One of the most stressful parts of being a business owner is finding the right tenants for your house, apartment, or office space.
Here are some quick tips on how to find the right tenants:
- Screen your applicants carefully. This includes running a credit check, checking their rental history, and verifying their employment. You can also ask for references from previous landlords or employers.
- Get to know your applicants. Schedule an in-person interview and ask them questions about their lifestyle, their plans for the property, and their financial situation. This will help you get a better sense of whether they would be a good fit for your property.
- Trust your gut. If you have a bad feeling about an applicant, don’t rent to them. It’s better to be safe than sorry.
Here are some additional tips for finding the right tenants:
- Post your rental ad in the right places. There are a number of websites and online directories where you can post your rental ad. Make sure you post it in places where your target tenants are likely to see it.
- Set the right rent price. If you price your rental too high, you’ll scare away potential tenants. If you price it too low, you may attract tenants who are not able to afford the rent.
- Be prepared to negotiate. Some tenants may try to negotiate the rent price or the terms of the lease. Be prepared to negotiate in order to find a tenant who is a good fit for your property.
- Be patient. It may take some time to find the right tenants. Don’t get discouraged if you don’t find the perfect tenant right away.
If you are struggling to find people who stay, take care of your property, and are always on time with their rent payments than this is the list for you. Here are a few more tips to making sure you always rent to the right people.
Have clear rules listed of your expectations for your tenants. It is difficult to keep the rules if you don’t know what they are. If there are certain things that you expect your tenants to always take care of you might want to let them know before they ever even contact you about renting out your property. This might be yard care or certain expenses that aren’t covered in the monthly rental fee, like Home Owner Association fees. You can do this by making your property listing nice and detailed. Then only those who are truly interested will reach out to you with honest inquires.
Customer credit checks are a great way for business owners to ensure they are working with people who are consistent with paying their bills. As part of your screening process, you can run a credit check on people who are interested in renting out your property. This can be done before you ever actually meet in person. You could think of it as a way to thin the herd as you look for the right fit for your property.
This may sound a little excessive but take the time to contact the previous landlords that your potential tenant has rented from. This will help to give you a better understanding of what type of treatment you can expect from this person. The previous landlord will likely remember them if they didn’t respect the property so that can be a major warning sign for you to not rent to that person.
If you’ve already done the credit checks and spoken with the previous landlords then it is now time to meet your potential tenant in person if possible. If your property is pet-friendly this is also a great time for a meet and greet with their pet. You can learn a lot about a person when given the chance to sit down and talk with them. Remember, if you choose to let them rent your property you will be working with them for the next few months or even years so you want to make sure you have a relationship that can work in both you and your tenants’ favor.
In your lease agreement make sure you have clear consequences outlined for anyone that breaks the contract. For example, if your apartment complex doesn’t allow pets, what will happen if someone does bring a puppy home? It might not be a bad idea to sit down with a legal consultant to ensure all your T’s are crossed and I’s are dotted when it comes to the lease agreement you have your tenants sign. This will make things work more smoothly and in your favor if anything should go wrong with a tenant.
Finding the right tenant can be a long and difficult process, but remember, you are running a business. You want someone in your property that you can trust and that fulfills their end of the lease agreement every month. It will be worth your time to find the right match for you and your rental.