Renting out your property has its benefits—terrible tenants are not one of them. It is hard to find the right tenants to take over every time the lease ends. You want tenants who will take care of your property, pay rent on time, and cause you as few headaches as possible. Unfortunately, these tenants are not always easy to pick out of a crowd.
Finding the right tenants takes time and knowledge. You must know the right steps to take, understand the law, and know exactly what you are looking for in a tenant. To do this, there are a few things you need to think about and know before getting started on finding the perfect tenants for your property every time.
Dealing with tenants is not always fun, especially if they begin to be troublesome. If you are sick of screening tenants and having to deal with the bad ones, let us help! At Atlantic Property Management, we can help you with your tenant issues and well as other property management services, allowing you to grow your portfolio without dealing with all of the stress.
In a previous blog, we discussed how to deal with troublesome tenants. In this blog, we are going to talk about how to find the right tenant. If you want to be the one who selects the tenants for your rental property, read on to learn the best way to choose the right tenants!
Know The Law
Before you begin the search for tenants, you must know the laws. The Federal Fair Housing Act says that you cannot discriminate to anyone based on race or color, national origin, sex, religion, disabilities, or familial status. Many states have other fair housing rules that you must follow. As you get started with your rental property process, be sure to read and understand that laws you must follow. This will help you stay out of legal trouble and make renting easier.
After you figure out the laws and make sure you follow them, making a list of criteria can help make your process easier. Having set criteria will help you quickly determine if a renter will make the right tenant. These criteria should follow the state and federal laws and highlight what you want in a tenant. This could be anything from credit score to if animals are allowed. To find the right tenants, you must know exactly who you want in your property. These factors may include:
- Amount of income
- Employment status
- Credit score
- Rental history
- Criminal record
- Length of lease
There is no right answer to the criteria, it is simply the type of person you want renting your property. If you don’t want dogs in your rental, then make sure a tenant with dogs isn’t considered. One way to make this process easier is to only consider the tenants that meet all of these criteria.
To make sure you don’t have a ton of applicants who don’t meet a majority of your criteria, make sure you state exactly what you are looking for in your ads, wherever you happen to post them. When potential renters read a description of your rental property, they should know whether or not they will be a good fit based on your criteria. A well stated set of criteria will help weed out the renters who are not a good match for your rental. This will save you time and help you find the right tenants faster.
Show The Property
Many rental property owners will show the property before the tenants apply. This is a good way for the potential renters to get a feel for the property and actually decide if they want to put in an application or not. With the expectations stated clearly in the property listings and a showing, you can make sure the renter applying for your property are actually serious about this property and they will hopefully fall under your criteria.
Talk to these tenants and get to know them. Ask them why they are looking for a new place to live, where they are currently living, if they will have roommates, about their job, and any other questions you feel the need to ask. This could be a great way to weed out the good tenants before they even apply. Ask the tenants that you like if they would like for put in an application, this may help ensure the good choices apply.
While showing the property, you will want to watch out for any red flags. If they are late to the showing or a no-show, this is a great sign that they may not be the right tenants for your property. Any tenants that refuse to give your permission to do a background check or a credit check may also raise a few red flags. Be aware of how these tenants act and decide whether you want them living in your property.
Take Care Of Business
Once you have a stack of applications that you are considering, you need to start taking care of the important stuff. Make sure you get permission to do credit checks, get a background check, contact old landlords, and ensure these potential tenants have stable employment. You want to make sure to do this every time, and while it may be annoying to do this with every application, it is important to ensure you find the perfect tenant for your rental property.
Once you have taken care of these important matters, you can narrow your list down and hopefully only have a few renters to choose from.
Selecting The Tenant
Once you have the list narrowed down, think about which option would be best for your rental property. Hopefully you have been able to bring the number of applicants down with your screening methods and set of criteria. Once you pick your tenant you can relax a bit, until the lease ends and you have to do it all over again.
There is a lot that goes into finding the right tenant for your property and whileou may want to be the one to select your tenants, the process is time consuming and may get in the way of your busy schedule. That is why Atlantic Property Management is the right choice! We will do tenant screenings for you and make sure you have the best possible tenants to choose from. We understand the laws, know how to identify red flags, and can help you find the best possible tenants for your rental property, every time. If you are about to begin renting your first property or have been doing it for years and need a break, we can help. Contact us today to learn more about our services!