By startingpoint July 21, 2014

Who to rent to:

Obviously you want the best possible tenant that will care for your property as if it were their own. While you will quickly find that tenants like this are few and far between, they do exist. Make sure that you do perform a credit/ background check, verify references and income. Someone can make themselves look very good on paper, but may not always be that good in real life. Unfortunately, you can’t just take someone’s word on their references and individual situation.

 

Where to find tenants:

Advertise the rental property on the MLS, Postlets, Craigslist, Zillow, Trulia, Yard Sign, etc. Then just wait for the calls to come in! If it is a good price and good location then the phone will ring.

Credit/background checks- An average credit check will run you anywhere between $10 to $45 per applicant. A good credit/background check will reference all addresses within the past 3 years, civil and criminal records for the past 15 years also showing any rental related judgments. We use AAA Screening and have had good success with their services.

After you do find a qualified tenant then make sure to review the lease thoroughly, get the security deposit and first month’s rent. Hand over the keys and stay in touch, periodically do drive-bys of the property and check up on the tenants.

When the tenant does give notice then you will have to deal with getting a new qualified tenant in. You will find that some landlords actually pay the tenants to show the property to prospective tenants. Have the tenant give you a few slots of time that you can send over potential tenants to look at the property. You can offer to pay the tenants a minimal fee to being agreeable to this and showing the property. If you are not able to have the tenant show the property while it is still being occupied then you will have a vacant property to show after the tenant moves out and any repairs are done. If its not convenient to meet the prospective tenant at the property then you can always have them stop by your office to pick up the key, go look at the property then return the key and fill out a rental/lease application if they are interested.

“I’ve NEVER been late with a rent payment – but my boyfriend has forgotten to mail it a few times… “ – Tenant

Finding the right tenant for your property can be a bit stressful, following these procedures and using caution is sure to save you some stress in the long run. For more information check back with us here, and follow us on Facebook, Twitter, and Pinterest.