2019 is a great time for rental property owners as rental prices have increased by 3.2 percent over the past year. However, as a landlord, renting to the wrong person can increase maintenance costs and disrupt your cash flow. Dealing with difficult tenants worries most landlords, which is why it’s essential to take certain steps to ensure you rent your property to the right person.
Although finding the ideal tenant can be an exhausting and time-consuming task, it can save you from trouble in the long-run. Here are tips on how to find the perfect tenant for your rental property in New York.
Clear rental agreements
A clear rental agreement is one of the first steps of finding the right tenant for your rental property. Devise a contract that clearly states what your tenant would pay as well as what you will provide. This also helps avoid future disputes and holds both parties accountable if any part of the agreement is not met. Landlords are advised to include a late fee in the agreement to ensure the rent is paid on time.
Have a thorough screening process
To avoid ending up with a misbehaving tenant, it’s important to have a thorough screening process for applicants. Instead of reviewing applications online, we suggest meeting applicants in person. While this process can seem time-consuming, you can judge a person’s character and how well you get along with them much better in-person than by simply reviewing their application.
Once you’ve found the right person, you are advised to conduct background and credit checks of the prospective tenant. Avoid renting to individuals with bad credit scores as there’s a chance that they won’t be able to afford the rent.
A vital part of finding the ideal tenant is marketing your rental property effectively. Aim to get as much exposure as possible by marketing through the right channels. When writing or designing your ad, make sure you use language that reflects the kind of person you get along with so that it appeals to the right target audience. Additionally, it’s crucial that your ad defines what you are looking for in a tenant to avoid confusion.
To attract the best tenants that are the perfect fit for your rental property, reach out to KH Property Consultants. We’re a woman-led and owned business that offers property management services in NY. Our property managers in Brooklyn use their years of experience to find the perfect tenants and use effective strategies to resolve conflicts. For more information, contact us today!