Finding reliable and responsible tenants is a top priority for all landlords. Whether you’re new to rental property investment or you’re an established landlord, your tenants form the backbone of your business.
With trustworthy tenants, you can know that they’ll pay their rent on time, look after your properties, and communicate with you regularly. Great tenants look after your properties to maintain their value and profitability.
However, selecting the right tenants is much easier said than done. There are several factors to consider when assessing a tenant’s reliability, and things can quickly become overwhelming when you do everything alone.
To make finding the perfect tenants for your rental properties as easy as possible, we’ve compiled a list of top tips for you to follow below.
Work With a Reliable Property Management Company
When you’re feeling stressed and confused when trying to find tenants for your properties, it’s always best to contact a property management company.
Depending on your location, you’ll find a reliable company that has expertise in your local area. For example, as an Ontario-based landlord, consider searching through rental property management companies in Etobicoke.
A property management company will work closely with you to determine your tenant preferences. They’ll perform all the necessary client screening and background checks to ensure you only have reliable and trusted tenants in your properties.
Clearly Define Your Rental Goals and Criteria
Before advertising your rental properties on the market, you must understand your rental goals and criteria. This is vital for effective landlord management.
Identify the maximum number of occupants you’d like in each property, whether they need to earn a minimum annual income, or whether you will allow pets.
With clear rental criteria, you can find tenants who align with your expectations and needs. Streamlining the screening process will save you time, energy, and money.
Meet Potential Tenants In Person Before Signing Contracts
It’s hard to determine how reliable a tenant is before you meet them in person. Arranging a face-to-face meeting with each rental applicant is crucial to learn more about them and get a feeling for what they’re like as a person.
Make sure to meet all potential tenants at least once before you sign any contracts and allow successful applicants to move into your rental properties. During the meetings, take note of their demeanor, responsiveness, and any red flags that may arise during the conversation.
Always Trust Your Instincts
There’s a reason why you hear people saying, ‘Trust your gut.’ Your first instincts are often right, and if you get a bad feeling about a particular rental application, it’s best to find an alternative tenant.
Remember that entering a landlord-tenant contract is legally binding, so it’s not something that you rush into if you’re not 100% confident. Your contract will run for several months or even years, so you’ll want to find the perfect tenant before you sign the dotted line.