Got a Rental Property? Here's How to Find the Perfect Tenants

If you are a rental property owner or have ever thought of becoming one, you know that one of the most important aspects of making an income from renters is to have good ones! We have all heard of nightmare situations involving renters who trash the place, never pay on time, or are just generally difficult to deal with. No one wants that, so how do you go about making sure you find the perfect tenants?

What Makes a Perfect Tenant?

Before we dive into finding a perfect tenant, we first need to ask ourselves, what makes a perfect tenant? There are many qualities that make for a good renter, but some key things to look for are:

-Reliability: A good tenant is someone who can be counted on to pay their rent on time, every month. This is probably the most important quality to look for, as it is the whole reason you are renting out your property in the first place!

-Respectful: A good tenant will respect your property as if it were their own. This means taking care of things, not making too much noise, and generally just being a good neighbor.

-Communicative: A good tenant is someone who keeps you in the loop. If there are any issues with the property, they will let you know as soon as possible so that they can be fixed. This also goes for things like renewing their lease or giving notice that they will be moving out.

-Responsible: A good tenant is someone who takes care of the property and doesn't cause any damage. This is important both for the condition of your property and for your wallet!

Now that we know what to look for in a perfect tenant, let's talk about some specific ways to find them.

Advertise the Property on Reputable Websites

One of the best ways to find good tenants is to list your rental property on reputable websites. This will help you reach a larger audience and give you a better chance of finding someone who is a good fit for your property. There are numerous of excellent websites and online forums that can aid in connecting your rental property with the perfect renter.

Use a Rental Application

When you have decided what kind of tenant you are looking for, the next step is to create a rental application that potential renters will need to fill out. This application should be detailed and cover not only the basics like employment information and income levels, but also include questions about things like credit score, rental history, and personal references.

Verify Application Information

Don't take applicants' word for it. Do the follow-up work and verify the information provided on the rental application. This includes running a credit check, contacting references, and even doing a background check if you feel it is necessary.

By putting in the work now you could be saving yourself a lot of potential headaches in the future. take the time to thoroughly investigate potential renters' previous history by speaking directly with past landlords to get a clear picture of what type of tenants they are.

The same goes for confirming employment and income requirements. By speaking with employers and asking important questions such as length of employment, etc. one will be able to get a well-rounded picture of who they may be entrusting their property.

Both credit and criminal background checks are additional documentation that can protect your investment from possible nightmare situations. While it is important to ensure you follow all laws regarding the Fair Housing Act and Discrimination Laws, these extra steps in the screening process can give you some much-needed peace of mind.

Interview Potential Renters in Person

Once you have narrowed down the pool of applicants to those who look like they would be the best fit for your property, it's time to set up some in-person interviews. This is a great opportunity to get to know the potential tenants better and to see if they would be a good fit for your rental property.

During the interview, be sure to ask questions about their rental history, their employment situation, and why they are looking for a new place to live. This will give you a good idea of what kind of tenant they will be and whether or not they would be a good fit for your property.

Trust Your Instincts

At the end of the day, it is important to trust your instincts. If something doesn't feel right about a potential tenant, don't hesitate to move on to someone else. Having a tenant that you feel comfortable with and can trust is important, so if your gut is telling you to pass on someone, it's probably best to listen.

Get Everything in Writing

Once you have found the perfect tenant, it is important to get everything in writing. This includes the lease agreement, which should be clear and concise and cover all the important topics such as rent amount, length of lease, late fees, etc. It is also important to have a copy of the rental application on hand in case there are any discrepancies down the road.

Use a Real Estate Agent

If you are a new landlord, or managing several homes or unfamiliar with the process of finding the perfect tenants, it may be worth enlisting the help of a professional. Real estate agents and property managers have the experience and knowledge to help you find the right tenants for your rental property and can take care of the screening process for you.

While there is no guarantee that your rental property will be free of problems, by taking the time to find the perfect tenants, you can minimize the risk of having issues down the road. By following these tips, you can be sure that you are making the best decision for your property and your bottom line.