How To Find The Perfect Tenant
One of the most important factors of owning a rental property is finding amazing tenants. Ensuring you have the perfect tenants is very important and can mean the difference between your rental property being successful or becoming a failure.
Being stuck with bad tenants could mean financial losses and stress for years, which is why it is so important to find great tenants to rent too. Even though it is impossible to tell for certain what kind of tenant you will get, there are a few things you can look out for when choosing. Here are the top things to look for when choosing a tenant:
1. Financial Responsibility – A tenant who is financially responsible will generally have good credit and will be able to afford rent. Having good credit shows a tenant is able to pay their bills on time, which is a strong indicator they will also pay their rent on time. It is always good to run your own credit check, as you can potentially come across fake credit reports.
2. Long Term Job Stability – If tenants are constantly switching jobs that could mean they have times when they are unemployed, which in turn may mean late rent payments or even missed payments. It is beneficial in the long run to make sure any potential tenants have a long term job and one that is stable.
3. Honesty – It is very easy for a potential tenant to lie on a rental application, so you should always be checking the information they put down. Verify that everything on the rental application is true, call employers to confirm income etc. If they lied on the rental application, chances are they could also do so when renting from you!
4. Cleanliness – Eventually, every tenant will move out so it is important that when they are living at your property that they take good care of it. If a tenant mentions that they are always cleaning or very tidy, this can be a good sign. You want a tenant to keep the property clean day-to-day.
Choosing tenants can be difficult and time consuming, but once you know what to look for it becomes easier. These are just a few things that you can look for when deciding on a tenant. At Barrie Investing, we always make sure we find the best tenants for our clients. We offer Property Management & Tenant Placement to our “clients only” – It’s a bonus service when you work with the Barrie Investing Team! If you are thinking of renting a property, call us today Matt 705-739-3432 or Dom 249-877-7785 to learn more about how we can help you!