How to Find High Quality Tenants
October 18, 2016
Before you invest in a rental property, you want to make sure that it is located in a good area where a tenant would want to live. A good property management team will be familiar with the area you are considering investing in and can provide you with some helpful advice to assist you in your search. More importantly, as your property management partner, they can help you find a high quality tenant.
The right property management company will utilize a rigorous screening process that includes a background check, checking with employers and former landlords, and conducting a credit check. It will be easier for them to detect the warning signs of a less-than-ideal tenant. Unless you have the necessary skills as well as the money, patience, and time required to be a landlord, this is a job that is best left in the hands of professionals.
First Things First
The first rule of thumb in finding a good quality tenant is to purchase a rental property in a nice area. People who are searching for a home to lease or rent want a property that is in good condition. For instance, they look for clean carpets and flooring, entry areas with a lot of appeal, and nice landscaping. However, this doesn’t mean that you have to spend a lot of money on unnecessary upgrades — you do need to offer them a clean, well-maintained property. A good property management team will ensure that this is done. They have trained and experienced staff, and can work in your favor to enhance the value of your property.
Get to know the Applicant
During a property management company’s screening process, they will interview those who are applying to rent the property. You should get to know their situation before you do anything else. Find out important facts, like:
- Do they commute to work and how far they have to travel?
- What is their background?
- Who is their employer?
Here’s an important point. Keep in mind that they won’t be familiar with the area if they are relocating from out-of-state and if they can’t handle a long commute to work, they won’t be your tenants for very long.
Closing Thoughts
The right property management company is skilled at finding the best quality tenants for your real estate investment. They will research the area where the property is located in order to determine a fair leasing price. Furthermore, they will protect your investment and help you increase its market value during the time they are managing it for you.