The Ultimate Guide To Finding The Right Tenant For Your Rental
If you’ve recently made your first foray into the buy-to-let market and have purchased a little condo downtown, you might be at the stage where you’re looking for potential tenants. You thought you’d already done the hard part, renovating the pad, giving it a fresh lick of paint, upgrading the kitchen and dressing it ready for viewings. However, now you need to consider the sort of person you want to be living in this apartment that you’ve so lovingly decorated. You know that you can’t be too fussy, but at the same time, you don’t want to let a hooligan in who’ll have parties every evening, be a nuisance for the neighbours and will trash the place. Take a look at this ultimate guide to help you source the perfect tenant for your dwelling.
Vet Them
It’s vital that you carry out the appropriate checks, like the ones suggested at https://rentalutions.com, on any potential tenant before you even meet them. If you put an advert online, you may get a hoard of responses. Out of these, only half may be viable after you’ve filtered out those individuals who simply aren’t suitable. The couple with four kids simply isn’t going to fit into your one-bed apartment. Make contact with the tenants that you’re keen on following up. Send them an email asking them some fundamental questions that they should be able to respond to quickly. Are they in full-time employment? How much do they earn? Do they have references? If they are cagey about any of these inquiries, don’t pursue them any further. If you like their responses, it’s time to meet them.
If you don’t have time to seek out tenants yourself, it’s more than viable to employ a company to carry out the vetting process on your behalf. Head over to http://hawesrealtyandmanagement.com/ and take a look at their stringent employment verification process and credit history checks. You can still feel safe in the knowledge that you have a financially buoyant tenant even if you don’t carry out the checks yourself.
The Meet
If you do want to take a more hands-on approach to finding a tenant, you need to meet them face to face. Show them around your rental pad and make polite chit-chat. Ask them about their plans for the future and try to gauge if they are party animals or fairly low key people. If they have a temporary job or work on many short-term contracts, do you want to take the risk of them only being there for a matter of months? Take this into account during your meet and greet.
Stability
Most tenants will show you their best side when they come to view your property, and it’s up to you to see through this natural facade. If their previous references from landlords show no tenancies lasting beyond six months, do you want yours to be added to this list? Although they may be in full-time employment and have been for some time, it’s vital that you check that their income covers the rental costs each month. As a rule of thumb, it’s appropriate to find a tenant whose income is three times that of the monthly rent.
Locating a tenant may be harder than you first thought. However, by taking it slowly, trusting your gut and asking the right questions, you can maximize your chances for a less stressful tenancy.
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