Being a landlord is not an easy task. You’ll have to be both strict and understanding as well. However, the most challenging part is finding the right tenants for your property. Many times there is a mismatch between the expectations of the tenant and the landlord.
So, it is of vital importance that you choose your tenants very carefully. And how will you do that? In this article, we’ll share six ways to find good tenants for your rental property.
Understand The Legal Requirements
Before you even think of renting out your property, you must understand the legal framework regarding the same. Each state has different laws related to tenants and landlords, and on top of that, there are federal laws as well.
One of the most important laws is the Fair Housing Act, which illustrates the basis on which you can discriminate against your tenants. There is a host of several other laws that outline the procedure and guidelines related to property rentals. You can hire an attorney or join the Landlords Association to educate yourself.
Know Where To Advertise
Advertising is the primary means through which you will attract potential tenants. However, it is not just splashing out money and hoping that you’ll be swarming with applications.
You need to find the right platform to advertise your property to find tenants that will suit you. For instance, people looking to find a property in Dubai won’t be looking up classifieds in American newspapers.
Create A Detailed Rental Application
Rental applications are a must when screening potential tenants, but what you want to put in that application is debatable. You must create an application that is as detailed as possible.
Ask for their previous addresses, at least a couple of references that are not related to them, their social security numbers, and other necessary details. A rental application is your primary source of information about your tenant, so you must be as thorough as possible.
Perform A Thorough Background Check
Background checks are tricky, and you might have to hire a professional to do it for you. Regardless of what you choose, you should be thorough about it.
Eviction history and credit history are the two most important parameters that you should never overlook. Both of these will give you an idea of whether a particular person can pay the rent on time or not.
You should also have information about their previous landlords and ask them about their behavior. You can even ask their employer about their conduct and how they are as a person.
Social Media Presence
Nowadays, social media can tell a lot about a person, and as a landlord, you can take full advantage of it. People often post stuff about them partying late at night with loud music on their social media profiles.
And if you disapprove of such behavior, social media is a good way to find it out about your tenants. Furthermore, many millennial tenants will often opt for social media ads instead of newspaper classifieds. So it is also a great way to interact with your potential tenants.
Whatever you do, never settle for just anybody if you don’t find the right tenant for your place. Establish specific criteria, and if a person doesn’t meet it, you go on and reject them.
Don’t be desperate and take anyone as your tenant. Before you know it, you might find yourself in substantial legal and financial problems from which you might take years to recover. The perfect tenant for your property is right around the corner. All you need to do is just hang in there and wait for him or her to come along.