Choosing the right tenant can save you from a lot of headaches
Like every landlord, you worry about your future tenant causing trouble, whether it's through rent nonpayment, property damage, or disturbances to the neighbors. The perfect tenant would adhere to all of the lease's stipulations, be prompt with rent payments, take good care of the apartment, and be respectful of the building's other occupants (especially in buildings). If you want your next lease to go off without a hitch, what can you do? If you take some preventative measures, you can rent with more confidence.
Obtain pay stubs and rental agreements as proof of income
Landlords have the right to check official records to ensure that tenants can pay their rent and are reliable residents. Keep in mind that you can't request everything; for example, bank records can't be requested because they reveal personal information. However, prioritize those who can show you recent rent receipts and their last three pay stubs (indicating a stable employment situation). The rent should ideally not be more than a third of the salary, which could put the tenant in a difficult situation, and can be compared to the tenant's other monthly expenses using the pay stubs. The tenant's up-to-dateness is demonstrated by the receipts for rent payments.
“Bank statements are considered private information and therefore cannot be requested”.
It's important to talk to the tenant and establish rapport
It's only natural to want to meet the person who will soon be calling your house their own. Of course, you can try to strike up a conversation by asking about the other person's passions and aspirations. This way, you can gauge his seriousness, maturity, and dependability with greater accuracy. In addition, you can inquire as to whether or not the renter is looking for a long-term lease. Indeed, if you find someone with long-term commitment goals, you can rest easy knowing that you won't have to go back out and look for love in a matter of months. However, it's important to be sensitive to political correctness during this conversation. For example, you shouldn't pry into the prospective tenant's personal life by asking him about his religious or sexual orientation if he doesn't feel comfortable doing so. Remember that there are severe consequences for any form of discrimination, including in the rental of a property.
And if you find someone who wants to put down roots for a while, you can relax knowing that you won't have to go back out and look for love again after a few months.
Hire a property management company to oversee your rentals
People who aren't well-versed in the field may be daunted by the intricacies of the search for new tenants. Furthermore, afterward, the actions of rental management lead to some challenges, as you must pursue unpaid bills, anticipate repairs, and account for your share of maintenance. Having a real estate company handle the management of your property can free you from all these costs. The management company will take over for you completely, from tenant screening to inventory to collecting rent and enforcing maintenance and payment policies. The monthly rent payment will be made to you by the agency, less a predetermined percentage that reflects the value of the services they provided.