Have you ever had your property or finances devastated by a bad tenant? There's no shortage of horror stories on the internet that prove the importance of choosing the right tenants before renting your property out.
Getting the wrong tenants can result in various stressful and expensive outcomes. Conversely, getting and keeping great tenants can have wonderful effects on your rental unit and your bank balance. That's why you want to make sure you get the good ones if you have homes for rent.
In this article, we'll give you three great tips for choosing great tenants. Read on to learn more.
1. Look for Your Ideal Tenant
You can start your selection by imagining who the best long-term renters in your rental home would be. Do they have families, jobs, pets, and good credit? Are they just starting out, close to retirement, or somewhere in between?
These traits can help you see if your rental unit fits their needs and if they'll be nice to have as tenants. This rough idea will also allow you to make the best possible marketing decisions.
It's helpful to set lower boundaries on what a potential tenant's credit score and monthly income should be. This allows you to select economically responsible tenants. Just keep in mind that it's not lawful to discriminate based on inalienable traits.
2. Advertise Strategically
Responsible tenants all have certain basic things in common. The vast majority of them will have stable sources of income. Many of them will also have families or responsibilities that they take seriously.
Getting physical marketing materials up where employed people are more likely to hang out is a great way to attract the right kind of attention. In the 21st century, a great deal of people look for available properties online. That's why you should also use digital content and services that can target ads at your ideal tenants.
3. Check for Red Flags
Tenant screening is one of the most important tasks you have to do in this process. Unlike checking for positive things like earning ability and credit score, here you'll be reviewing the tenant's history for potential dangers.
Firstly, do they have a criminal record? If so, what did they do and do you feel they've taken positive steps since then? A criminal record is a crucial factor to consider when trying to predict tenant trouble.
Secondly, you can ask for a landlord reference to check what their rental history is like. This way you can get a feel for the experience you're about to have as their new landlord.
Fill Your Homes for Rent With Great Tenants
These tips are meant to be flexible guidelines that allow you to start thinking about how to attract your ideal tenants. Imagine your ideal tenants, advertise where you'd find such people, and then do a quick check for any red flags.
It's important to remember to adjust these measures based on your needs. If your homes for rent get a lot of attention, you can be as strict as you want. However, it's reasonable to relax high standards when pickings are slim.
Alternatively, a property management group can help you find and secure great tenants. Let PMI Integrity Properties help you find the best tenants for your property in New Orleans, Louisiana.