As a landlord, you will be able to save yourself a great deal of money and time when you find the best tenants for your property.
An ideal tenant is one who can pay the rent every month, keep your property in tiptop condition, and stick around for a longer time frame, which will help reduce any void periods.
Unfortunately, there is no winning formula that you can use to find the best tenants for your property. But, there are some tips that can ensure that you start right from the get go.
Conduct Thorough Background Checks
There is a possibility that you will deal a lot with your tenants, so it is a must that you know who you will rent out your property to. Never be afraid of sounding intrusive. It is perfectly understandable for you to want to confirm the ability of the tenant to pay the rent. You can ask to take a look at the past 3 months of bank statements, inquire about their job, and whether they work full time or part time. Such simple queries can give you some idea regarding their income and expenditures, and if they can really afford renting from you.
Go Through the Written Contract
You might have to deal with plenty of paperwork when looking for a tenant for your property. You have to ensure that you have a legally binding and properly drawn up short-hold tenancy agreement. It is not necessarily a legal requirement yet it will protect both you and your tenant in case something goes wrong. You as well as your tenant must sign this document.
Get the Right Security Deposit
Most of the time, the tenant pays upfront a deposit rent good for six weeks when they move to a property, or a rent good for one month. Being punctual in the payment of the deposit is among the first few indicators if your tenant will be diligent in making on time payments. Never hand over the keys to your property until you get the deposit from the tenant, and you have safely placed the money in the bank account.
Take note that as far as the law is concerned, the landlord has to register a deposit with protection scheme. It will keep it safe for the end of the tenancy as well as help settle disputes on repairs for damages to the property or any of its contents.
Trust Your Gut
Keep in mind that it is often a full time job to let a property so you have to ensure that you will be able to work with your potential tenant. You must meet a potential tenant to have an insight into their personality and character. Does the tenant look organized? Is there a chance for them to complain about even the tiniest issues? Just because a person has a stable job and regular income doesn’t mean that he or she is the best tenant for your property. Even tenants who can pay on time can still annoy neighbors or trash your property.