How to Select Tenants for Your Rental Property

When you have a vacant rental it can be difficult to choose a new tenant for your property. You want to make sure they will be good tenants that will pay their rent on time and keep your property in good shape. It is important to remember to take your time when deciding because evictions are costly. You also need to be sure you stay within the Fair Housing guidelines and follow the same procedures for every potential tenant.

Here are a few simple steps you can use to help you find tenants for your rental property.

• Have a conversation - When someone calls and wants more information about your vacant rental, spend some time finding out what they are want in their next home. Ask them about their desired home size, where they live now, why they are moving, when they want to move, who lives with them, if they have good credit, their leasing references, etc. These questions will help you qualify your potential renters.
• If your property does not sound like a fit, now is the time to let the prospective tenant know. It is not worth showing them your vacant rental if it's not in the right location or does not have enough bedrooms.
• If your property is a fit - start your sales pitch. Inform the caller that you have a very nice property and you pride yourself in keeping it that way. Tell them how you screen everyone of your tenants and that you will be running a credit and background check. This usually makes bad tenants nervous and they may try to get off the phone at this point. Good tenants will appreciate your diligence and ask you about the next steps to rent your property.
• Always screen your tenants and require previous rental history information. RentMonitor's property management software makes it easy to run credit and background checks online.
• Make sure to call previous landlords and current employers to verify all information on the rental application.
• Rent should not be more than 25% of your renter’s gross monthly income. This is a good rule of thumb to live by.
• If there are any problems with the application, you need to inform your potential renters right away. They may need to look for a different rental and you do not want to waste anyone’s time.

-- 
deanna bennett | co-founder, rentmonitor | @rentmonitor

RentMonitor is online property management software designed specifically for landlords and property managers. We make rental management easier by automating the tasks landlords used to do manually. We’re the one solution landlords need to manage their properties, build better relationships with their tenants, and make more money.