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Investing in property and renting it out is a great way to make income and grow your portfolio. Whether you’re interested in a small, modern apartment or a whole block, rental properties can provide investors with a decent nest egg over time. One of the easiest ways to ensure that you make a steady profit is to work with an experienced real estate management company; once your property is ready to rent, they will handle everything else. This includes finding the perfect tenant, which is key for a successful rental property. A good manager will know exactly what to look for in an applicant, which in turn will ensure that your income is secured. Here are some of the most important qualities to look for in a prospective renter. Honest and Reliable Communication is the key here. If the potential tenant can speak honestly and clearly, then it’s likely that they’ll communicate any issues that may arise quickly. More importantly, if you have any reason to be in touch with them while they’re living on your property, they should be responsive and reasonable. While it can be difficult to discern how honest and reliable an applicant is, a real estate management company with experience will be able to spot the dishonest ones a mile off. Pays on Time The next most important thing to ensure in a tenant is that they can pay the rent on time, and in full. This is, of course, one of the main tasks of a real estate management company, however, a good tenant will pay their rent before any action needs to be taken in terms of arrears. This is where having access to the applicant’s previous rental experience is useful, as it can show how reliable they are with their payments – and this is something that a property manager will have. Looks After Your Property While it’s your job as the landlord to ensure that all maintenance issues are resolved and that the building is in a decent state for living, once your home is rented, the renter should ideally take care of it like their own. Finding someone that treats your property with respect is essential and will save time, money, and heartache in the long run. Has a Great Record A good tenant will provide a detailed application, as mentioned previously. This should include references from previous landlords, a positive credit score to indicate financial responsibility, and information about their criminal history, if any. Real estate management professionals know exactly what a tenant should provide and how to decipher everything, so this is a vital part of their role. Renews their Lease Last but by no means least: a good tenant stays put. Once you’ve found the perfect person, you want them to stay for as long as possible. This will ensure that your income is steady and that your property is being looked after. Plus, your tenant will have a lovely home that they feel comfortable and secure in – it’s a win-win! These are just a few key things to keep in mind when it comes to tenancy applications. Of course, the very best way to ensure that you find the right person is to work with a reliable real estate management team, who will take care of this task and everything else as well. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. Providing a holistic real estate management service for both commercial and residential properties, the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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