If you’re in the market for a tenant, these are the four things you should look for to find the ideal tenant for your condo.
First, know where to look. Putting an ad in the paper or on Craigslist may seem like the fast and easy route, but you might just get what you pay for. Ask your current tenants if they have a referral. Ask the neighbors if they know of anyone looking to move into the area. If you lease more than one property, you may want to offer referral bonuses.
If you have people interested, do a pre-screen call. Potential tenants will be concerned with cost and move-in fees, true. However, they should also be interested in the property itself, including building policies and tenant expectations. Be upfront with costs and minimum requirements and those that don’t meet those qualifications will end the call.
Third, be sure to call references, especially previous landlords. This may be a time consuming but often enlightening experience. If a potential tenant does not have a favorable history, they may not be one you want to take a risk on.
Finally, make sure your property management company properly vets the tenant. This includes background and credit checks, employment verification, as well as prior landlord verification.
Hales Property Management can serve as your rental property agent and provide tenant management services for your individual condominium or rental building. We offer background screening services, lease agreements, assistance with eviction proceedings, and day-to-day management services. Owners can take advantage of our web portal for real time reports, updates, and direct deposit.