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Residential property management: Securing a solid tenant

If you are going to secure a tenant in your residential property investment, you should know how to find a good one.
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    January 23, 2014 /24-7PressRelease/ -- Residential property management: Securing a solid tenant

Article provided by Galloway and Collens, PLLC
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Sometimes, landlords struggle to secure great tenants for rental spaces. If you are investing in a residential property, it helps to gain reliable renters who will ultimately aid in preserving and protecting the real estate. In the end, solid occupants will maintain clean homes, make payments and often renew the rental agreement. This reduces overall expenses and keeps your property in good shape as an investment.

Looks matter

First, to find a good tenant, the property must look good. Simply put, a sloppy tenant probably won't mind a rough place. Conversely, a clean and tidy occupant will likely opt for a well-kept property. For this reason, it is imperative to keep the place looking sharp. A solid tenant will be attracted to a place that has been well maintained. Moreover, the renter is likely to keep the property in top condition.

The perfect tenant

Once you dress your property in a fashion that can secure a great tenant, you then must be able to identify a decent occupant. Your idea of a solid tenant may differ from another property manager's perception. As a result, it helps to decipher your target market before you attempt to fill the space. For example, would you prefer college students? Students are often short-term renters. On the other hand, do you want a professional? A family with children? Retired individuals? A senior might stay in the space for years. If you do not consider these questions, you may end up leasing to someone you do not desire.

The unfinished unit

If your property is in the process of being built or renovated, avoid showing the space before construction is complete. While you may be able to envision the final product, the renter may not. This can push good tenants away.

Application fees

It is a good idea to charge a fee for the rental application. This can help offset costs linked with credit and background investigations. It is also helpful because the process sifts out tenants with little income. In other words, if a potential renter is scrambling to pay a small application fee, you will probably encounter financial issues with the person in the future.

The application process is also beneficial to tenants. If you demonstrate that you make an effort to weed out unreliable individuals, a potential renter will know that neighbors in the building are sound.

Background checks

In general, a background check can save you stress in the future. It is also helpful to contact applicants' prior landlords, too. This can help you gain an accurate picture of the tenants' rental habits.

In the end, your property is an investment, and it is important to protect it. For this reason, be careful when managing your rentable space. A good or bad tenant can make or break your investment.

To learn more about residential property management, contact an experienced attorney. A lawyer can help you establish and manage a solid rental property.

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