Steps to Placing a Tenant in Your Unit
How do you place a tenant?
One of the biggest hurdles investors have to overcome when choosing to buy investment properties is the fear of having to deal with terrible tenants.
Fear No More!
Landlords love to talk about those terrible tenant situations – makes for great stories, but when you ask them if they will sell the property that is carrying all the costs and making some cash flow each month they will emphatically say NO WAY! There are many ways to ensure you get good to great tenants…and if that one time you don’t, there is always help to deal with it.
You are not alone.
Talk to other investor landlords, they are willing to share their best practices, engage your real estate specialist, and also you can always hire a property manager who will basically cover all relationships with the tenants – the good, the bad and sometimes the ugly!
Here are the steps I use to place a tenant.
- I ensure the unit is ready for showings
- I create ads to highlight all the features of the property
- Post Ad
- Screen Tenants and set up times for showings
- Conduct showings and interview tenants
- Give out the application form
- Do all your due diligence on the tenants you are considering including credit check, references, employment verification and more
- Choose tenant
- Draw up the lease and get the tenant to sign collecting first and last month rent at the time of signing the lease
- Meet tenant on move-in day for inspection
- Collect rent on the first of every month – do a little happy dance.
Now, that’s a very generic step-by-stp in finding a tenant and getting them in the unit.
In future s,essions I will go into more detail about each step, or reach out and give me a call to discuss, always happy to help.