Finding The Right Tenant For Your Rental

Property ownership is a great way to expand your financial portfolio and invest in your future. If you are lucky enough to own rental properties, you know firsthand how hard it can be to find and retain quality renters. If you are looking for ways to safeguard your investment with the right renters, below are 3 helpful requirements you can look for in your potential renters to ensure you find the perfect fit for your property.

Pre-Screen

Save yourself time and money by pre-screening your renters prior to physically showing them your property. You can convey via a phone conversation and/or email with picture attachments the features and selling points of any rental property. This only takes minutes of your time versus a full-fledged property tour. Serious and reliable renters should be willing to provide the pre-screening information you need to determine if they even qualify to rent your home. Pre-screening information can include:

• Monthly rent
• Deposit information
  • Pet deposit
  • Refundable/non-refundable
• Cleaning fee's
• Approval for credit check
• Approval for background check
• List of references

If your potential renter won't provide you with this information, you might consider finding another renter.

Application Requirements

Your first meeting with your potential renter can be quite telling. Check out their appearance, car, attitude and punctuality. These factors can be telling signs of people who take pride in caring for themselves and their belongings. Pay careful attention to their first impression; go with your gut if you feel uneasy after your first meeting. If your first impression is stellar, go over your application requirements to further the rental process.

Most applications include information to complete credit and background checks along with eviction history. They will also provide references for you to check. These points of interest should not be taken lightly. During your pre-screening communication, you should have been given a verbal rundown, but always double check. You want to be sure your renter isn't trying to pull a fast on you. In addition to the information listed above, questions you should consider asking are:

• Can you contact their previous landlord(s)?
• Have they ever broken a lease agreement?
• Are they employed, if so how long and what is their annual income?
• Do they have any legal judgments pending or charged against them?

You can safeguard yourself when you thoroughly vet a potential tenant. You can rule out the irresponsible, dishonest and dangerous renters through vigilantly checking their references and verifying their income, credit history and background.

Property Management

If you are worried about throwing your hat into the landlord ring, seriously consider a professional property management company. They have the knowledge and know-how to quickly and thoroughly vet renters. They also have the legal resources available should a renter default on their contract. The legal benefits alone can save you thousands in eviction and property damage costs.

Owning real estate is one of the best ways to secure your financial future. Protect your 'nest egg' by renting to people who meet the qualifications listed above. By doing so, you can weed out a lot of risky renters.  While there isn't any fool-proof way to guarantee you will have the perfect renter, working with a property management company can further protect you from the cost of evicting a renter or recouping damages.

Talk to places like Condominium Management for more information.