Do you own some rental property? Are you looking for new tenants? When renting out your home it is important to find quality tenants to entrust with your property.
Keep reading to learn how to find tenants that will be a great fit for you and your rental.
Table of Contents
Reach a Large Pool of Applicants
In order to find tenants, the best places to post your available property is either online or in the newspaper. You have a better chance of finding a great tenant if you have more people to choose from so you need to market your property using various forms of media and for as much as your budget will allow.
You can get more quality applicants by using this page to help increase your visibility online and reach the right kind of people.
Rental Application
When you begin screening potential tenants you should create an application with important questions that you would like to ask them as well as any documentation they may need to provide.
This way you won’t forget anything that is important during the process. It is also a great way for you to be able to go back and review their information if there are a couple of applicants you are interested in.
A background check should also be part of the application process. This will allow you to rule out anyone who has a severe criminal background. This is usually a sign of what type of character the person has and maybe a good indication of how they will be as a tenant.
Verify Income
Part of the application process should involve verifying the applicant’s income. A good quality candidate will earn at least three times the amount of the monthly rent. This is a great way to make sure they will be able to afford the rent every month.
In order to verify their income, you should request at least two of their most recent paychecks and a copy of their bank statement.
Interview the Applicant
Once you have received their application and verified their income you should arrange an interview with them. This will allow you to get a better understanding and opinion about the person which you won’t be able to get from the application alone.
Make sure you ask a lot of questions as a way to get to know them. Some of these questions should be about why they are moving, if they smoke or have pets, how long they anticipate renting from you, and who will be living with them.
Learn More About How to Find Tenants Today
These are the most important steps you should take when learning how to find tenants that will be a good fit for you and your rental property. Start by requesting that they fill out an application, run a background check, and verify their income.
Next, you should interview the person so you can get to know them on a more personal level and decide if they will be a great choice.
If you would like more property management tips or information be sure to visit our website daily!
