Finding a Tenant
Unless your rental property is occupied, you are losing money on your investment. Additionally, vacant properties tend to fall into disrepair, making them even harder to rent. Successful landlords must find tenants who will comply with the lease agreement. The landlord who is diligent in screening applicants will have fewer problems with his tenants during the lease period.
Your goal as a landlord is to find a tenant that can comply with the lease terms, including paying the rent on time and in full. Advertising is a common way of seeking tenants, but you may get applicants you do not want. Other avenues for finding quality tenants without advertising publicly include:
- Talking to existing tenants or neighbors. They may know someone who is looking for a house or apartment to rent.
- Using a rental agency. These specialist agencies charge a fee to search for a tenant; if you need a tenant quickly, they can often save you valuable time.
- Internet Web sites. Many sites put landlords in touch with suitable tenants. See, for example, the National Tenant Register.
Traditional methods of advertising for potential tenants are less selective. These include:
- Putting a "For Rent" sign in one of the windows or in front of the rental property.
- Posting a notice outside a local store and on church or community center bulletin boards.
- Posting a notice at college and university housing offices-this can be a good resource, particularly if your property is near a college and is reasonably priced.
- Advertising
- Application
- Background Check
- Deciding on a Tenant