Things Rental landlords should look at before getting a tenant.
When it comes to finding a rental home or apartment, most tenants are more concerned with simply making sure they find a place to live than they are with meeting the common requirements that come with renting. In most cases, these people are single, young adults who are looking for a quality place to live that is affordable for them. Those who are between the ages of twenty and thirty are living in some of the most fluctuating years of their lives as they discover who they are and what they really want to do with their lives. According to the Bureau of Labor Statistics, young adults commonly go through six or more jobs between the ages of 18 and 26. As a landlord, job fluctuations and lifestyle changes with your tenants can have an impact on you and your finances. It is important that you have set requirements that tenants must meet in order to move into your rental homes or apartments so that you do not get stuck in an unfortunate situation.
Here are six things that you as a landlord should look for prior to allowing tenants to move into your rental:
Verifiable Employment – It is important that you find out what the job statuses are of potential tenants. Do they have currently have jobs? If so, are they seasonal jobs or will they have those jobs during the duration that they are renting from you? If they do not have jobs, are they working towards finding one? How are they planning to pay rent?
Credit Check – The way that your tenants manage their finances is important because that affects you as a landlord. Requesting a copy of their credit report so that you can see whether or not they make their payments on time can help you secure tenants who will do well with paying their rent on time.
Security Deposit – Requiring a security deposit from each tenant is important because it can be used towards damages, unpaid rent or late fees. The last thing you want is to end up covering damages or rent payments with money out of your own pocket.
Rental Reference – Contacting prior landlords to find out what your potential tenant’s previous rental history was like can be extremely helpful in determining if they will be good tenants for your rental.
Background Check – This one is pretty self-explanatory. Running a background check on potential tenants can improve your chances of having a great experience as a landlord.
Lease – A lease is a rental agreement that sets out all of the legal rules that you and your tenants must follow. A lease can be a means of communicating your terms and requirements in a straightforward manner to your tenants. Included in a lease is the amount and due date of rent payments as well as the names of all of the tenants living in the house. You can also use a lease to establish deposits and to prohibit certain things like pets.
Now, maybe you are sitting there reading this and are realizing that it would be incredibly beneficial for you to implement these requirements into your quest for great tenants, but you do not have the time or the energy to do all of these things. This is where it would be an incredible investment for you to hire a property manager! A property manager will take these critical tasks out of your hands so that you do not have to deal with the stress that often comes with it. So what is a good property management company to connect with who has tons of experience and a great reputation?
Authority Property Management is a company that offers property management in Redding for those who rent out homes and apartments. We have over 20 combined years of experience in property management. We previously owned and operated the largest property management company in all of Shasta County. In 2014, we handled over a thousand rental units. We would often oversee up to 50-tenant move-ins and move-outs every month. We are focused on providing high-quality customer service to all of our clients. If you are looking to find a property manager in Redding that you can trust, don’t hesitate to call Authority Property Management! 530-410-6085
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