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Six points to finding the right tenants

Industry Insight May 13th, 2015
Six points to finding the right tenants

Had enough of bad tenants?

Finding the right tenants will deteremine the success of your tenancy. Here are 6 points to consider

  1. Be ready to show your apartment to your prospective tenants. Do not get frustrated if your efforts yield no results. Be patient and carry on.
  2. Forward your standard rental terms in advance to whoever comes for showing. This will prevent any miscommunication and stop time wasters in their tracks.
  3. Make sure your rental term requires the prospective renter to list the previous landlord’s contact details such as phone number and email. Also the reason for leaving their previous place, any bankruptcies. Find out the tenant’s employment status and get contact information for the employer. All these things will help you screen your prospective tenants. Make sure that your rental application has an “Authorization for Release of Information” signed by the applicant. You should have written permission to contact previous landlords and employers.
  4. Call each reference and any previous landlords listed on the rental application. It is better to have your apartment vacant rather than have a tenant who doesn’t pay rent on time.
  5. If you want to go a step further pull your prospective tenants credit report (you can charge a non-refundable rental application fee). Ask the tenant to supply his four most recent pay stubs for the past three years.
  6. Often there is little time to get a written bank reference if the letting is a quick deal. In this situation we often ask for the last 3 month’s bank statements to establish whether the Tenant has the funds to commit to the rental. If not satisfied then a guarantor is often used in this instance.

Follow the simple rules to finding the right tenants for your property.

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