When renting a home, there are many doubts that assail the owner when it comes to finding a good tenant. Will you take care of my house? Will I have problems with the neighbors? Will you pay me on time? Will it stay for long?
Renting the apartment to a good tenant is essential to ensure a good profitability of the real estate asset, as well as to enjoy a smooth management. In that sense, we understand a good tenant as one who:
- Pay your rent on time. A matter of solvency for which we will have to require all the necessary financial information.
- Take care of the home. It must be a person who values order and takes care of the property that has been assigned to him, as if it were his own.
- Avoid neighborhood problems. Coexistence with the ladder should not be altered. Therefore, the rules should be made clear.
In most cases, finding a good tenant is not a matter of luck, but of taking the appropriate steps. Here are some tips for making this decision successful.
The first key is in the rental price
Contrary to what it may seem, the best tenant is not the one who can pay the most money. In fact, announcing a price that is too high from the start can scare away profiles of tenants that are preferable in terms of stability and good behavior (families, young couples) and limit visits to higher-risk candidates, such as tenants seeking to sublet the living place.
The second, the state of the house
Finding a good tenant is in many cases a matter of probability. It is best to attract as many candidates as possible. For this, it is not necessary to have a home with high standing finishes. But it is positive that housing is attractive to as wide a segment of the population as possible.
What can the owner do for it?
- Prevent the home from having too much "character". With regard to renting a home, it is preferable that the home lacks too personal elements: bright colors; kitchen, furniture or finishes out of the ordinary. No matter how good taste the owner may have, not everyone has to share it.
- Reform before renting. It is enough to focus on updating the most outdated elements that may endanger the interest of many tenants: obsolete faucets, dingy walls or floors, damaged carpentry ... There are no more profitable reforms than those thought to bring a home on the market. With them, both the demand and the rental price that can be requested are increased.
The third key: the solvency of the tenant
The financial solvency of a tenant is one of the factors that most concerns landlords. To ensure timely compliance with the payment of rent, it is essential to check before signing the contract:
- The level of income. The payment of rent should commit more than 40% of the net income of the signing tenants.
- Job stability. For this it is convenient to request the tenant's working life.
- Additional guarantees. Other guarantees may be required such as the deposit of an additional guarantee, the availability of a bank or personal guarantee.
To verify this information, it is advisable to request original and verifiable documentation. Unfortunately, cases of document forgery are more frequent than desirable.
The fourth is in the "smell" of the owner
Choosing a good tenant can be an intuitive matter or a decision based on the owner's experience. In order not to depend on that "smell", it is good to do an in-depth interview in which at least we discuss these issues:
- What made you move? A job promotion or the greatest need for space are the best answers.
- Will you live alone? Do you have a pet? What do you like to do on weekends? Knowing the lifestyle is a good way to maintain a good neighborhood coexistence.
- Will you sublet the house? Although it is an easily avoidable question, it is worth reminding the tenant that it is forbidden to sublet a home if the contract establishes it.
- Can you give me the phone number of your previous landlord? A good tenant shouldn't have a problem where we can contact the owner of the apartment they are currently in.
The fifth and last, our deal with the tenant
The good relationship with the tenant is a two-way street. It could be said that a significant part of the disagreements between landlord and tenant have been caused by poor communication between the parties. Due to poorly communicated clauses or decisions, or due to conflicts when assuming different expenses. Disagreements in the assumption of certain reparations that lead to more serious conflicts are frequent.
Find a good tenant with Arnold Property
After reviewing these five keys to finding a good tenant, it must be emphasized that the perfect tenant does not exist, much less the zero risk of having a problem throughout the lease. Still, we hope these tips will help you to minimize the hassle of poor tenant choice. And remember that with Arnold Property we help you with this aspect.