There are many ways to get the best returns of your property investment. If you own a nice house at a great location, you are going to get paid back really well. One of such options is renting your property. If you are thinking of becoming a landlord the key factor you must remember is “tenant, tenant and tenant.”
The next question that comes to the mind is “how to find the best tenant?” If you own a rental in Columbia Maryland, you must take following key points into account:
- Remember it is not all about money: Whenever you hire a tenant, look beyond money. A bad tenant may pay you better but his may kill your relationship with neighbors. If your neighbors are not comfortable with your tenant, it may backfire you. That is why, whenever you go for hiring a tenant, do it according to your locality.
- Advertise in the right place: The search of right tenant begins with the right advertisement at right place.
- You can start with some online sites specially meant for renting purpose. Avoid free sites, as they are sometimes associated with scammers. Go only for trusted and certified sites.
- Next you can place an advertisement in newspapers classifieds.
- You can post the ad pamphlets near a grocery store.
- You can also contact a property dealer who also provides rental information.
- Human resource people can also help you with the advertisement.
- Post your ad on social networking sites.
- Get referrals from family and friends.
Your fliers and pamphlets must include the pictures of your premises inside and outside too. Mention the area, number of rooms, bathrooms and all the facilities included in the rental premises.
- Rental application: Use the provision of rental application. It is a document that is used to collect all the information about the applicants and co applicants. This way you can do some background checks too. Rental application include following information about the applicant:
- Applicants’ names
- Social Security numbers
- Previous addresses
- Driver’s license numbers
- Income sources and amounts
- Children’s names and ages
- Number of pets and their breeds
- Employer contacts and job title
- References (not family)
- Meet the potential tenants in person: This step is quite important. When you meet the tenant in person, walk them through the property by yourself. This will let you get an idea about them. You will get a hint of whether they will respectfully inhabit your premises or not. You will also get a sense of cleanliness of the perspective tenant.
- Check their references and run a background check: Call the candidate’s employer, last landlord and all the personal references provided. This will help you to develop a picture of the perspective candidate. Ask the basic details about the potential tenant like if he throws loud parties or how clean he is.
- Rental insurance: At the time of handing over the keys, first ask for a good sum of money as a deposit. This sum will be insurance about any damage in your house. Always ask for a sum more than the rent.