Not all tenants are created equal, and finding quality tenants is essential to the success of a real estate investment. It is important to screen potential tenants to ensure they are reliable and responsible.
Here are five tips to attract quality, long-term tenants.
1. Prepare the property
The property must be ready for the tenant to move before you begin marketing. That means the property is clean, all repairs completed in a skillful manner and the curb-appeal is great. Prospects should not have any objections related to the appearance of the home.
2. Market the property
Market your property to as many potential renters as possible. The internet is a reliable resource to do so. Choose as many website options as are available as the more exposure the property gets, the bigger the pool of tenants and the more likely to select a quality tenant.
3. Check credit, background
Running credit and background checks are absolutely necessary. The results tell you a lot about the applicant, how responsible they are with paying their bills and an overall indication of their fiscal responsibility. You may see judgments for nonpayment of rent from previous rentals or qualities you as a landlord may not be able to tolerate.
4. Check income, employment
Tenants with stable jobs are less likely to have issues paying their rent. This is a very important factor when looking for a long-term tenant. Tenants should demonstrate stability and household income of at least three times the monthly rent. Tenants must be able to pay rent, utilities, other living expenses and have a cushion for emergencies. Always get prospective tenants’ most recent pay stubs and contact information for employers to verify employment status and duration.
5. Check rental history
It is also a clever idea to have rental applicants provide contact information for their current and previous landlords. By verifying their rental history, you will have a better
understanding of how reliable and responsible the tenant is, not only in paying rent but also how they cared for their previous rentals.
Crest Premier Property offers management services that keep your property fully occupied while earning more rental income from your investment.
This sponsored content was previously published in the June issue of InMaricopa Magazine.