Whether you’re leasing a house or putting your apartments up for rent, being a landlord isn’t always easy. This is especially true when it comes to choosing the right tenants.
Ideally, you’re going to want someone who pays on time, respects your property, adheres to the rules, and keeps the noise down to a minimum.
That said, you’re going to need to be able to discern who’s right for the picking, and who’s just a bad apple. Fortunately, in this segment of The Landlord Chronicles, we’ll be covering 4 tips that will heighten your chances of finding the right tenants.
As you read today’s post, bear in mind that these tips are applicable to every landlord. So, whether you’re brand-new to the sport or been in the game for a while, pay attention. You might just learn something new.
Without further ado, it’s time for some real talk!
#1. Don’t Rush The Process
We understand, having a gap in tenancy can be very stressful and make your feel anxious. However, this doesn’t mean you should allow just anyone to be your new tenant.
Remember, desperation almost always leads to poor decision-making. So instead, plan ahead before your current tenant actually leaves.
Be proactive and get those ads out there early! Whatever you do, don’t rush yourself into getting stuck with a unfavorable tenant because you felt the need to quickly fill a vacancy.
#2. Broaden Your Landlord Horizons
It’s a universal principal, you get back what you put in. Therefore, if you’re marketing and advertising game isn’t the best, you may not attract the best tenants (or any tenants at all).
If you find yourself in this position, it’s highly encouraged that you take the route of hiring an agent. It’s no secret that real estate agents possess the means to get word of your property circulating in the right crowds.
Certainly, our team members at The Ryan Knowles Team are more than happy to extend our services to you. We understand the pangs that come with being a landlord and we’re here to help. Contact us here.
#3. Vet Your Prospective Tenants
This step is pretty straight forward and very action-driven. This is where you ask the hard questions and request proof of personal and professional information.
We’re talking interviews, valid police records, proof of employment and income, rental history, and so on.
Use this as an opportunity to get complete confirmation and put to rest any lingering doubts about all prospective tenants.
Alternatively, use it as means to mentally check-off any unfavorable candidates right then and there.
#4. Always Trust Your Gut
In any instance, you’re encouraged to trust your gut. That sense of knowing can’t always be explained with words. And that’s perfectly fine.
Remember, you can do all the vetting and screening in the world, but there’s nothing like betting on your instincts. For they are the best judge of character.
The Final Say
Like most good things, finding the right tenants takes time. It requires us to be patient and keep our cool to avoid over-compromising.
Also, we may need to consult professional services to attract the right applicant pool. And while vetting is essential, it all boils down to trusting that gut feeling. Only then, will you have chosen the right tenant for your property.
This concludes today’s Real Talk session. If you enjoyed it, feel free to share and connect with us on social media using the links down below.
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Thank you all for reading and we’ll see you soon for more Real Talk!