How to find the best qualified tenants

One of the most challenging aspects of managing a rental property is learning how to find the best-qualified tenants. Luckily, you can attract high-quality tenants by applying a few key practices.

The United States is home to about 43 million renters; this is a clear indication that the rental market is a lucrative one. One of the misplaced expectations of some property owners is that after investing in a rental property, tenants will come rushing. Tenants don’t appear because a property is available for rent; it is the job of the property owner/landlord to find the best-qualified tenants. Often, this requires a process of sifting the bad tenants from the good ones.

The most essential quality that most landlords look for in a tenant is someone who pays rent in full and on time. However, a landlord wants a tenant who can take care of their property, behave appropriately and maintain a good relationship with neighbors. Simply put, a good tenant adheres to the terms of their lease.

It is important to note that listing down your desired qualities in a tenant is an entirely different thing from finding the best-qualified tenants. If you happen to be a new and inexperienced landlord who has never gone through the search process before, you’re most likely wondering how to go about finding the best-qualified tenants. To achieve this, you must take more than one action. Finding the best-qualified tenants requires diligence and a procedural approach which entails a series of steps.

Use the right channels for advertising your property

A sure-fire way to find the best-qualified tenants is to advertise through the proper channels. Websites like Zillow and Apartments.com generate a lot of traffic and attract a good number of tenants. If you want the best-qualified tenants, you’ve got to invest, and that will require paying a small fee per listing. Keep in mind that the best tenants are don’t look for rentals on Craigslist or other websites of questionable services; they are a hotbed for scammers.

Another way of marketing your rental property is to take out an ad in a local newspaper, print and distribute flyers, or post your ad at local businesses.

Aside from knowing where to advertise your property, it is equally important to understand how to advertise your property. Your ad should include details, such as the location, monthly rent, number of bedrooms and bathrooms, and other special features or amenities. Make sure you use professional photos of your rental property.

Upgrade Your Rental Property

Nothing beats a property that is eye-catching and commands attention. If you want to attract the best-qualified tenants, you must first have a rental property that is attractive and worth their time. It is impossible to land the best tenants with an unimpressive-looking property. 

What can you do to give your property a facelift? 

Swap out old carpets and replace them with new ones, replace and repair worn-out appliances, and apply a fresh coat of paint. Endeavor to clean your property thoroughly and ensure it is done before you take listing photos or carry out property showings.

Prospective tenants should fill out a Rental Application form

It is important for you to collect personal information from prospective tenants and the best way to do it is through an application form. Your application form should include the following details.

• Name of applicant
• Driver’s license number
• Social security number
• Employer’s contact information
• Source(s) of income
• Previous address
• Children’s names (if any)
• Pet details (number of pets, breed, etc.)
• Previous landlord’s contact information
• Personal references

There are states that allow property owners to charge a non-refundable application fee to pay for any background checks. This fee could be within the range of $25 to $40. More so, it’ll serve you right to inform applicants about your rental policies, this helps to avoid wasting time. For example, if you don’t allow pets in your rental property, applicants with pets can simply move on.

The information you request on a rental application can be sensitive, so there’s a need to practice confidentiality and professionalism. Furthermore, you must follow the Fair Housing Act and any fair housing laws in your state.

Screen Your Prospects

A crucial component of finding the best-qualified tenants is Screening. This involves checking a tenant’s employment history, rental history, credit score, criminal history, and references. This background check enables you to filter through your applicants and identify the best ones.

Application forms are good because they provide the information you need regarding an applicant’s employment history. If you would want to verify credit scores and criminal histories, there are many services that offer to check them for a fee. Another method is to check their employment status and history yourself; this can be done by contacting by their current and past employers. The same could be used for personal references.

To check rental history, contact the applicant’s previous landlords. Ask about their behavior. It’ll be best to define what is considered bad rental history? This is a subjective opinion and would depend on the landlord. Generally, a bad tenant is considered to have a bad rental history under one or more of the following conditions:

•  Consistently paid rent late (or defaulted on numerous occasions)
•  Violated the lease agreement
•  Left the rental property in bad shape
•  Has been evicted

Set up an In-person meeting before signing the lease

An in-person meeting with a prospective tenant will allow you to assess their character and personality. You will be dealing with your tenant for a long time so it is crucial for you to get a feel of how they behave before signing the lease. A face to face meeting will also give you the opportunity to ask critical questions such as:

• What are they looking for in a home?
• For how long will they be living in your rental property?
• Why are they moving house?

When you ask questions, remember to keep fair housing laws in mind. Don’t discriminate against applicants based on their race, origin, religion, color, nationality, sex, or disability. Be cognizant of other protected classes that your state’s fair housing laws may not have included.

In conclusion, learning how to find the best qualified tenants can be challenging especially if you’ve never done it before. If you want to find the best tenants for your rental property it is imperative for you to follow these tips.