Being a landlord can be easy or it can be difficult. It all depends on the people to whom you rent.
In general, good renters pay their rent on time, are quiet and respectful to you and their neighbors, and take care of the property they are renting.
So how can you find a good renter for your property? Follow these tips:
- Find them where they (currently) live. If you want to find a good renter, you have to market your property in the right way. In your area, maybe that’s the local newspaper or an online site. It could also be on a community billboard or at a neighborhood event.
Instead of waiting for tenants to come to you, why not go find them? If you already have a great tenant who is leaving, ask if they have any friends looking for a place. You could even offer a cash bonus if your existing tenant can recommend a new tenant.
- Do a little extra homework. Renters are like employees: The good ones will make you money and the bad ones will cost you money. So how do you tell which is which?
Start by treating each prospective renter like a candidate for a job you are offering. This means following up on their references, especially if those references include a current or previous landlord. Ask the landlord whether he or she is relieved to see the tenant go and why. You can also consider visiting a prospective renter’s current residence to check on its condition. He or she will probably treat your property in a similar fashion.
- Some things are more important than money. If two tenants are vying for your space, congratulations! This is a great position to be in. In these instances, one prospective tenant may offer to pay a higher rent to secure the place. While it may be tempting to say yes to the offer immediately, don’t ignore the homework you’ve already done. A bad renter who pays more won’t be worth the headaches in the long run. Instead, opt for the good renter who pays and costs you less.
Next, learn five things you should tell a new renter.