There is nothing worst than a horrible tenant, well there is death so there's something but a bad tenant could mess up your financial plan and budget but could have a drastic affect on your biggest investment. Often times we find that landlords just want someone and don't take the time to do proper due diligence on prospective tenants. Here are a few steps you can employ to help you find tenants and pay and are all-around responsible.
Identify your Target Tenant
Who is your ideal tenant? Identifying what personal profile might best fit your objectives is a good place to start. To a certain degree this requires market knowledge and honestly looking at what your'e offering. If you have an inner city rental property, it would be a bit unrealistic to aim for professional expats as tenants. Some other points to consider; am I living on property and what profile I'd want as a neighbor, do I want someone with or without kids, older or younger, professional or no preference, these points of reference help you look at tenant applications with clarity and focus.
Use a Real Estate Agent
I know this one seems self-serving but it isn't I promise. In you effort to interview the most prospects you need to market widely, and simply put, agents have a wider reach than you. They are connected with the entire real estate community and have insights on strategies to help find your ideal tenant. Their ability to meet with client while your'e otherwise indisposed help you reach your goal quicker, and having someone else working on your behalf reduces your effort.
Read between the lines
Your agent should have prospects fill a printable tenant application that you can review and digest to help you decide on their success as a tenant of yours. You can learn about someone from that application, how long they've been on the job, where are they moving from, why are they moving, do they have references, where are they employed, how many dependants? All these things paint a picture about your future prospect and you should follow your intuition and your agents thought on the prospect.
Meet Face to Face
It's amazing how someone could look good on paper and the reality be so disappointing. There so many inferences that are made from an in-person meeting, especially in your goal to determine someone who is a perfect fit for your property. While it feels weird to meet face to face when most of the information you need is on paper chatting with someone for a few minutes could let you know whether this person seems of good character.
Our expert team is here to help you through this process holding your hand throughout. If we can provide information or help in getting your property rented please do not hesitate to reach out to us.