Finding good long-term tenants can seem next to impossible, especially if you are new to renting out your property. Here are some tips for getting suitable tenants!
As a rental property owner, you have to look for long-term tenants. These are usually individuals with steady incomes, positive credit reports, and no criminal records. But you might be tempted to get unqualified tenants to ensure that your rental unit doesn’t remain vacant for a long time. Doing this may lead to problems that end up wasting your time and money. For example, you may be forced to evict them if they fail to pay rent and have to find a new tenant again.
Finding good long-term tenants can seem next to impossible, especially if you are new to renting out your property. Here are some tips for getting suitable tenants:
Use application forms
Your tenants will be living under your roof, so get to know them more by letting them fill out a standard application form. Here is some crucial information you are supposed to gather on each tenant:
Verify tenant information
After gathering information about your potential tenants, make sure to verify it. You can look them up online and check their social media accounts. Another option is to get in touch with their previous landlords, colleagues, and supervisors to learn more about their lifestyle and habits.
It’s also ideal to do a criminal background check on your potential tenants. Confirm if they have serious and minor offences. Don’t hesitate to reject their application if you discover previous acquaintances reported them due to lewd or violent behaviour. Doing this will save you from major hassle down the road.
Schedule a property visit
The best way to get to know the tenant before deciding to accept their application is to schedule a property visit. This way, you can actually talk to them and ask open-ended questions that can help you make a well-informed decision.
Meeting them in person or at least chatting with them through video conferencing is important because some tenants falsify their information to look good on paper. When judging character, don’t ignore your instincts. Get to know your potential tenants’ lifestyle preferences and why they decided to move from their current residence.
You should also consider if they were on time for the visit, removed their shoes before entering your unit, respected your property, and inquired about the cleanliness of your place.
Hire a rental property management company
Screening all your tenants can be challenging for you, especially if you own a range of townhomes or condominiums. Fortunately, you can still find long-term tenants with excellent qualities when you seek property management services.
Real estate professionals can assist you by carefully assessing your rental property, its location, and neighbourhood. They can connect you with prospective tenants who earn at least thrice the monthly rent to ensure they can pay on time.
Selecting tenants is an important business decision as a rental property owner. To find a long-term, responsible one, follow the tips listed above and trust your gut. You can also team up with a reputable property management company to ensure a stress-free process of finding the ideal tenants.
Take the burden off your shoulders of searching for good tenants by working with our rental property management company. Fahel & Co is a property management firm in Ottawa, and we specialize in providing the highest quality of services for landlords. Request a callback today!