Even if you’re new to the world of real estate investing, you probably know that it’s not always easy to find a great new tenant. While there are a large number of renters, it can be difficult to sort through applications and determine who is a good fit.
Consider using a Realtor to help you find your next tenant!
1) Ask for references-– and then check them! Request the contact information for previous landlords, employers, or even family friends. You’ll want to get a clear picture of the person who will be living in your property, and we recommend calling multiple sources. Found a great new tenant but concerned that his or her income may be a bit too low for the monthly rent? Be sure to ask them if they may have a strong co-signer.
2) Consider allowing pets….with a few caveats. Did you know that big dogs actually have fewer “accidents” and are often quieter than small dogs? It’s true! However, the vast majority of rentals don’t allow dogs over 50lbs. While we always recommend considering pets, it’s also a good idea to meet the dog or cat, ask for references about their behavior, and ensure that the breed isn’t restricted by the homeowners’ association or insurance policy.
3) Consider using a real estate agent to list your property on the MLS (the big database that may be used exclusively by licensed agents). The Realtor will be responsible for marketing and showing the property, accepting applications, and helping you organize prospective tenants. The typical fee is approximately one month’s rent, and it can save you a lot of time, enhance the pool of applications and have each tenant’s credentials nicely organized.
