Becoming A First-Time Landlord: 3 Things To Watch Out Before Renting To A Potential Tenant

Renting out a unit in a condominium building or a rental property that you own can be a great way to earn some additional income, but it does require some special care to ensure that your new tenants are courteous and responsible. As you prepare for seeking out tenants and begin considering what makes a tenant a good one, it's best to keep the following things in mind. By screening potential tenants more extensively, you'll likely be able to have long-term tenants that you're happy renting to.

Number of Pets and Breeds

One of the best ways to ensure that your tenant is going to keep the unit clean is seeking out renters that have a manageable number of pets. If you're planning on allowing pets, you'll want to have some clear rules in place. From a limit to 3 cats to a restriction on weight for dogs, having some set rules can limit the number of tenants that you interview and will help get rid of the higher chance of damage to the unit or property that pets can cause. Even breed restrictions might be something you'll want to consider.

Past Renting Experience

A good way to tell if a potential renter is going to be responsible is whether they have prior renting experience. While you may have a good experience renting to a first-time tenant, you'll be at a higher risk of them being an irresponsible tenant. This could mean not paying rent on time or being loud late at night and disturbing their neighbors.

Requesting a set amount of experience, such as several years renting in the past or having access to references can help you feel more comfortable with renting to them.

Income and Job Stability

One of the best ways to ensure that your tenants are responsible and going to continue paying rent at the right time is making sure that they have the job stability that is important to you. Requesting a proof of employment and their income can help put your mind at ease that they afford the unit and will be able to manage paying rent on time each month.

As you prepare for meeting with potential tenants to show a property and go through an interview process, you'll need to know what to look for and what to avoid. With the above tips, you can make sure that your new tenants will be responsible and take good care of the property. 

For more information or assistance, contact management companies, such as Shook & Tarlton Rentals.