Choosing the Right Tenant for Your Rental Property

You may have acquired a new property and decided to move out of your current home. Or you could have invested in some rental properties and look forward to making some money from them. Regardless of the reason, choosing the right tenant to rent your rental property is very crucial. Here are a few ways to go about getting the right tenant:

Put Up an Ad

The ideal way of making people know you are renting out a space or property is by advertising vacancies. Create an ad that attractively describes your property to distinguish it from other properties.

Ensure your headline is catchy and the words you use throughout the advertisement are descriptive. You can advertise the property online, through word of mouth, or by printing posters and pinning them on notice boards or putting a sign on windows the old-fashioned way. Ensure your advertisement has the following information:

• The size of the property.
• Smoking and pet policies.
• Parking.
• Location.
• Date of availability.
• Rent cost.
• Amenities around the area.
• Distance from the main road.
• Utilities included.

Wait for Responses

People are always on the lookout for a vacant property to rent. With the appropriate advertisement, getting interested applicants is easy. It is crucial to take your time in selecting the right candidate for your property. Intricate selection will save you a long time of regret.

Collect Applications and Meet Your Applicants

You can conduct a phone conversation screening. Pick the phone calls of interested people asking about the rental property. Use that as an opportunity to judge based on the questions you will ask them and how your conversation will flow. If they qualify after the screening, arrange a property visit. Set up different times if you have many candidates. Have those who like the property fill in an application form.

Conduct Background Check

Do not infringe on your potential tenant's human rights. Only ask questions that will be of assistance in assessing their suitability to be your tenant. Take time to review the applications and run background checks on every applicant.

You can do this by adding a section in the application form that can help get information from previous employers, property owners, or even credit bureaus. It is crucial to be keen on understanding the landlord-tenant laws of your state. Do this to avoid infringing on your tenant's rights. 

Make the Decision

You have advertised the property, conducted applications, and gotten into contact with the references listed on the application form. In some cases, you may be lucky to find an applicant who stands out from the rest.

But if this is not the case, favor applicants who have a great credit score. Also, go for the ones who lived in their former place for a reasonable amount of time to avoid getting back on the search every so often.

Once you have several candidates remaining, you may need to use your instincts. If you have any doubts about a candidate or something sounded off about them during the whole process, you can disqualify them. Getting the right tenant is not supposed to be rocket science. Do your due diligence and you will end up benefitting.

For more on choosing the right tenant for your rental property, visit Prime Property Group at our office in Oakland or Sacramento, California. You can call (510) 225-0470 or (916) 822-9655 today to schedule an appointment.

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