How to Find a Tenant for Your Property: Five Things to Consider

Your rental business’s success depends on finding the best tenants for the rental property. Quality tenants pay their rent on time, do not damage your property, and will not become a neighborhood nuisance that everyone complains about. Therefore, a lot rests on your decision about which tenants to take on in your rental property.

Choosing a tenant should not be a gamble. Undertake a systematic approach to finding renters to ensure your success as a landlord. Here are five primary factors to consider when sourcing and selecting tenants:

Are you up to it?

The tenant recruitment and selection process can be challenging and is often best left to the professionals. Consult companies offering trusted property management in Atlanta, such as Evernest, Specialized Property Management Atlanta, and Excalibur. Evernest has a team of professional agents familiar with the Atlanta rental property market who strive to ensure that landlords get the best tenants, make great rental profits, and do not need to worry if their properties are being managed and maintained correctly. It has a stellar reputation in Atlanta and operates in other American cities like Jackson, Mississippi, and Memphis, Tennessee. If you prefer to work with larger corporations that work all over America, opt for Greystar or Colliers.

Property managers reduce how much stress landlords experience. Their agents know how to deal with various issues that may arise, such as disputes, late payments, and evictions. The idea of handling such situations might overwhelm you, but it is a property agent’s job to know how to manage them. Handing the recruitment and selection of tenants to a qualified property agent gives you a better chance of finding the right tenants.

Set rental criteria

With the demand for Atlanta rental properties outstripping the supply, landlords get inundated by applications. Many of them will be dismissed out of hand because the prospective tenants do not meet the rental criteria. To avoid having this happen to you, clarify some of these criteria when setting up your marketing advertisement. Some rental criteria to consider are lifestyle requirements, such as owning pets or smoking. Stipulate your position around such matters in the ad so that you do not entertain applications for people unwilling to abide by your requirements. Also, indicate that you intend to run credit checks and income verification processes.

Although setting rental criteria is a great way to sift unsuitable tenants out of the running, ensure that you do not run foul of the Fair Housing Act. This legislation prohibits landlords from discrimination against tenants based on race, religion, nationality, sexual orientation, and family status, among others. Before publishing an advertisement and setting out rental criteria, ensure that you avoid costly discrimination lawsuits.

Ask probing questions

Once a prospective tenant indicates their interest in renting your property, ask them to complete a detailed application form. Get as much information from the applicant as possible. If they seem hesitant to supply some of it, consider that a red flag.

Some of the information you should request is their employer’s details, proof of income, and references. Among the references you should ask for are previous landlords and employment history if they have worked for their current employer for a short time.

As a landlord, you can also ask applicants to indicate if they have ever declared bankruptcy, been convicted of a felony, or faced an eviction process at one of their previous residences. You should also get the applicant to acknowledge that you will be running a credit check on them.

Making the calls

Getting the information mentioned before is counterproductive unless you intend to use it. Checking and verifying what the applicant provided is a tedious, time-consuming process. However, doing it properly the first time around can save you a lot of time, money, and stress in the long run. Speaking to people about your prospective tenant allows you to build a picture of who they are and whether a mutually beneficial relationship is possible.

A credit check is essential when contemplating a tenant’s application. Their past financial behavior is a solid indicator of how they will deal with their financial obligations to their landlord. It also helps you determine that they have sufficient disposable income to pay their way. Knowing what portion of their income goes toward servicing debt allows you to make an informed decision.

Meet and greet

Despite all the information you have on paper, meeting prospective tenants remains a vital part of the selection process. During this face-to-face session, you can get a feel for their personality and determine its compatibility with your expectations as a landlord. Ask them questions about themselves to get a better understanding of who they are.

Pay attention to specific cues, such as punctuality, overall attitude or demeanor, and willingness to follow up. They provide vital information that lets you determine if the applicant will be a good fit as a tenant.

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