Before we even start we have to understand that this will be a relationship and having a good tenant will also depend on being a good landlord, make sure you get ready with everything you need before starting to look.
Make a list, then divide and conquer
The most overwhelming part of renting your unit is undeniably the moment when you start to realize just how much there is to do. Before you even let yourself go there, stop and make a list of everything you need to do.
- Begin by listing all the rooms in your rental unit. Include all spaces that the tenant will have access to and which one they won't, if you start clear from the beginning there will be a smooth start to the relationship.
- Start listing if there's repairs or fixings that needs to be done in each of those spaces and fix them before having people come over for showings, for mayor things you should have an specific date or estimated time of when it will be repaired so you can communicate that to your new tenant.
- Try to gather all legal forms and information you need depending on the type of tenancy you are looking to offer.
Choosing the right tenant can be a little scary when you are starting your journey.
Bu don't panic! Take a deep breath and remind yourself that nobody knows how to do everything. Here are some best practices to help you select the best tenant for you:
1. Screening Process
- Credit Check: This will help you look for a good credit score and a history of on-time payments.
- Background Check: Conduct a thorough background check to identify any criminal history or past evictions.
- Employment Verification: Confirm their employment status and income. A tenant should typically earn at least three times the rent amount.
2. Rental History:
- References: Ask for references from previous landlords to learn about the tenant’s rental history, including their behavior, payment punctuality, and how they maintained the property.
3. Personal Interview:
- Meet in Person: An in-person interview can give you a better sense of the tenant’s personality and reliability.
- Ask Questions: Prepare questions regarding their rental history, reasons for moving, and any specific needs or concerns they might have.
- Trust Your Instincts: Sometimes, your intuition about a person can be a valuable guide. If something feels off, it might be worth considering other applicants.
4. Income and Employment Verification:
- Pay Stubs and Bank Statements: Request recent pay stubs or bank statements to verify their income.
5. Rental Application:
- Detailed Application Form: Use a comprehensive rental application form to collect essential information, including employment details, rental history, and personal references.
6. Rental Policies:
- Clear Policies: Establish clear rental policies regarding pets, smoking, maintenance responsibilities, and lease terms. Communicate these policies upfront to avoid misunderstandings.
- Lease Agreement: Use a detailed lease agreement outlining all terms and conditions, ensuring both parties are fully aware of their rights and responsibilities.
7. Fair Housing Laws:
- Compliance: Adhere to fair housing laws and avoid discrimination based on race, color, religion, sex, national origin, disability, or familial status. Familiarize yourself with local regulations.
Even though is never gueranteed, by following these best practices, you can increase your chances of finding a reliable and responsible tenant who will care for your property and pay rent on time. If you have any questions or need more resources, feel free to reach out!