Finding The RIGHT Tenants The First Time

Finding The RIGHT Tenants The First Time

As a property owner, one of the most crucial decisions you can make is choosing the right tenant for your property. Getting the right tenant comes with many benefits you can even think of; the most important being your rent will be paid to you on time. When you choose a tenant that pays your rent on time, you will understand the difference between profit and loss for you. Choosing the right tenant also means the difference between sleepless nights and blissful sleep as well as happiness and anguish.

As a property owner, no law says you can’t screen your prospective tenants. However, we have listed below some necessary steps you can follow when doing your investigation to prevent misunderstandings and to avoid ugly surprises later on:

First Time Call

Try and make rundown of questions you want to ask your prospective tenants when they call to find out about your property and also keep in mind all that you have to let them know regarding your rental. Some of the questions you can ask include their reason for moving from the former property, number of people and pets, etc. Base your questions on the concerns that are relevant to you. Let them know about the rent and security deposit requirements and any other essential conditions you may have.

When Showing Around

It’s not about showing your prospective tenants around the property alone or trying to increase their interest but also try and also get to know as much about them while showing around; you may get a feel of the kind of people they are. So it is up to you to see what is real and what is not. See if the person behaves well too apart from you speaking politely and showing respect. Were they smoking when they first met you? Keep a mental note of everything, as all these factors will play a role when deciding on the right tenant.

Application Form

It’s essential to have a form which covers can ask for all the possible details you’d want in screening the tenant. Make sure you get references from them and follow up on these references and also run a credit report on the applicant for your safety.

Finalizing the Deal

Let your prospective tenants know about your final decision and tell them about any concessions you ‘made especially for them’ such as overlooking any minor credit discrepancies, etc. After setting the time, date and place for a meeting, inform them about the money they will have to bring and other documentation for verification. Don’t forget that until both signatures are on the lease, you can still back out if the prospect doesn’t quite live up to your expectations.

Try to keep in touch with your tenant and develop a good relationship. By doing this, you can catch little issues and nip them in the bud.

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