First of all, you should learn to ask the right questions to ensure that you have found a qualified tenant. For instance, if your first contact is by phone, you should collect some information about the reasons they are interested in your rental unit. Also ask them if they have pets or they smoke or not. Moreover, you should give them an idea about intended rental term and see if they agree to that or not. Collecting this information will help you judge if the prospective tenant is what you’ve been looking for or you should disqualify the prospect. So, be ready to ask some questions when making first contact with your prospective tenant. Also, keep in mind that serious tenants will have no problem answering your questions because they will also want to make a good first impression.
When you first meet the prospective tenant, it’s time now to evaluate him/her personally. Their appearance will matter a lot. If they are clean and neat, they are probably going to do the same to your rental unit. Don’t give your property to an unkempt person. You should also try to judge them by their attitude and manners. If they behave respectfully and don’t show any clear signs of being difficult to deal with, the chances are that you have finally met the right tenant. Speaking of attitude, you should also consider if they point out legitimate concerns about your property or criticize just to pressurize you to negotiate price.
Another very good idea to rate or screen your prospective tenants is by way of a rental application. Ask them to write an application and say that their application will go a long way in helping them get the rental property. Advise them to complete the application properly and provide correct information. Once you get the application, it’s time for you to sit back and check it thoroughly. Review it and screen it for red flags. But before you approve your applicant, don’t forget to run a credit check. You need to ensure that your prospective tenant is financially sound and is in a position to pay your rent on time.
Once you have rated your prospective client keeping abovementioned points in mind, you should clearly talk about the lease contract. Explain the terms and ask them about the security deposit. Make sure they are aware of every single detail you have included in your contract, or else you will find yourself dealing with a difficult tenant in the near future.
When it comes to reviewing a rental application, all of it may seem daunting; you will find it overwhelming because there is so much information that you yourself have to go through before the tenant... More
In case you’re going to establish a new landlord tenant relationship, it is important that you proceed with extreme care. Though it is a good idea to offer your property for rent and make some money,... More
NakedApartments.com did a survey of renters who looked at their website for apartments. Their information is from New York City, but it is interesting to see some of the responses. Most apartment... More
Millennials now make up just under one quarter of the total population of the United States. Compared with previous generations, millennials are much more likely to rent their homes rather than owning... More
Seasonal rental trends may make you concerned about maintaining your overall cash flow and minimizing vacancies. One way to prepare for slower seasons is to look at your property marketing strategies... More
It's frustrating to enter into an off-season if you have properties empty. The end of the year is one of the biggest slow seasons, but any time of the year is fair game for vacancies. Leases end... More
To be a successful property manager, you've got to be able to market those properties under your control to potential tenants in a successful way. If you can't get people inside those... More
The Fair Housing Act was adopted in 1968 to ensure that landlords do not discriminate based on race, color, national origin, religion, sex, familial status, or handicap when renting properties. This... More
A landlord’s rights and duties regarding tenants are governed by both federal and state laws. For this reason, it's important to know the laws of every state in which you own an income... More