How to Find Good Tenants for Your Home
Having a successful Seattle rental property isn’t just about being a good landlord and having a nice space. It’s also about finding good, trustworthy tenants! In fact, that’s one of the most important elements. Here are five tips on how to find good tenants.
Your home was no small investment. It makes sense to be a little more than wary when it comes to renting it out.
After all, there are enough tenant horror stories out there to recreate the Library of Alexandria. But, there are also more than enough good people out there who will treat your home with the respect it deserves.
The trick is knowing how to find them.
Don’t know where to start?
Don’t worry. Here are five tips on how to find good tenants.
1. Use an Application
Creating an application is a quick and easy way to weed out any potential renters who aren’t that serious about moving into your home.
These applications should include requests for proper identification. These could include information such as their driver’s license or social security numbers.
It could also request information about their income and employer, how many children or pets they plan on bringing with them, and references.
Note that a renter’s monthly or combined monthly income should be enough to cover three months worth of rent.
Depending on your state’s laws, you may even be able to charge an application fee. This fee will get filter applicants who aren’t serious and can cover expenses incurred doing background and reference checks.
2. Do Background Checks
It’s easy enough to lie on an application. It is vital to verify everything your prospective tenants say with a professional background check.
A background check can cover anything from a person’s criminal record to their history of eviction. Background checks can even help verify a prospective renter’s income.
3. Wait for the Check to Clear
Your search for renters does not end until your home’s new tenants have paid their rent.
It’s customary to request your renters pay their first and last months rent upon moving in. Once they give you the check, do not take your house off the market until that check clears.
Once the money they owe is in your bank account, make sure they have signed a lease agreement and then consider your home rented.
4. Require Renters Insurance
Renters insurance won’t only protect your renters. It will protect you and your property as well.
This insurance will cover your tenants’ belongings, while also protecting your property from any damage they may cause.
Make sure your renters can provide proof of insurance before you allow them to sign the lease agreement.
5. Create a Lease Agreement
Finally, you’ll need to set down some ground rules.
A standard lease agreement covers when rent is due and any penalties for paying late. It should also include whether your tenants can make any modifications to your property, as well as policies surrounding eviction.
By having your tenants sign a lease agreement, you’re protecting yourself and your property. In case they turn out to be less than trustworthy.
How to Find Good Tenants
If you’re looking to lease your home, then odds are you only have a limited amount of time to find tenants. It can be tempting to throw an ad up on craigslist, interview a handful of prospective renters, and hope for the best.
But this is not the best way to find good, long term tenants.
Finding trustworthy people to move into your Seattle area property doesn’t have to be difficult. Follow our tips, and you’re likely to find someone who will treat your home the way you want.
Are you looking for a little more help marketing and renting out your Seattle area rental home? We’ll help with all aspects of marketing your rental, screening applicants and getting the lease signed for you. Contact us today.