You can have the perfect property in the best location, but if you don’t have great tenants, none of that will matter. You need honest, trustworthy tenants that will not only pay their rent on time, but that will also properly care for your dwelling. So how do you go about finding the perfect tenant? What does that entail? We are asked these questions every day and we have done our homework. Here are the ways that we have found solid leads in the tenant arena.
There’s a Ton of Fish in the Sea
Scope out potential tenants from as many sources as you can find. Look at posting ads on reputable rental sites, bulletins, and online publications. If you’re looking for families, then, you may want to be specific about the websites you post your ads on. Ask for referrals from your friends and family, but also be cautious with that. Make sure that you can do business with the potential finds. Try to gather as many applications as possible, so that you can choose the best possible tenant and not necessarily just take the first one that bites.
Perform a Thorough Background Check
It’s worth every penny to pay for a solid background check. No one is perfect; however, background checks tell a story. There are certain skeletons in the closet that mean game over. Credit checks go hand-in-hand here as well. If your potential candidate pays every bill late and is delinquent on their current rent, what makes you think they will pay yours? Do your due diligence to be sure that you are lending your property to a responsible and honest candidate.
References Are Your Ally
After you’ve conducted a thorough background check, we strongly encourage you to ask for references. Pay attention to the types of references, as well as the things noted in the reference. This is where it’s a good idea to compare references. If you have a few candidates to consider, you will have several letters or phone discussions to compare. This can show you by the absence of information or specific details mentioned by the individuals whether or not you are getting the cream of the crop. Often times, this can make or break a deal. You can get a really good picture of who someone is.
Becoming a property manager is an exciting endeavor. While this is a lucrative investment, it can also be rewarding. When you find those amazing tenants, we promise that you are going to feel so good about offering them a safe and beautiful place to live. Just remember to protect your asset. Pay a little bit extra to get that background check. Seek out as many tenants as possible, so that you can choose from the best. Ask for references and ultimately, follow your gut. If you have a good feeling, there’s a reason you feel that way. If your intuition is telling you to walk away, listen. There are lots of fish in the sea.z We are confident that you will find the right one.