One of the most important jobs a landlord and property manager has is finding good tenants. By using the tips below you can help ensure that you’re getting the best tenants possible.
Run Your Business
Being a landlord or a property manager is a job and you should handle all of the activities associated with that job as business. Even though you may want to give a friend or family member a break, you’re just setting your business up for trouble by being lax on the rules. You can rent to friends and family members, but keep it all business and treat everyone the same.
Follow a Procedure
Find the best tenants possible by establishing a routine for reviewing candidates and then following that routine for each and every possible tenant.
Screen Every Tenant
Keep to your procedure and screen each and every single applicant, always checking credit records and references.
Write it Down
Make sure everyone completes an application and signs it. You also need to have them sign and authorize a credit check and reference check. Get everything in writing to prevent future problems.
Protect yourself by treating every single applicant in a similar and fair manner. Now only can you be targeted by a discrimination suit if you favor one applicant over another, you may also be very surprised that the appearances of the applicants don’t always match up with their ability to pay and their responsibility level.
The key to being a successful landlord or property manager is having good tenants, by using the tips above you will be better able to make an informed decision on the best tenants for your property.