Finding The Right Tenants For Your Rental Property

Finding good tenants is critical, and you need to think about the difference between getting a quick tenant and getting the right tenant.

Here are some things to think about when you are renting out your property:

Screening Potential Tenants

Do a careful and thorough job of screening your potential tenants. We take this process very seriously because it’s the most important part of leasing your home. The screening process sets the tone for the tenancy and establishes our relationship with the tenant. So, this is huge. Many people just do a quick credit check- that's not enough. Check employment and past tenancy. Call the old landlord and even the one before that to see what kind of tenants they were. And, one step many people (and companies) don't do is a criminal check. Do it. Why wouldn't you?

Vacancy Periods versus Bad Tenants

We know how stressful it is when your property is empty and no rental income is coming in. My husband and I also own rental property in addition to managing many other people's homes so we know what it's like. Every day that goes by is monty that is not in your pocket so we want to get the property rented as quickly as possible. But renting it to the wrong tenant is far worse than a vacancy.

Trust The Process

We have often advised owners not to accept certain tenants who applied but when desperation sets in and the home is vacant, they sometimes end up taking the tenants against our advice. And time and time again, a problem comes up - we have to chase them down to collect rent and a whole myriad of other problems. Your goal is to get a tenant who pays on time and takes care of the property. Setting your property up to show well and pricing it right will help get it rented faster but sometimes market conditions just don't cooperate. It's still worth it to wait a little longer to find that right tenant than to just take anyone.

Establish Rental Criteria

Don’t be afraid to reject tenants that don’t meet your criteria. Set up a solid list of rental criteria, and be consistent. Consistency is key! We recommend you look at the credit score and verify income. Run a criminal history and get an idea of their past rental experiences. Keep your process consistent so you don’t violate any potential fair housing laws.

Really screen your tenants, and don’t be afraid to let someone go.
The right tenant will be there eventually, and it’s worth the wait.

If you have any questions related to tenant screening and how to do it, please contact us at Richey Property Management. We’d be happy to help you with any Northern Virginia leasing or property management needs.