15 Mar How to Find the Best Tenants for Your Rental Property
When you have a friendly and responsible tenant, renting out a house or apartment can be a fantastic way to grow your net worth and provide you with some additional income each month. However, if you find yourself dealing with a difficult tenant who never pays the rent on time, being a landlord can be slightly nightmarish.
Luckily though, it is possible to weed out the bad tenants and increase your chances of finding the best possible tenants for your rental property. All you need to do is follow these easy tips:
Check and Verify Income
If you find yourself dealing with a tenant who is unwilling or unable to pay their rent, you will eventually need to deal with the legal hassle of evicting them. However, if you wish to avoid this scenario in the first place, you should ask all prospective tenants about their income during the application stage. Ideally, your tenant should earn around three times their monthly rent. You can then verify this information by asking for a recent pay stub. If you want to be confident about their financial status, you can also run a credit check – with their permission of course.
Carry Out a Background Check
Though it can be quite tempting to hand over the keys to the first person who is willing to pay the deposit, this is rarely advisable. Instead, you should take the time to conduct a proper background check on each prospective tenant. If you see anything in their profile that gives you cause for concern, do not be afraid to reject their application and leave the property on the market for a little while longer.
Speak with Previous Landlords
One of the best ways to learn more about how your tenants will behave once they have the keys to your property is to speak with their previous landlords. They will be able to let you know if the tenant received a lot of noise complaints, caused a lot of damage to the property, or failed to pay their rent on time. On the other hand, if a tenant is responsible and well-mannered, their previous landlord will be able to verify this.
Finding the right tenant for your rental property is never an easy task. However, it should not be rushed. If you take your time and follow the advice laid forth in this article, you can ensure your new tenant is courteous and responsible.