When you decide to rent your property to a stranger, it requires a level of trust. Whether you’ve recently purchased the additional house or apartment, or you’ve spent the last six months fixing it up to a high standard, deciding to hand the keys over to a complete stranger is a daunting prospect.
The property in question is an investment, so of course, you’ll want a considerable return on your asset. And the best way to do that is to have a regular income in the form of monthly rent payments and minimal maintenance costs. The best way to achieve this is by finding the right tenant. Failing to do so could result in rising rent arrears, damage to your property, legal fees and evictions – something no landlord wants to deal with.
A good property management company will be able to help you vet a good tenant – click here to find out more about condo management software – but in the meantime, we’ve compiled a list of things you should look for in a good tenant. Remember, finding the right tenant doesn’t have to be hard work!
A good credit history
You’re going to need a tenant who is good with money and is effectively, financially responsible. A good credit history demonstrates that this potential tenant keeps up to date with payments and other financial obligations. This is a clear and positive indication that they’ll pay their rent on time. Consider running a credit check during the application process.
No criminal background
The last thing you want is a tenant with a criminal background or someone that has a history of violet, destructive behavior. Ensure that their ID is accurate, so they are who they say they are. Speak with a tenant screening company in order to search criminal databases.
They have good work/life stability
No one wants to go through the time-consuming process of finding a suitable tenant several times a year. So, someone who has a stable job, someone who doesn’t have intermittent periods of unemployment and someone who doesn’t have a history of moving frequently is the kind of tenant you should be looking for. A stable life = a stable tenant.
Ultimately, you want an honest tenant. So, by checking out all the information they’ve given on their forms and having it verified is a good indication of honesty and whether or not you’ll have a good landlord/tenant relationship.