Finding tenants for your rental property can be an overwhelming task, especially for new landlords. Your property is one of your most valuable assets, so it is very important that you find people who will care for your property as though it were their own. Here are some things to consider when finding the perfect tenant for your rental property:
1) Marketing for maximum exposure. Find out where renters in your area are looking for places. Classified websites are a great place to start because many of them are free to use and reach out to a huge audience. It also gives you an opportunity to check out other rental properties in the area so you can make sure to price yours right. Keeping your rental price inline should give you a few potential tenants to choose from. Pricing your property too high will eliminate potential candidates, and could potentially leave you with tenants that have no intention of paying.
2) Nice places attract nice people. If you happen to have a messy person living in your place at the moment, it may be worthwhile to leave the place vacant for a few weeks so that you can freshen it up. You will have more interest, and the rental value will be more apparent with gleaming floors and shiny appliances. Potential tenants may find clutter distracting, and have difficulty envisioning the rental space as their own.
3) Keep an open mind when it comes to pets. Dogs and cats become like family to most people. Tenants with pets tend to stay longer because it can be difficult for them to find other rental units that will allow their animals. They also demonstrate responsibility. It is fair to ask potential renters for details on their pet including breed and weight so you can make an informed decision. It ís best to avoid certain breeds if you have concerns about noise or damage to the property, but there are many pets that are suitable for rental units, and many pet owners that will take responsibility for giving them the care they require.
4) Bankruptcy and bad credit are ugly, but they don’t have to be a deal breaker. If the applicant displays a steady employment history, the references are valid, and they are forth coming with any information that you require, you may not want to overlook them as potential tenants. In addition, people with damaged credit are less like to end their lease because they have purchased a home. Evaluate the tenants based on their overall application to make an informed decision. Determine if their situation is due to an isolated circumstance or if it is the result of irresponsibility.
5) Look for chemistry. People generally put their best face forward when it comes to meeting a potential landlord, but pay attention to their expectations and mannerisms. The landlord/tenant relationship is somewhat of a “for better or worse” contract, so be prepared the occasional late night phone call over the course of a lease. If the prospective tenant seems like an individual that you can have a mutually respectful relationship with, they will probably be a great occupant for your property.
First impressions are usually a great representation of the character and dependability of a potential tenant. Remember that people rent for many different reasons, and most people are responsible and respectful. Take the time to get to know your potential tenants, check their references, and make a decision that you feel comfortable and confident about. Hamilton-Franklin Realty invites you to browse through our available income properties currently for sale. We also provide complete property management services. To learn more feel free to contact us at 239.236.1239 or email us at info@HamiltonFranklinRealty.com