Skip to Content

7 Tips for Placing Quality Tenants

If you post it, they will inquire. But when it comes to selecting the best-qualified tenant(s) for your rental property, a brief- yet thorough application process is your greatest tool. Before you start showing your property, take the time to understand Fair Housing laws (explained in the previous week’s blog). Then outline exactly what your application process will be, keeping these 7 tips in mind:

 

  1. Know what you’re looking for in a potential tenant: Is it someone with pristine credit and no pets? Be flexible when you can, but firm in areas you can’t.
  2. Inform tenants of your terms: You’ve thoroughly pondered your leasing terms, so don’t be shy about informing a potential tenant of them upfront. This will help prevent any confusion later on.
  3. Create an application that asks both the important and pertinent questions: The important questions cover qualification info like income, employment and purpose for leaving a former residence, but don’t forget all the necessary questions as well (current address, number of applicants, kinds of pets, etc).
  4. Verify Information: Don’t believe all that you read- always verify employment, income, and identification. This is as simple as requesting pay stubs, calling employers and getting a copy of an identification card.
  5. Check credit: Know what aspects of a potential tenant’s credit will disqualify him/her from renting your investment property. Credit can uncover bad bill-paying habits and previous rental issues (like evictions) of potential tenants.
  6. Require an application fee- or don’t(in accordance with your state’s laws): An application fee is a great way to determine who is truly serious about renting your property, and it will cut down on unnecessary screening of applicants who are applying “just because”. If you are getting lots of serious applicants, waive the fee. It’s up to you.
  7. Seek out help if needed: Look into a property management company if the task of landing a tenant is too arduous or time-consuming. It can be both, but finding qualified tenants is worth the effort.

 

 

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details