Tips for Finding Great Tenants for your Rental Condo

[Jennifer Hashisaki]

When renting any property you own, it is imperative that you locate reliable and trustworthy tenants to ensure your home is cared for and the bills are paid on time.

Advertising for and interviewing tenants is much like an employer attempting to locate the next great worker to join the company. Here are a few helpful tips to keep in mind next time you are searching for a new tenant.

First off, some landlords have found it helpful to charge a small yet reasonable application fee. The application fee is not necessarily meant to distinguish those who can and cannot truly afford the costs involved in renting your condo, but it will quickly weed out those who are serious and those who are just wasting your time. Some condo owners have also chosen to solicit the possibility of crediting the cost of the application fee to a month's rental charge so that the actual tenant you choose will not incur any additional charges.

Secondly, you can have applicants give you permission to run a credit check before giving them permission to rent your condo. Many view a person's credit report as a quick glimpse into their character and trustworthiness. While investigating the person's background history, it may also be a good idea for you to contact their current and previous landlords to gather their opinion as to whether the tenant paid the rent on time, kept the property in good condition, and left on good terms.

Another option to keep in mind which is more of a no-brainer is to verify the person’s employment. This is, after all, how they will be able to pay the rent. You can ask to see paycheck stubs representing the last month of employment. You can add the wages earned and make an educated guess as to whether or not you feel this person would be able to comfortably afford the costs involved in renting your property. In addition, you can call the employer and verify that they are still actively employed.

Lastly, more than likely every property owner will have some sort of rules in mind that they want their tenants to follow. For example, you may not allow pets or smoking in the condo. You may have a rule that persons not included on the lease must not stay at the property more than a certain number of consecutive days. Whatever your rules might be, always be sure to include them in the lease and enforce them when necessary. If you let your tenant get away with one rule, they will more than likely attempt to get away with another, and then it all goes downhill from there.

By taking simple precautions before selecting your next tenant, you can drastically improve your chances of choosing a tenant who will care for your property as much as you do, and save you the time and stress of having to deal with one problem after another. Renting your condo may be a great way for you to earn some extra money in this economy, but it's a big decision that should not be taken lightly and should not be executed without first doing your homework.