Looking to Rent? How to Find a Good Tenant
Renting is a great way to maximize the income generated from your property. If you have a property which you have not occupied, it may be a good idea to let it out and make additional income out of it.
However, renting your prized possession means that you will be temporarily losing the ownership of your property. This can be quite risky as there are several complexities involved, and therefore it is very important to lease your space out to the right tenant. This may seem a little bothersome, but keeping in mind the safety of your property, it is well worth the effort involved.
Here, we have a handful of tips to help you find a good tenant for your property. Keep these points in mind to make leasing your property a hassle-free process.
Perhaps the most important step towards finding a good tenant for your property is to meet your prospective tenant in person and get to know them before you agree to let out your property to them.
While some people leave the hassles of renting to a property dealer or a leasing agent, it is advisable to meet your final tenant at least once before finalizing the deal. Be sure to do a thorough background check, and the best way to do so is by ensuring that the tenant has successfully completed his/her police verification.
You can even do a quick reference check with the tenant's current/previous landlord, especially if you want to find out more about the living habits of the tenant.
It is also a good idea to assess the financial status of the prospective tenant. It is important to know their paying capacity in order to ensure that you get uninterrupted returns from your property. A salary slip, or a reference check at the individual's current employer should be sufficient.
While signing the rent agreement, ensure that you have clearly mentioned the responsibility of the tenant/landlord towards each and every expense that is to be borne towards maintenance of the property, along with the rent and the date on which it is supposed to be paid.
Lastly, do not appear to be desperate to let your property out to a tenant. The slightest act of desperation may lead to poor negotiations on your part, and you may end up losing a significant amount of money in the long run. It may seem tempting to close a deal immediately, but you need to be patient and carefully consider the tenants before you decide on the perfect tenant.
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