Did you know that the demand for rental properties has soared in the last two years? While this might sound like good news, it makes the tenant placement process that much more complicated.
Tenant placement is technically the final process in securing a signed lease or rental agreement. However, getting to the placement process sometimes feels like an uphill battle. Let's explore the best ways to ensure you're getting the best tenant for your rental property.
Digitally Verify Your Prospective Tenants
Finding the best tenant is as much about background research as it is about getting to know them in person. The verification process should include items like income, credit checks, tax records, a criminal background check, and other personal data that most won't readily offer up. Data like this can show you whether or not your prospective tenant is able to afford the long-term rent of your property.
A relatively new aspect of real estate management includes checking prospective tenants' social media. The last thing you want is a difficult tenant, and their social media will reveal a lot about their character that might not come out in the interview.
Any decent property manager or property management team insists upon prospective tenants visiting the property and interviewing before the final placement. Sitting an in-person interview allows the team to assess whether the information initially provided matches up to real life.
Inspecting a property with a prospective tenant allows you to see how they behave. If they pick apart petty aspects of the property, then you might have a difficult tenant on your hands. The last thing you want is to place a tenant who will call every day to fix or adjust something in your property.
References, References, References
Getting at least three references for a prospective tenant might take time to do but is a great way to assess their suitability for your property. Unless the prospective tenant is a first-time renter, they should have a handful of references.
If you can't get three rental references, then workplace and other personal references suffice. It's easy to get carried away with personality but how much you like someone should not dictate whether you rent to them or not.
A rental agreement is basically a business contract. We're sure you have some amazing friends, but would you get into business with them?
Work With a Property Manager on Tenant Placement
Working with a real estate manager is the best way to find the right tenants. It is also the least time-consuming option for filling your properties with the best tenants.
Property managers are trained to efficiently run through all of the necessary administrative and in-person work required to make the right tenant placement. We'll also handle maintenance requests so you can relax knowing your tenants are being taken care of.
Get in Touch to Learn More
Are you still looking for the best way to manage your tenant placement? Let's be honest, most landlords want to earn passive income while limiting their work output. That's exactly what we can help with.
It all starts with finding the right tenants, and that's what we do best. Get in touch with us today, and we'll help you get started on your rental journey.