When you’ve found and renovated the property you want to rent, the next question is who do you want to rent this property to? Basically, you can choose from two types of tenants.
One type is those who pay their rent on time without you chasing them and who care for your property.
The other type never has their rent and don’t take care of your property. It’s important that you make the right choice of tenant if you want to make this landlord thing work. Even if you’re tempted to just get someone in the property as fast as you can, you still need to make the right choice.
The reason your choice is so important is because Housing Laws protect the tenant rather than the landlord. So if you choose the wrong tenant, getting rid of him may be a long, expensive and stressful nightmare. There are, however, ways to escape this issue.
First of all, meet your prospective tenants. If you rent your property through a realtor, you may let him or her close the deal but you’ll still want to meet the tenant before the papers are signed. Pay attention to your intuition, and if you feel like something’s wrong, call a halt to the deal.
If you have a high end property, the background checks on your tenants will be different than if you have a lower end property. Make sure your tenants agree to being checked out for higher end properties. A credit check can then be performed by the credit company and the information passed on to you.
For lower end property tenants, you can check their reliability through references such as past landlords and employers.
Something else you can do to have successful tenants is form a good relationship with them. Most of the time, if you show them you care about their welfare, they’ll return this respect. Answer their questions, perform any needed repairs as soon as possible, and create good communication.
This often makes a real difference in how they take care of your property. With this approach, you’ll be amazed at how little you’re bothered by your tenant. Your only task will be to collect your rent check once a month.