When you're looking to fill an investment property with a tenant, it can be difficult to find the right one in a sea of applicants. 

So how do you control the process and work toward the best results? Here are some tips from the professionals at a Property Management company on how to match the right tenant to your property:

Present the Property Well – And Observe the Process

In some ways, the most fundamental part of the process is creating an orderly and straightforward way for potential tenants to inspect the property that may become their new home. Always make sure the housing unit is clean and presentable before a showing appointment, arrive on-time, and be eager to answer any questions they may have.

At the same time, you can also assess which of your prospective tenants is providing that same orderly process.

“One vital assessments in processing a tenant is making sure they are diligent in showing times, completing paperwork, etc. This will let you know how serious they are and how they could potentially act as a tenant.” Susanne Hawkins, professional Property Manager in Central Florida.

Timeliness on paperwork and eagerness to secure the property are excellent clues as to who may be a good fit for your rental property. When it comes to the rental process, good communication is a two-way street. Put your best foot forward and look for tenants that do likewise.

Nail Down the Finances

Simply put, it is ideal to find a tenant who is able to pay on time for the length of the lease term.

Doing financial research on a potential tenant's financial history up-front helps protect both parties. 

“It is very important to run a background and credit check on your tenant to see payment history,” says Shelley Anderson, professional property manager in Central Florida.

“You should also consider checking the county records (clerk of court), in addition to the credit and background check. It is best to look up the county in which they resided in most recently, as credit reports can sometimes take a few days or even weeks to update. Also, do your research on their latest rental history. You will need to make sure the information the tenant has provided you is accurate. A simple way to do this is to use your local property appraiser’s website.”

Research the Tenant's Background

In addition to income and credit check details, another important step is to research housing and employment history on the application when you are looking at potential tenants.

Big gaps in information or evidence that the person moved around frequently are indications that the tenant might not stay in your property long. On the other hand, you'll be able to see whether tenants are capable of long-term planning and forward thinking.

“Longevity on the job and previous addresses is something to look for in a potential tenant,” says Ron Ricketts, professional Property Manager is Central Florida. “The right tenant preferably does not move around or change jobs frequently. A tenant looking in advance to secure housing rather than a last minute move is another good sign.”

Build a Strong Lease

It's necessary for the tenant and owner/Property Manager to agree upon all conditions of the lease term before move-in. A well-defined lease will set the framework to preserving your investment property.

You can include everything from requiring renter's insurance, to smoking policies, and pets in the lease. You can include restrictions on alterations that could damage parts of the property, maximum occupancy, and/or parking. 

Professional Property Management companies can help ensure all of these little details are included in rental property management operations. Professional teams know the ins and outs of the leasing process, Landlord-Tenant Laws, and how to support day-to-day operations.

Comply with the Fair Housing Act

It's incredibly important that you comply with the Fair Housing Act throughout the process. If you're not familiar with it or are unsure if your in compliance, it's best to consult with a professional Property Manager. 

Interested in having a property management company handle the tenant process for you? View our full brochure to learn about our property management solutions or request a consultation with a member of our Property Management team. 

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