Greg & Colin Thornton RE/MAX Sabre

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How to Choose Quality Tenants for your Property

Property is a huge investment. You cannot afford to give it away to tenants that don’t bother to take care of it, are lousy in making payments, create problems for the neighbors or in short are a source of constant headache for you. Like you need to invest some time in selecting a property you also need to spare some time in choosing the right tenant for your precious property. Mentioned below are some points that will help you find quality tenants for your residential property.

Advertise your property well – Writing a nice ad copy and advertising your property in reputed newspapers or websites such as RentalCluster.com projects you as a serious landlord hence you receive applications from more responsible people. Besides, as sites such as RentalCluster are widely referred by tenants you are likely to receive greater number of applicants which puts you in a position to choose the right tenant.

Check references – Once you receive the applications, it is extremely important to screen them closely. Speak to the past landlords and ask relevant questions such as did the applicant paid rent on time, did they take care of the property, were there any complains against them from the neighbors, do they share any relationship with the tenant, and given a chance would they give rent to them again. Answers to these questions will give you an idea about the applicant.

Run credit check – You can also run a credit check to check the financial position of the applicant and if there are any bad debts against them. This gives you an idea about how responsive the applicant is in making the payments.

Take a personal interview – This is the most crucial stage. Try to judge the applicant closely – how he dresses up and how he behaves. An applicant who is dressed shabbily, reaches late and behaves arrogantly or disrespectfully is not likely to take care of your property or maintain. Also, ask questions relating to the application to find out it they are telling the truth. Analyze their reactions when you explain the tenancy rules to them. If they are finding them too hard or react negatively, they are not likely to follow them. You must also try meeting all occupants including the pets before letting out your property.

Don’t be in a rush – Though nobody likes to have a void period, it is good to have patience when choosing a tenant. Rushing to handover the property to the first tenant that approaches you might prove to be risky so take your own time and give away your property to the most suitable applicant.

While it is important to keep the above mentioned points in mind, always go by your instincts when choosing the right tenant.

 

By Sharon for Rental Cluster

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