Finding The Right Tenants
Ready to rent out your home? You’ll need to find the right tenant first! Screening tenants can be a daunting task, but it’s incredibly important. Settling for a tenant can lead to problems — such as unpaid rent, property damage, evictions, and upset neighbours — that will end up costing you in the long run. Follow these guidelines to find a reliable tenant for your home!
Verify the tenant’s employment.
Don’t take the tenant’s word on their income or job stability. Ask for employment references and speak to them yourself. Verify the tenant’s income so you know that they can afford to pay you rent and find out how long they’ve worked with the company. A tenant who is constantly changing jobs may not make the most reliable tenant.
Run a credit check.
You’ve verified your tenant’s income and employment history, but have you factored in their other expenses? Can they really afford to rent your home? Running a credit check will answer your questions. For example, if the tenant has a large amount of debt, they will have a harder time paying their rent. The credit check will also give you an idea of whether or not they pay their bills on time. If they have a history of paying their bills late, they may do the same with their rent.
Ask for references from their previous landlords.
Now that you know that the tenant can afford to rent from you, it’s time to find out if you want to rent to them. The last thing you want is a tenant who pays their rent on time but leaves without notice, damages your property, or upsets your neighbours. You’ll gain valuable insight into what kind of tenant they are by speaking to their previous landlord. The tenant may not tell you if they’ve been evicted or how often they move. The previous landlord can verify why the tenant is moving and how long they’ve lived there. If they’re causing problems that lead to evictions or moving often, they will probably do the same to you. Ask their previous landlord if the tenant pays their rent on time, if they caused damage to the property, and if they had any problems with their neighbours. Asking the right questions will ensure you find a reliable, long-term tenant who won’t leave you hanging with unpaid rent or damaged property.
Trust your intuition.
Even if a tenant looks great on paper, you need to meet them in person and follow your gut. Don’t be afraid to ask them a lot of questions. Find out why they’re interested in living in your home and trust your intuition about whether or not you think you can trust them with your home.
Hire Sleepwell Property Management!
Overwhelmed and not sure if you’re up to the challenge of finding a good tenant on your own? Let us do the work for you! We will help you find new tenants and will screen them so you don’t have to.