How To Find The Right Tenant For Your Property?
There are no good or bad tenants. It is just a good or bad experience between the tenant-landlord relationship that hampers the situation or builds it. Your property buyer can be the kindest person on the planet and it’ll still not be the perfect match for you on your property and vice versa. While finding the right tenant for you is a task, finding the right landlord doesn’t seem to be a cheesecake either. There are certain checks you need to proceed with for finding the right ones who would take care of your property and treat it as their own.
But how do you find the ones that are right for you or your property? Remember about certain checks? Here it is.
Honesty is the best policy.
It is better, to be honest about your property to your tenant than boasting about it. Tell them, if there’s something they need to compromise with or about the restrictions within. Let them know about the surroundings and the people to make them comfortable. Because they’re going to find it out anyway. Let them know your conditions before they proceed with the confirmation about your dream property or moving in. It is better to have transparency in communication before finalizing the deal for upfront and open-ended management. Honesty makes people stay for a longer time and it should be followed here as well.
Listen to them actively.
A deal is not a deal if it is not from both sides. After stating your conditions and policies it is now the time to listen to them. They would have certain things in mind to tell you about their past experiences or things that made them feel distinctive in their older surroundings. Listen to them. Get to know about their conditions, mentality, state of mind, job and security, beliefs, and certain other things. Listening out to them can give you a clearer idea about their personality. Hence, making an open-ended solution an utmost preference.
Research and Research
It is a better idea to research some basic knowledge about the tenant you’ll be handling your property to. It is a long-time service and hence, having a piece of prior knowledge of certain things can improve your state of mind about the particular one. Taking an hour or two out of your schedule to know about them can make the difference. If possible, talk to their previous landlords about their behavior and regularity with rents, about their conditions and capacity. Basic research will do the needful.
We’re living in a tech-savvy, advertising world where everything lies on the finger of the people. Advertising about your property can be as easy as occupying a slot on some of the noted Real Estate platforms. Advertising is easy, getting your advertisements to people is a task. If you’re not so good with advertising on the Internet, you can draw some of your property pictures in the local newspapers to find some of the prospective tenants. Advertising about your property can add value to it and hence, it can attract people to you for choosing the best.
Rent & Security Deposit
Before getting out in the market to find the right tenant for your property, you need to perform one basic task. The task of setting the rent and the deposit for your property. It shouldn’t be too high neither too low but just prevailing the market conditions of your property. Suspicion about the high or low rent of the property can lead you to lose out on your tenant. Hence, figure it out before it is time.
Security Verification & Documentation
Consider yourself lucky if you find a decent person to move in your property through some of your close sources. But not everyone’s lucky and that’s where Police verification plays a role. Checking for the criminal background or fraud cases of your tenant becomes important if it is an unknown person to you. This can lead you to know your prospect better.
The second important thing that you need to perform in the process of renting out your property is documentation. Preparing a document with the signature and some ID proof of your tenant can save you from future hassles. It is a written agreement between the two and hence, it is of utmost importance. Remember, to handle a copy of the agreement to you tenant before they move-in to eliminate future inconveniences.
Also Read: 8 Must Have Amenities in Your Housing Society
In the end, don’t discriminate between caste, creed, race, color, or religion. Everyone has the right to be treated equally. Don’t let your property to your tenant out of desperation before performing the needed check as you may incur a great loss in the long run. Be patient, maintain the relationship, and carefully consider the tenants before you decide on the perfect one.