Tips on Choosing the Best Tenant for Your Rental Property

Renting out properties is a proven way to earn a steady income, but the trick to success is choosing the right tenants. Where some property owners go wrong is by not recognizing the potential pitfalls and then not doing anything about them.

There are good renters and bad ones out there, which means you need to be very meticulous in screening them to find the best tenants. Following these six tips will give you a head start. 

1. It All Starts with the Marketing

As far as finding good tenants is concerned, you can’t ignore the importance of marketing. In order to get good tenants, you need to have your property advertised widely. Surfing the internet, putting up signs at strategic locations, and even asking for referrals are some ways you can do this.

By marketing your property well, you’re raising its visibility. This, in turn, will attract not only good tenants but also people who are serious about renting your place.

2. Take a Close Look at the Application

When a prospective renter submits an application, it is only natural that you want to go through it quickly so you can get back to other things. However, you shouldn’t do that because there are details in the application where you can get a sense of the person’s character and personality. This can go a long way in letting you know if the person will be a good tenant for your property.

For instance, it is important to look at the way the application is filled. Is it neat? Did the applicant include all the necessary documents? Don’t hurry with this part. Be thorough and even ask for clarifications if there are certain things you did not understand. This is time well spent.

3. Look Out for Some Red Flags

The best way to find out if a person is a good tenant or not is by looking out for some red flags. This is when you have to be careful in scrutinizing the application. Find out if the applicant has a history of being evicted. If they took out a lot of loans. Also, find out how they handled the previous properties they rented.

Another thing to watch out for is inconsistencies. For example, if the person has listed their employer on the application but later on says they are unemployed, this is usually a big red flag.

4. Make Sure All Documents Are Valid

You also need to check the documents you received because if they are not valid, then there is a problem. For instance, if a prospective tenant is submitting a driver’s license with a missing middle number, then it’s a surefire way to disqualify them because this is a sign of forgery.

The same thing applies if a person submits a bank account statement, but the bank says the account doesn’t exist. You have to be very meticulous with this and do further checking.

5. Don’t Let Your Emotions Get in the Way

A good tip that is often overlooked is that you have to check your emotions at all times. If you are too eager to rent the property out, then the chances are you are going to disregard many things that you should be looking out for.

For example, if a person has a great-looking resume, but their references are not solid, then this is something you have to look into. At the same time, you shouldn’t just base your decision on what other people say about the person’s character. You have to see for yourself.

Conclusion

Finding good tenants is a good way to ensure your property is in good hands. The challenge, however, is in finding them. The tips we have presented should help you in screening your tenants better. If you want to relieve yourself of the burden of screening and managing your tenants, then you can always hire a property management company.

Quest Real Estate is the leading property management company in the Jacksonville, Florida area. Our ever-growing client base is a testament to the quality of service and professionalism we provide. When you work with us, you never have to worry about the stress and hassle of managing your rental properties. Leave all the work to us and just reap all the benefits of your property. Contact us today to get started!