Rental Property: New Tenant Guide
Are you ready to bring new tenants into your property? Whether your home or apartment has been vacant for a few months or a tenant recently moved out, we bet your answer is a resounding yes.
If you rush the process, however, you can end up with nightmare tenants. Here are a few tips to consider as you attract and place new tenants in your properties.
Have a Strong Vetting Process
You might overlook the vetting process because “they seem nice,” or you want to help someone in a difficult situation. Let us be clear: it is NOT a good idea to skip this process!
Evicting a tenant can be difficult, with a plethora of legal hurdles to keep in mind. It takes a lot of time and money, and there’s always that concern they might damage your property on the way out. This is completely valid. Even minor vandalism requires significant time and money to prepare the home or apartment for new tenants.
A standard application for new tenants should look at their:
- Employment and employment history
- Verified income
- Credit information
We recommend contacting previous landlords to ensure the tenants have a good rental history. While these efforts take time, they pay off long term. A reputable property management company can help with this process. At Henderson Property Management, we advertise the rental and vet tenants so you don’t have to worry.
Review the Property Before Move-In
An important duty of every landlord is ensuring a property—or properties—are in good condition before new tenants move in. A property review keeps maintenance requests to a minimum. It also ensures any damage that appears as the result of the current tenants is not a pre-existing issue.
You should have professionals review your property to ensure all appliances work, the electrical system is in good condition, and doors and windows work properly. The home or apartment should be clean with good flooring and freshly-painted walls.
If you have a property management company, they can take care of this process for you.
Collect the Deposit and Signed Lease
The final step is to get the deposit from your new tenant and have them sign your lease agreement. The lease should be clear and stipulate the rules of living in the property. Make sure the lease explains who is responsible for property maintenance and upkeep of the property and yard, if applicable.
Sometimes a tenant might have a concern with a specific part of the lease and will want to negotiate the terms. You might even have specific exclusions to address with the new tenants. Whatever the case may be, these are only a couple of reasons why it’s important to review the lease with new tenants.
Are You Ready For a New Tenant?
Preparing a property for a new tenant takes a lot of work. In addition to these preparations, you have to advertise the rental, collect applications, vet potential tenants, handle ongoing maintenance, have a concrete lease in place, and know the new laws regarding habitability, late fees, and more.
A lot of landlords enjoy working with a property management company; someone that can take care of these details for them. Instead of spending your days enforcing rental rules and fielding complaints or repair requests, you can focus on more important things.
If you’re interested in property management services, we’re here to help. Contact us today!