Finding a tenant who won't let you down can require a blend of knowledge, intuition, and a little help from the professionals...
Few landlords now accept anyone on face value.
Worried about landing themselves with "tenants from hell" most landlords screen and verify prospects' details.
It is vital to find out if applicants are who they claim to be, can afford the rent and won't turn your house into the headquarters of a satanic cult, but before you call in the experts, you can start the filtering process yourself.
So here's a step by step guide to finding the right tenant - everything from getting the initial ad right and conducting viewings to using professional checking services.
Step #1. The Newspaper/Internet Ad
As long as it is clearly targeted at the right audience, your ad should be the first stage of the screening process.
Like any advertising agency, you need to spend time making sure that your ad is likely to be seen by the correct sector of the market, while being clear about who the property would not suit.
Step #2. The First Contact
This initial contact is a chance for you to give a full description of the property, and to take some vital details from them. Having a checklist ready is a good idea, so that you don't forget anything.
You will need their details, contact numbers (including the invaluable cell phone), and personal circumstances, such as reason for moving, if they have children or pets, do they smoke, and who will give their references.
If they cannot, or will not, answer any of your questions, it's time to call it a day with this particular prospect.
Step #3. Visiting the Property
This is the time when you often find out useful information about people's circumstances. When people are taken out, they begin to talk to you, and you find out what they really need. If they have children, do they really need a bigger place? [One of my clients had one couple who said they needed a Central Richmond condo, but then told him they had two dogs.]
Unlike selling a house, where once you've handed over the keys you can forget all about the new inhabitants, your tenants' happiness should be important to you, if you don't want to be advertising again in six months.
Start on observing your prospects. Do they arrive on time for the viewing? Is their car a mess? Are they smartly dressed and clean?
And, watch how they treat the property even as a visitor. Do they wipe their feet on the doormat? Do they touch the furnishings? And - worst of all - do they smoke in the home?
Step #4. Tenant Verification
So, assuming everything is alright during the two initial contacts - now is the time to dig a little deeper.
Many landlords pay one of the expert companies to provide an opinion on the suitability of a prospective tenant.
It is usually a good idea for references to be collected from previous landlords and employers, or you can carry this out yourself. On the basis of their income, a tenant's ability to pay the rent will be ascertained - the rent would be expected to be no more than around 35% of their income.
Harris First
REALTOR®
Direct 604-295-4091
Harris@HarrisFirst.ca
www.HarrisFirst.ca
Blog http://activerain.com/harrisfirst
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