Finding the Ideal Tenants for Your Columbus Area Property
There's more to purchasing investment properties in the Columbus area than just buying a great property and then renting it out to the first interested person that needs a home. There's a lot that goes into being a responsible investment property owner from making sure that the property remains livable and well-kept to making sure necessary payments are in on time to considering hiring people to help you out with all those things and finding the right people to rent the property.
It is important to find great responsible tenants for your Columbus rental and here is why
One of the most important keys to the success of being the owner of a residential rental property is maintaining good tenants for as long as possible in your properties. One of the ways to ensure that you have responsible paying tenants to keep your rental a successful smoothly running business is to do your best to make sure tenants are actually who they say they are.
A rental is only as successful as being able to keep an actual paying renter inside the rental property. Generating rent income provides stability for all the financial needs of the property and also brings in a bit of profit that grows with time as you retain the property.
It is good to look at a potential responsible and amazing renter as not just a customer but rather a partner in the success of your rental business. Without their on-time rental payments or their care and attention to maintaining the quality of the property, you will not be able to continue to finance the property and may not know when the property needs maintenance attention.
Tips for finding great renters in Columbus
Finding a tenant that not only has a dedication to making the rental payments but to being responsible and caring well for the property as they live in it is easier said than done without the correct steps. You want to make sure you are doing everything possible to help ensure that your tenant is going to be a great one.
It starts with a clear rental application and an even clearer lease agreement
Getting to know your tenant starts with a rental application and asking them questions about themselves. Filling out an application means that a renter is interested in your property but it also gives you the chance to get to know their track record with rental responsibility as well as a brief insight into their ability to pay the rent.
Filling out the application asks them to provide previous rental history as well as a bit of their financial information to prove they have the finances available to pay the required deposits and rental fees. After the application has gone through and there are references checked out it is good to have clear communication as to what is expected from them with a lease agreement.
A lease agreement is signed by the renter that they agree to the deposit and rental amounts and know what date they are responsible for paying those as well as everything that is expected of them to put your property into their daily use and supervision.
It also communicates who they can contact if there is an issue like a leaky faucet. Be as clear as possible with who they should contact and your expectation to not wait too long before they contact someone. The more clear and precise you are with all the parameters the better quality tenant you will retain as they will be up to the tasks and responsibilities that they are signing their name to.
How is their communication through the application process?
As a renter is going through the application process and has submitted the application, you are more than likely going to have questions or would like to contact the numbers they provide for their references.
As you are asking questions in this application process before handing them an actual lease agreement it is good to note their communication skills through the process with how quickly they respond to you and how respectfully they answer the questions. Such as how is response time or if they seem to get annoyed with questions asked. This can be a red flag.
Be careful of something that seems too good to be true
If a tenant seems to be overwhelmingly the perfect candidate make sure to reserve some caution. In some cases, this could be a sign that the answers have been falsified in the vetting process for your new tenant. It may mean nothing at all and could be that you have found a great tenant but it is always good to make sure you have your guard up.
Make sure you know the rules of discrimination
Unknowingly brand new landlords could find themselves dealing with claims of not following the fair housing act. Before opening up your rental to rental applications it is good to make sure that you understand all of the laws for landlords and all of the requirements of fairly giving access to tenants under the Fair Housing Act. You want to make sure that you are well within the parameters of vetting good tenants for your property without accidentally crossing a Fair Housing Act violation.
For more information on purchasing investment properties in Columbus and surrounding areas please contact us anytime.