THINGS TO CONSIDER WHEN RENTING OUT YOUR PROPERTY

By Steve Hirsch, Broker for
Geoffrey Stevens Realty

Undeniably, rental business can be adjudged as the most lucrative; however, there are certain factors that need to be considered to be sure of its success. As a landowner, one has to take the responsibility of not only taking good care of their property in the best possible manner, but ultimately to secure their income. That can be achieved only when the landowners have primarily carried out a systematic screening of their possible tenants.

If one is concerned about inviting good tenants for renting out or leasing their property, then they need to make sure that they are bailing themselves out of working with reckless tenants. All those owners who prioritize having good tenants in their property, they can expect to see their business flourish. Here are some useful tips that they should focus on while screening or inviting their tenants.
Property owners might think that by placing rental ads in local newspaper and real estate journals they can serve the intention of promoting their abode well. Nevertheless, this tool can be used as a method of having an initial screening of the potential leaseholder. If the promotions specify a target clientele, or particular location, amenities and facilities available and the terms and conditions of tenancy, then the landlords would be indirectly inviting a particular cluster of renters. In a way, one would be downsizing the probable tenants who might be interested to rent or lease their property. This way, they can somehow manage to avoid encountering undeserving tenants. Moreover, if one is renting out a property on the basis of special terms and conditions, then they should include such information while placing ads. This could be quite helpful to convey the message that the property caters to a specific group of tenants.

Landowners should prepare their qualification checklist prior to arranging appointments and interviewing their potential tenants. They should make sure to enquire for any pertinent documents, such as identification papers that contain relevant information, including the name, address and contact details, SSN and credit reports, certification from their current job, and much more. If landlords want to check the legitimacy of the information provided by the leaseholder, then they can utilize online resources that offer extensive assessment of a renter’s background. In most cases, the service providers might offer to provide such reports just within few minutes, few hours or within a day.

When interviewing an applicant, one should be careful in observing some tell-tale signs. One should be able to judge reliability, tolerance, hygiene and other special attributes to be clear how the applicant is going to treat their property, relate to them as their tenant and comply with the predetermined tenancy terms and conditions. Landlords need to be very careful of those applicants who seem to be fraudulent or suspicious and trying to hide some information. They should also be wary of dealing with those who might be showing their eagerness to move in within a day or two, without contacting their previous employer or landlord. However, one should not reject an applicant then and there. They should take out some time for research and verify the legitimacy of the documents provided by the interested applicants. If the loopholes are still left unanswered, then it is time to politely turn down the request of an applicant. Lastly, such elemental tenant screenings should be conducted to provide a fair chance to everyone to rent or lease the property.