Finding a reliable tenant is not an easy process. As a landlord, you will have to establish standardized procedures of screening, running background checks and conducting interviews to find tenants who will fulfill your expectations. Finding reliable, decent and trustworthy tenants is of the utmost significance, even though you will not engaging with them on a daily basis. And yet, they can make your life a living hell if they refuse to pay rent, initiate legal proceedings or worse, conduct illegal activities in your property. There are so many factors and elements to consider. Landlords must scrutinize every aspect, from income and credit reports to lifestyle, profession, personality and more.
Luckily, the ideal tenant is not a majestic unicorn or some other fantasy that is unachievable. There are millions of hardworking, reliable and trustworthy people who seek reliable landlords and decent accommodations. All you have to do is connect with them. Keep reading to explore practical tips on finding the perfect tenants for your rental accommodations.
Extensive Background Checks
Running extensive background checks is a crucial practice to ensure safety. And yet, many landlords discard this important piece of advice in the rush to secure interested tenants. It’s vital and essential to run background checks to ensure that you’re not renting out space to a convicted felon, a murder suspect or a financial defaulter.
In today’s world, technology has brought everything to our fingertips. Back in the old days, landlords had to hire investigators and visit multiple agencies and police authorities to obtain background check and credit information. Today, you perform a background and credit check with a few simple clicks.
Landlords have access to a wide array of innovative tenant screening tools that allow them to make data-driven and well-informed decisions.
Secure a Long-term Tenant
It’s crucial to seek out tenants that are looking for a long-term accommodation. You don’t want a tenant who will vacate after 6 months, forcing you to begin your hunt all over again. It’s better to put in the time, effort and marketing spending required to find a reliable person who wishes to settle down for a longer period.
Choosing a long-term tenant will come with many advantages. You won’t have to incur the additional expense of finding new tenants, and you can enjoy a reliable monthly income for a long period. Communication and coordination becomes easier when you get to know people and build a good rapport.
Most tenants move in with the intention to relocate within a year, While there’s not much one can do to combat unpredictability, you can take measures to ensure a long-term tenant. You can add a clause in the agreement, or inform potential tenants of your time period requirements before or after they make an offer.
Maintain your Property in Pristine Condition
As a landlord, the easiest way to secure a reliable, decent and trustworthy tenant is by maintaining your property in pristine condition. High-paying professionals and reliable renters seek impressive curb appeal, de-cluttered and neat interiors, modern amenities and a relaxing ambiance. Can your property deliver all these requirements?
Maintaining your place will help you find the perfect tenant because people actively find the luxury and comfort they desire. A well-maintained and impressive property acts like a magnet that draws potential and serious tenants towards itself. On the other hand, a shabby property will attract shady tenants, who will assume you to be a lazy and careless landlord.
Sit down for an In-Person Interview
It's crucial to meet the potential tenant and have a detailed in-person interview. Landlords often rush into securing tenants and presenting them with an agreement in the hurry to secure their deposit. That’s a terrible mistake that has dangerous consequences.
It’s crucial to meet and talk to the individual after you’ve run a background screening and credit check. Once everything seems perfect on paper, it’s time to meet the person for an in-depth personality evaluation. It’s better to meet in person, but you can also hold this meeting over Skype or virtual conferencing.
Pay close attention to their habits, qualities and personality. How do they communicate? What details do they reveal about themselves? Ask them about their cleaning habits, personal hygiene and the significance of a home environment. An interview reveals a great deal about a person, and its important to trust your gut. If you notice any red flags, don’t brush them aside. Its crucial to trust your instincts.
Secure a Deposit
Once you’ve found the perfect tenant who ticks all the boxes on your checklist, it’s time to ask for a deposit. Most tenants try to get out of giving a deposit because it’s a financial commitment. But as a landlord, asking for a deposit is within your right and it serves as protection, in case something goes wrong in the future.
Even the most perfect-looking tenants could conceal psychological issues, a criminal history or even illegal activity. That deposit will act as a security in the event of any disaster, complication or damages around your property.
Prepare a Tenancy Agreement
The deposit is your first weapon of defense against future complications. The second weapon is a tenancy agreement. You must add clauses that protect your legal interests and offer legal protection in case of complications. You must ensure that your tenant agrees to all the clauses before signing.
Be sure to consult a legal expert, conduct research or download an agreement template from the internet. You can always tailored and rephrase the agreement to tailor it to your needs.
Conclusion
As challenging as it may seem, perfect tenants do exist and you can find them. It’s vital to explore reliable and authoritative platforms to market your listings so you connect with upstanding citizens and reliable professionals.
Following the above-mentioned tips will make it significantly easier for you to connect with reliable and decent tenants. Don’t forget to conduct detailed background checks, and secure yourself with a deposit and a tenancy agreement. It’s crucial to take measures to prevent future complications.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
