It may take a while for you to screen all the candidates while looking for a good tenant. However, it’s worth the effort since you will have peace of mind when your property is inhabited by someone who knows their rights and responsibilities.
Renting your property out to an unqualified tenant without thorough research or a background check can bring in a lot of headaches and expenses your way. Consequently, having to search for an ideal tenant who is respectful, responsible, and reliable can be quite a stressful task while your property continues to remain vacant.
In this article, you will come across a compiled list of handy tips and tricks to help you with your search for an ideal tenant.
For more information about tenant insurance, visit Surex.
What Is Rental Property?
Rental property refers to any single-family home, condo unit, apartment, etc., that is purchased by an investor and is inhabited by a tenant who rents it on a lease. Residential rental property is primarily used for family or personal dwellings.
In other words, rental property is owned by the landlord and temporarily inhibited by the tenants for the period as mutually agreed upon by both parties.
Tips For Finding Good Tenants For Your Rental Property
1. Follow The Law
Since many laws regulate advertisements and tenant selection processes, it is better to familiarize yourself with all the housing and tenancy laws that may apply to tenancy.
Landlords and tenants are subject to the Residential Tenancies Act (RTA) alike. It gives both tenants and landlords certain rights and responsibilities regarding rent, eviction, maintenance, and other things associated with tenancy. Therefore, as a landlord, make sure to treat all prospective tenants equally and adhere to your local laws.
2. Do Your Research
It is essential that you go the extra mile to ensure a few things that may lead you to the perfect tenant for your property. You can start by looking for suitable and potential tenants who might be searching for a new property to move to in your locality.
Following this, you can also look at nearby amenities, nearest transportation, and comparable rent prices to deduce the justifiable rent for your property while following the housing laws in your area.
3. Maintain Your Property
Having your property kept in impeccable condition can significantly cut down the time it takes for you to find a tenant. A well-maintained property attracts interested tenants and lures them into paying the desired rent while taking good care of the property.
Meanwhile, it is not recommendable to break the bank in the process of paying for the upkeep of your property. Keep routine repair and maintenance within budget and align it with the neighbourhood to ensure that your property remains in the race.
4 Market It Well
Advertising your property online across various digital and social media platforms can significantly enhance your chances of finding tenants. Try to mention as much information about your property as possible, such as the number of available rooms, parking spaces, if pets are allowed, if it is furnished, etc., so that your tenants know what to expect.
Publishing photos or a virtual tour of your property is also a great way of showing available amenities and appliances to prospective tenants.
5. Check Their Credit
You would not want someone who is financially irresponsible and unstable to live in your property as it may lead to troubles like untimely rent payment, ill-maintained property, etc. Thus, make sure that you verify a prospective tenant’s income, ask for copies of their paychecks, check their income to debt ratio, look for any prior evictions or cases of bankruptcies, etc. However, make sure you have their consent in all this.
6. Give Privilege to the Ones with a Tenant’s Insurance Policy
It will be beneficial to rent your property to someone with tenant’s insurance because it covers a tenant’s belongings against risks like theft, fire, and other perils listed in the policy documents.
Apart from this, a tenant’s insurance also covers a tenant’s liability. For instance, if your tenant accidentally injures someone or damages someone’s property on your premises, the tenant’s insurance policy will cover the expenses incurred.
7. State Your Requirements and Expectations Upfront
As a landlord, it is essential that you make your demands and expectations known to the tenant at the very start to ensure minimal property damage, no disturbance to neighbours, and have a non-conflicting landlord-tenant relationship.
For instance, you can clarify the maximum number of people allowed to live in the unit at a time. Do let them know if pets are allowed. Also, let them know if you want them to provide notice 30 days before moving out.
Learning basic information about your tenant and letting them know your criterion at the very start itself is a great way to help separate those who are a good fit and those who aren’t.
Looking for the ideal tenant can be quite a mammoth task. But taking care of certain factors and doing a proper tenant screening is always essential so that you don’t end up with problems in the future. Don’t just take in anyone in haste or desperation. Instead, take your time to search for a responsible tenant with a good credit score, tenant’s insurance, and other things that would make it easier for you to handle and manage a tenant.
Apart from the tips given above, you can always hire brokers or take the advice of tenant insurance experts who can help you through the screening process and find the best compatible match for you and your rental property.