Finding qualified renters is the key to success with owning rental property because of the fact that once you find the right tenant, you can have confidence that they will successfully rent from you for 12 months or longer.
Sadly, some landlords make the mistake of choosing an unqualified tenant solely because they didn’t take the time to focus on tenant screening, background checks or looking into the rental history of a prospective tenant.
The good news is that choosing the most qualified tenants can be easy, especially when you follow these simple tips.
Tip #1 – Always Price Your Rental Correctly
One of the top rules that every landlord should follow is the importance of pricing their rental unit correctly. This means that they should not price their rental below the market value, or too high, because of the simple fact that if it’s priced too low, the rental is going to receive a lot of interest with tenants who would potentially be careless or inexperienced. At the same time, if the location is priced too high, it could sit on the market for a lot longer than it should.
The best way for any landlord to price their rental correctly is to take the time to do market research before they list their property for rent. This step is critical because of the simple fact that it will give a landlord an estimate of what comparable properties are renting for so that they know what they should rent their property for.
Tip #2 – Be Ready for Questions
One of the main reasons why some landlords rent to tenants who just didn’t work out is because of the fact that the renter did not have their questions answered before they signed their lease, and they ended up breaking the rules, regulations, or doing something which led to their eviction.
This is why landlords should know their rental properties better than anything else and be prepared to answer a ton of questions from prospective tenants. Taking the time to answer those questions will give a landlord confidence that the renter knows all of their rules and can’t break them because they didn’t know them.
Tip #3 – Don’t Skip the Credit Check
Although credit checks are unpopular with some landlords, the reality is that they should never be skipped because of the simple fact that a prospective tenant’s credit history will provide a landlord with a rough idea into the quality of the individual that they are thinking about renting to.
If a prospective tenant has a variety of collection accounts on their credit report including unpaid utility bills, this should make the landlord the question if the individual is going to be somebody who rents from them for a few months then skips out on paying their rent, while leaving behind a variety of unpaid utility bills or other expenses.
Tip #4 – References Should Be Required
Landlords should always require prospective tenants to provide references, including personal and professional references, because of the simple fact that those references can provide the landlord with a clue into the quality of the individual that they are considering renting to.
A word of caution, though, personal references should always be taken with a grain of salt because of anyone can easily vouch for their friend or a family member. The best possible references that a landlord can require should be rental and work references because these references will provide more detailed information about a tenants history then their personal references could.
Tip #5 – Take Your Time Reviewing A Prospective Tenant
Even though some tenants maybe wanted to move in right away, landlords should always be ready to take their time when investigating a prospective tenant because a thorough background and credit check are the keys to success with renting to someone who will be a reliable tenant for years to come.
Contact Rent Portland Homes
At Rent Portland Homes, we know that tenant screening can take a lot of time, especially when you have a full-time job, family, or other Investments they care for regularly. Thankfully, Property Management can save you the time, money, and hassle of having to screen tenants yourself.
To learn more about the property management services that we can offer you, contact us today for a free consultation by clicking here.