5 tips to finding yourself a GREAT tenant!
Fining a qualified responsible tenant for your rental property can seem like an overwhelming task. There are so many things that could go wrong! The risk of placing a tenant you may later have to evict is high if you don’t do your due diligence. Here are some quick tips to reduce that risk!
1 – Know your targeted audience
Being able to market to your targeted audience helps ensures the responses you get will generate qualified leads. Make sure you are utilizing the correct sub categories when placing ads on places such ad Craigslist and Zillow. If your market is heavily driven by word of mouth considering utilizing platforms such as social media to promote your property more effectively.
2 – Set pricing and deposits accurately
Just as in the Real Estate world, you have once chance for a first impression. If you property is listed too high it will deter your targeted audience. If your property is priced too low it could generate interest from parties that may not qualify. Make sure you do your market research and determine the median asking price for properties comparable to yours!
3- Verify Identity
In today’s world, identity theft and scams are the new normal. Make sure that you verify your applicants through a qualified screening source! False identity to rent a property could increase your legal risk as a landlord and can make processes such as evictions and collections a daunting task.
4- Pull FULL Background reports
Make sure to pull a full credit, criminal, and eviction background. Just because someone has a 750 credit score, does not mean they are responsible with life bills, haven’t had a bankruptcy, or utilize credit wisely. It’s extremely important to pull a full report to get a clear picture of someone’s financial situation, current and past, which can help you determine the likelihood of on time rent payments.
This may seem like a no brainer here, but you want to ensure you not only get past landlord references but also character references as well. Unfortunately in today’s world it is very easy to provide false information, so while references are extremely important, it also just as important to verify the source of that reference! Make sure that raving review comes from an actual Property Manager or owner of a property.