There are all sorts of reasons why people are looking for a tenant. Perhaps you’ve recently moved into an assisted living facility and you’re looking to rent your home out. Or maybe you’ve recently invested in a rental property. Whatever the reason is, renting out your property is a great way to make passive income.
However, if you don’t find the right tenant, it could wind up being a nightmare. To help you navigate the world of being a landlord, here are five ways to find a great tenant.
Ask Around in Your Network
One of the best places to start is by asking around with people you already know. Chances are you probably have someone in your network that knows somebody who’s looking for a rental. In the best-case scenario, someone you know firsthand will be looking for a place to rent. If you can manage to rent to someone you know and trust, then you’re in luck! Half the battle is already won.
Craft a Compelling Listing
Create a compelling listing that highlights all of the best parts of your property. Add a detailed description and be clear about what your expectations are and a tenant. Above all, make sure that you include high-quality photographs that reflect the true appearance of your house. If you’re deceiving in any way, it could create mistrust from the get-go with your tenant, so stay as honest as possible in your listing.
Take your time when it comes to screening tenants. Even though you may be in a hurry to find someone as soon as possible, you could find yourself in over your head if you manage to choose the wrong person. Take time to look into their references and their background. You want to make sure that you’re renting your space to someone you can trust and who is reliable to pay the rent on time.
Consider Hiring a Property Management Company
From drafting up contracts to making repairs, the truth is that managing your property can be incredibly time-consuming and stressful. For this reason, some people find that hiring a property management company is well worth the investment. A property management company can take the work off your hands and handle everything from tenant screening to rental agreements, to property maintenance. Because this is what they do full-time, using them may increase your chances of finding the perfect fit for your property.
Remember, finding a great tenant may take time, however, it’s well worth the time you invest. By carefully completing each step, and clearly communicating what you’re looking for, you should find the perfect tenant for your property in no time.