Summary: Finding the right tenant for your property can be difficult. Make the right choice by ensuring that the property is right for the tenant, letting them know about its flaws, and consider how they will mix with other tenants.
Choosing the right tenant can be difficult. Here are some handy principles that will help you make the right choice.
The property must make sense for the tenant – The property should be of the right size and in the right location for a potential The right fit means that the potential tenant is serious about living in the property for at least a year and not looking for a place to rent for the moment.
Full disclosure – Let potential tenants know about the good and the bad aspects of the property and what measures can be taken to minimize the disadvantages. For example, if the utility bills are high due to an old air conditioner, inform your tenant that their electricity bills will be high if this appliance is in use.
Listen – Listen to potential tenants, for example, if your tenant says negative things about their previous landlord, this is an indication of how they may treat you.
Mixing tenants – If you are renting your basement, duplex or triplex, this would mean that different tenant groups will be living nearby of one another. Problems can arise when different tenants have vastly different lifestyles, for instance, if you have a young family with a baby and your tenant renting your basement has late night parties. Therefore, consider how new tenants will affect your current tenants to ensure that everyone is happy.
Rent – To ensure that your tenant doesn’t leave or that they don’t call you for the slightest thing regarding your property, ask for rent that is on par with the market value.