Finding Good Tenants for Rental Properties | Daniel Duran Shelbyville

Finding the right tenants can be a bit challenging if you’re planning on renting out your house. However, with some tips from real estate experts, you can easily find a good fit.

Know Local Laws

Both state and federal laws cover landlords and tenants. One of the most important laws that are commonly used to prevent discrimination is the Fair Housing Act, which states that it’s unlawful to discriminate based on race, national origin, sexual orientation, and other factors. This statute also protects individuals with disabilities.

Market Effectively

You can start by advertising your rental property online for around $50 to $100. However, avoid using free sites such as craigslist. Scam artists often use these to take rent money from potential tenants.

Prepare the Property

Before you start advertising or putting out the word about your rental property, you should ensure that the house is ready to show. Having it look its best can help you find a good tenant.

Request Applications

A rental application is a type of document that you can use to collect information about potential tenants and their co-applicants. It can also be used to run background checks on them. Some of the things that can be asked of potential tenants include their social security numbers, income sources, and their children’s names and ages. Besides the application, you should also provide a rental policy that clearly states the lease terms.

Require Proof of Renters Insurance

Before you sign a lease, ensure that the potential tenants have proof of renters insurance, which will cover the costs associated with their belongings and the damages they might
cause to your home. Having this type of insurance can help protect your investment.

Run Background Checks

One of the most crucial factors that you can consider when it comes to finding a good tenant is their past. Their credit history is the only way to know if they’re a good fit. Some websites will also run background checks on potential tenants.

Have a Formal Lease Agreement

A lease is a type of document that sets the terms of a rental agreement for the duration of the lease. It can include terms such as the terms of rent, the basis for eviction, and penalties for late payments.

This article was originally posted on Daniel Duran Shelbyville's website.