First published: 23 November 2021 @ 6:00 pm
Getting a good tenant is one of the most important things that a landlord needs to do when it comes to renting out a rental property. In fact, landlords rely on tenants as their main source of income from rental properties.
But unfortunately, many landlords fail to properly select good tenant for their properties. The reasons behind this are obvious, because it is easy for a bad tenant to damage your property in some way or the other, and you will have no control over this.
So, in order for you not to be at risk from such situations, there are certain tips that you should follow when looking for tenants.
What is an Ideal and Prospective Tenant?
There are many things that you should consider when looking for a good tenant. But the most important of these is to ensure that you have an ideal and prospective tenant in your property. So, what exactly is a good renter? Here are some of the qualities that make a good tenant:
Credit Check
The best way to protect yourself from being at risk from bad tenants is by ensuring that you get them on an agreement with very high rental income potential that you can check through the credit score. So, the ideal type of tenant would be someone who has an above average credit score.
And if possible, they should also have no previous history of bankruptcy or even delinquent payments, which means they are reliable in paying their rent on time and not leaving their rented property damaged either physically or financially, when they move out at the end of their lease term.
Rental History
A good tenant will also have a very positive rental history. This means that they have been a tenant for many years in the past and that their rent payments have always been on time and all of this information is verified by their previous landlords.
So, when you look at the credit score of your ideal tenant, make sure that it has a minimum history of two years with an excellent rental payment history.
Criminal Background Check
You should also consider checking out the criminal background of your ideal tenant. This is especially important if you are a landlord who deals with properties that are located in dangerous areas.
The most common crimes that you should be looking for in a potential tenant include drug and/or violent crimes and not paying their rent on time.
Employment Experience
As a landlord, it is very important to make sure that your tenants have steady employment and can pay their rent on time every month without any problems.
In fact, it is best if they have stable employment because this means they will not move from one job to another when they need to find new accommodation, which makes them harder to find at the end of their lease term when you need them back in your property again.
Honesty
Another important thing that you should consider when looking for tenants is their honesty. This means that they will not try to cheat you by lying about their rental history or other details, such as their financial situation and how much they can afford to pay for rent.How to Get a Good Tenant?
There are several steps for a landlord to find a good tenant, such as:
Research
You need to research your local market and your ideal tenant to make sure that they are a good fit for your property.
For example, if you are looking for a tenant who will pay the rent on time, you should consider searching for tenants in areas where rental prices are not too high and that there is good competition among landlords as well as tenants.
This will help to ensure that you get a very good tenant at the end of the process without wasting time.
Consider Your Property
Another important thing that you need to consider when finding a good tenant is what type of property it is located on and how much rent can be charged per month.
If it is an older building or maybe even an apartment complex, then expect to charge higher rental rates because these properties tend to have higher maintenance costs than newer properties do, which means you will need more money from your potential tenants every month.
And if it’s just an ordinary house, then expect slightly lower rental rates than those expected from apartment because most people prefer renting single family houses simply because they want their own space which means they do not mind paying slightly less rent each month compared with those who prefer renting apartment.
Advertisement
When you are ready to advertise your property, make sure that you place your ad in local newspapers or even online.
You can also consider using rental websites which will help you find a tenant for your property quickly and easily without wasting too much time looking for one at the end of the process.
Make sure you put a clear description of your property, period of time, and your price range in the advertisement so that you can get more responses from potential tenants.
Screening
Once you have got a few responses from potential tenants, you need to make sure that you are screening them before sending them an application form. You can screen it with a credit score check and also by verifying their rental history with previous landlords.
You can also ask them to fill out an application form for you before they even come over to see your property, so that you will know more about them before they even apply for the property.
How to be a Good Landlord?
In order to get a good tenant, you need to be a good landlord. In fact, the best way to get a good tenant is by being a great landlord. So, here are some of the tips that you should follow:
1. Keep your property clean.
2. Check out your tenant before they move in.
3. Have a written rental agreement with your tenant.
4. Be flexible with the rent and the terms of the lease.
5. Be available for any problem that may arise on your property during the lease term, such as plumbing problems, plumbing leaks, leaks from roofs or pipes, heating issues, electricity issues, etc.
So, the above are some of the things that you should consider when looking for a good tenant. By following these tips, you will be able to find a very good tenant who will not damage your property and make sure that they pay their rent on time every month without any problems.
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