One of the most important steps in running a successful income property is signing the tenant. Having the right tenants can mean the difference between success or complete frustration. If you’ve chosen well, your property will practically run itself.
Landlords/property owners must follow a well planned process. Taking the first couple (and I’ve heard this has been done) to have first and last months rent can cost you money and sleep in the long run. Screening your prospects and proper background checks are paramount.
First, have your unit “show ready”. If it’s already vacant great, you can begin the clean up, repairs or alterations you want to make. Showing your unit before it’s ready can turn off your best prospects.
The next step is to get your advertising out there. Lawn signs aren’t enough. Many people look online for apartments as well as print advertising, learn to use it. If possible have everything set to go at once. This is your Ad’ campaign .
If you haven’t already done this, have your application form for the income property ready to go. Get them to fill it out on site if possible. People forget what they saw or loose the rental application.
I personally like to get a few applications to run them at once. If they’ve left blanks ask them why as this can indicate any red flags right from the start. Too many blanks and I file it under G! It’s a good idea to run a credit check. We want tenants who don't have a lot of outstanding bills or debt . You could find a service or property manager for this /service-packagesex.html, Whomever you have chosen to run the credit checks should help explain what's good or bad about them.
Glenn Brown is owner of My Rental Unit property management and has enjoyed success with multiple unit investing.