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Property Management – Encino – How to Choose the Right Tenant?

ENCINO PROPERTY MANAGEMENT

How to Choose the Right Tenant?

The type of tenant landlords get depends on the type of property they are renting. The size, facility and area of the property play an important part in attracting tenants. However, choosing the right inhabitant is a tricky process, which involves a lot of research and thought. Given below are few tips that will help you choose the right occupant for your property.

Advertise your property

In order to attract the right occupant it is essential to advertise your property. You can take the help of a property management company or a real estate broker for reaching out to prospective tenants. Normally, property management companies have a database of tenants. You can also advertise your property online or through local newspapers.

Screen tenants thoroughly

To protect your property, make sure that you have a rigid screening process for applicants. Obtain some sort of identity proof from applicants and ask all the parties to fill in an application form. The form should ask for details such as the applicant’s income, credit history and references from earlier landlords. After going through the forms, choose the person you believe is the most reliable for renting your property.

Background checking

It is extremely important to do a background check of your tenant to find out whether he/she is fit to occupy your apartment. You can verify the background yourself or through a reliable friend. Through background checking, you cut the risk of getting tenants who are known to create troubles for property owners.

Check the tenant’s credit

This is to know whether the occupant can pay the rent on time or not. Ask your tenant to show a proof of employment and a bank statement. Though it seems an awkward process, but is necessary for the sake of business. However, on most occasions, occupants are unwilling to show the documents. In such cases, you need to use your own discretion. Refusal to give bank statements doesn’t always necessarily mean that tenants can’t pay rent on time.

Take a deposit

Deposit from a tenant helps you protect your asset. A deposit will assure you that your property will be in good order. You can use the deposit amount to carry out any repairs. A good option is to take two months’ rent as a security deposit.

Sign the contract

The most vital part of the deal is the lease agreement between you and your tenant. The document is important as it includes all the house rules you want your tenant to follow. The agreement should include full details about the date of rent, home maintenance rules, usage of water and visitors’ rules.

Never rush while choosing an occupant of your property. It is important to find the person who will treat your property as his own. This will not only enhance the value of your asset, but also save you from the hassle of changing your tenant often.

By C Prabhakar

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.