When you choose rental investment property as your source of steady income, you need to be able to pick the right tenant. It is as much as important as maintenance. No matter how promising your property is, it won’t be resourceful if you don’t get the right tenants. Of course, it could be easier to just let any tenants rent your property/ however, the risk is too high. There is that tenant is irresponsible for the property or they don’t pay attention to on-time monthly rent. The right tenant is not only about those who can pay on time though, there many other aspects of them that will help your property investing to grow better and bigger and not the opposite.
How to pick the right tenants
After purchasing your first property, it is time for you to think about who is going to occupy it. It can’t be random people that comes to you first. You need to select carefully of who really deserves to rent your property. It is your asset after all so it just makes sense for you to take care of it and make sure that tenants will be doing just the same. Here are some tips to pick the right tenants:
- It is recommended to hire property manager to pick the right tenants. It doesn’t mean to judge your ability to do the same thing. It is just that they have ability to pick in professional and business manner since they have no relation to the said property. They won’t be weighed down by personal feeling or emotions. Besides, they are experts in this field. If it is your first investment, they are obviously more experienced than you in handling rental property. You also need them in other aspect including property maintenance, rent, etc.
- If you decide to hire property manager, you can choose to let them do all the work or you can involve in selection process. However, it is more recommended for you to involve and give your own opinion to make decision. You can also discuss first of what kind of tenants you prefer to occupy your property. This way, property manager will search and sort candidate based on your preference which makes the work easier as well.
- It is recommended not to accept tenants who move a lot within short time. You need to choose tenants who have experienced to stay at least two years or more in their previous rentals. It is also important for you to pay attention on their job stability. You’d prefer tenants with consistent employment because it indicates their ability to pay the rent each month on time.
- It will be more advantageous if you pick the tenants who are willing to rent for a long haul. Settled couples or family with schooling kids are more preferred for long haul rentals. Thus, you might as well consider them to rent your property. After finding the right tenants, make sure to hang onto them by giving them the best service they deserve.