How to Choose the Right Tenant for Your Rental Property

As a landlord, there are multiple responsibilities that you carry every day.  Maintaining your property, addressing tenant issues, keeping things in order when it comes to rent payments and leases; the list goes on.  One of the most important responsibilities you can have as a landlord is choosing the right tenants to move into your property. With the right tenants, you can maintain steady payments, and have a peace of mind that your property will be well taken care of.  If you’re looking for new renters, here are some useful tips to consider:

Be Ethical

The first thing to remember when meeting any potential renters is to always remain professional and ethical.  As a successful landlord, it is your responsibility to treat all potential tenants equally and with respect. Regardless of gender, race, sex, etc. all tenants should always have a fair opportunity to apply and become a renter within your property.  

Credit Check

When you have a new applicant, one of the first steps after meeting them is to run a credit check.  Though you’re not doing this to place any judgment, a credit check is essential in knowing the potential tenant’s ability to pay bills on time and be financially responsible.  With a credit check, it will likely verify the tenant’s income and give you a report on their credit history. If their credit history and income are in line with your expectations and show the tenant can afford the rental without an issue, this is a great sign.  Additionally, you’ll want to consider the fee of running a credit check.  Some landlords charge the potential tenant, while others don’t; this will be up to your discretion…

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Real Estate Breakdown: A Buyer’s Market

More than likely you’ve heard the term “buyer’s” or “sellers” market when talking to someone about real estate.  It’s no secret that the real estate market fluctuates, regardless of your current location. Prices of homes can rise, and fall, frequently, and depending on if you’re a buyer or a seller, they may either work for you or against you.  Luckily, if you closely follow the patterns within the real estate market, you have a good chance of making the most informed decisions; however, the fluctuation can sometimes be unpredictable no matter how prepared you are. If you’re in the market for a new home and you’re ready to buy, you may want to know what actually makes a buyer’s market:

Determining where the real estate market stands is generally based on the concept of supply and demand.  When the supply exceeds the demand, meaning when there are more properties for sale, than there are buyers, this is what makes the market favorable for those looking to buy; in other words, creating a “buyer’s market”.  One of the main reasons why this would be an ideal time to purchase a new home is due to the potential for purchasing at a lower cost. A buyers market is generally the best time to take advantage of lower housing prices.  Those that are deciding to sell their home in a buyers market, may find their home remains on the market longer, due to an increase in other available properties. Additionally, sellers may be forced to lower their listing price in order to compete with the market and secure a buyer; this essentially means the buyer has the advantage.

There are multiple factors that play a role in where the real estate market is ranking; the local area, demographics, economy, number of homes for sale, and even the time of year or season can have an impact on the current market.  For example, the summer months are usually known for having more homes for sale…

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