The ink is dry and the house is yours.
After months of searching for the perfect property, you're probably ready to celebrate. However, the search isn't quite over.
The amount of effort that you put into finding the perfect rental house should also go into finding the perfect tenant.
After all, rushing this process may mean that you delay finding a tenant, lose months of rent in the process, or that you lease to someone untrustworthy.
If you're not sure how to screen tenants, you're in luck. Your property management company may be able to take care of this for you.
Read on to find out how!
1. Finding Potential Tenants
You may love your rental property and see all of its charm, but do others? You first need to ensure that potential tenants are aware of your rental property and want to apply to live there.
This is where a property management property can help. They have the reach and expertise to advertise your rental property to its target audience.
With their connections, social media platforms, and years of experience, a professional property management company will be able to generate buzz about your rental property.
2. Streamline the Application
If a tenant is interested in renting out your property, they'll go to submit an application. But, who makes that application, and what information should be asked?
If you're working with a property manager, they'll take over this process for you. A streamlined application process will filter out tenants that are not a good fit for your property.
Property managers will know what questions to ask the potential tenants to access their financial state, trustworthiness, and lifestyle.
3. Verifying Tenant Information
Once you've found the perfect tenant, it may seem too good to be true! They're quiet, seemingly trustworthy, have a stable income, and have a high credit score.
However, how can you trust the information they've provided you?
You may want to perform a background check, employment verification, or credit history audit on your tenant to ensure that they are being truthful.
This is another place where a property management company can help you to verify the information that the tenant has provided.
4. Screen Tenants Carefully
While it may seem like one tenant may be just as good as another, having a bad tenant can become a costly problem for a landlord.
If you need to evict them, that can be a lengthy and costly process. Plus, there may be a gap between leases before a new tenant can take over.
Additionally, chasing down late rental payments from a tenant is a big headache, not to mention property damage.
Rely on a Property Management Company
The convenience of working with real estate efforts like your property management company is more than just peace of mind. It can save you thousands of dollars in the long run.
To learn more tips and tricks about owning a rental property, check out our blog! There you'll find information for new and experienced landlords on how to make the most of your investment.
