You have a vacant apartment to rent. Perhaps this is the first time you have ever rented out an apartment. Perhaps you have done it a few times before, with little success at choosing a stable family. Maybe you had such a bad experience before, you left the unit vacant for months, even years. Now, you need the additional income. At any rate, this time, you want to do it the right way. Once you make the commitment to rent out your vacancy, you need to think about, and then be clear and steadfast as to the kind of tenant you want to occupy your real estate investment. Assuming that every rental applicant you see has a good income, good landlord references and good credit, what kind of person or family are you looking for? You want a person or family who will pay the rent on time each month; You want a person or people who will respect your building and apartment by maintaining it in a decent, clean, safe, and sanitary manner; You want a person or people who will respect the other tenants in the building; by living quietly; You want a tenant who will call you if there is a repair problem needed in the apartment, such as a water leak or a kitchen cabinet loose from the wall; You want a tenant or tenants who will call you when there is an emergency situation, either in their apartment or the building; You want a tenant or tenants who will conduct themselves in accordance with their lease and the law; There are numerous factors that could impact your decision to pick one applicant or family over another. These selection factors are different from discrimination based on a prejudice against a certain type of applicant, which is against state and federal law. Some circumstances you may want to consider are whether or not the tenant or family will live in the same building as you and your family; whether or not the tenant(s) will share the same building with your elderly parent(s). You may prefer a person or family with a history of long-term tenancies, or for stability in employment, income, etc. You should think about these factors before you begin your search for a tenant. You need to be prepared for those candidates who are very good at convincing others to do things their way. Create your preferences list, and keep it in writing. When you begin your search for a tenant, refer to it often, to solidify your tenant selection process. When rental applicants try to convince you to choose them over someone else, review your list. How many of the attributes you said you wanted in a tenant do you see in this person or family? You do not want to be persuaded to choose someone against your better judgment over a person whom you originally said you wanted as a tenant. Take your time, and do not Rush to Rent. Your tenant selection process will go smoother. |
