Finding a tenant for your rental property can be challenging. Why? Because you’re going to need to find someone who is financially responsible, appreciates your property, and won’t cause any issues.
Well, if it sounds like a task to you, here are tips that will help you find your “dream tenant”. Check these out.
Try to Set Up an In-Person Meeting
Meeting with the potential tenant in person is a great way to get a feel for their personality. This will help you determine if they would be a good fit for your property.
It’s also a good opportunity to ask them some questions about themselves, such as:
• Why are they moving?
• Have they been suffering from any prolonged diseases?
• How many people will be living on the property?
• Are they looking for a long-term or short-term rental?
• What is their budget?
By doing this, you can get an idea of who they are as a person and if they would be a responsible tenant.
Run a Background Check
Understanding a tenant in a meeting or two may not give you the best idea about them. This is why conducting a background check can help you tremendously.
Doing a background check will help you understand if they have any criminal convictions that could lead to a nuisance on your property. It will also give you an idea of their credit history, as this could indicate how they had been managing their rent payments and eventually, how they would in the future.
Check the Credit Score
Checking their credit score will give you an idea of their current financial situation. A high credit score usually indicates that a person is responsible for their debt repayments and likely to pay their rent on time. On the flip side, a poor credit score could mean that they have a history of not managing their financial affairs, which may translate into them being late with rent payments or not paying at all.
Request References From Past Landlords
Doing this will give you an idea about the tenant’s lifestyle and how much rent they paid. You can also find out if there were any issues with them as a tenant.
Here are some questions you can ask the previous landlords:
• How long did the tenant live on your property?
• Did they pay their rent on time, or were there any issues with late payments?
• Did the tenant have any pets?
• What was their general attitude towards you as a landlord?
• Were there any issues with the rental agreement?
You can also consider contacting MancoAbbott. They manage property management in Fresno and can help you take better care of your property.
Check Their Income Proof
Don’t forget to ask the potential tenant to provide proof of income. This could be in pay stubs, bank statements, or tax returns. This will give you an idea of how much money they earn and whether they can afford to rent your property.
Put in place an agreement that outlines the tenant’s responsibilities, such as paying rent on time and keeping the property clean. This will help avoid any misunderstandings or disputes between you and the tenant.
Other terms and conditions of the agreement can include:
• The period of the tenancy (for example, 1 year or 6 months)
• House rules (such as whether pets are allowed on the property)
• Any rules for subletting or assignment
• Leaving the property in the same condition as it was at the start of the tenancy
• Having a fair process when terminating the tenancy (for example, 14 days’ notice)
• The amount of rent and any additional charges (for example, utilities or laundry)
• What happens to the security deposit at the end of the tenancy (for example, is it refundable, or will it be forfeited).
While looking for decent tenants for your rental property, it’s important to keep the above-suggested measures in mind. It can help you make an informed decision about who you allow living on your property.
Got any questions? Ask us in the comments!