You have occupancies to fill, but you want to find the right tenants. That’s because you know that finding the ideal tenants can help you avoid potential issues in the future and even reduce turnover rates. So, what things should you be asking and doing in order to locate the right tenants for your property?
When you start interviewing tenants, you’ll probably establish first impressions based on personality. But you don’t want to make your entire judgment on this alone. Just because a person is funny or friendly doesn’t necessarily mean they’ll pay the rent on time. Therefore, it’s important to ask questions and do your research.
When looking at potential tenants, make sure to run credit and background checks. You can gain a lot of insight with this information alone. You’ll also want to get references from past landlords.
Dig a little further into your candidate’s ability to be reliable, consistent, and responsible by asking a few pertinent questions. For example, you can ask them why they’re planning to move from their current residence. Check-in with them regarding when they plan to move. See if they’ve experienced previous evictions or have violated leases in the past.
Find out how many people plan to move in and the number of parking spaces they’ll require. Ask how much they typically bring in every month (to ensure they can cover rent). Find out if there’s anything that could ever stand in the way of paying the rent. See the length of time that they typically stayed in previous properties.
Ask if they have the income to cover the application process fee and security deposit. See if they have pets. Inquire whether anyone that would be living in the rental unit smokes. Also, check in to see whether they’ve had to file for bankruptcy in the past. And, leave time for the tenant to ask questions as well as discuss what is covered under the lease.
You want to ensure that the tenant and the property are compatible. Keep in mind, avoid any questions that could violate the Federal Fair Housing Act. In addition, make sure that what you ask and require are consistent across the board, so that you’re treating every potential tenant equally.
These are just a few things to consider as you locate the ideal tenants for your property. If you’d like additional help filling occupancies and screening tenants, reach out to us at PMI: https://www.memphispropertymanagementinc.com/.