ends. For instance, the renter may forget or simply skip the end of tenancy cleaning. With a safety deposit, you will be able to cover such expenses. In most cases though, the tenant will keep the property in good condition in order to get the deposit back at the end. A key rule is to make the deposit higher than the monthly rent so that your tenant won’t assume it covers his last month’s rent.
All the time and money you spend on this part of the rental process will definitely pay off in the long run. Your job as a landlord will be much easier if you get a good tenant.