Our today topic is how to Find The Right Tenant.In Property Management Greenville NC you can find the best and right tent.
Finding a good paying tenant, calm, polite, reconciling with the neighborhood…: all owners dream of it! But finding that rare gem is not always easy. Choosing a tenant takes common sense, time and a lot of care! A watchword: check the solvency of candidates for rental.
How TO Find The Right Tenant
To find a tenant, an owner can take the necessary steps himself or call in a professional. Which solution to choose?
To find a tenant, two solutions are available to owners.
The first is to look from particular to particular. It is the most economical solution, but also the most time consuming. The owner takes care of everything. He writes the rental offer, puts it online or in the specialized press, shows the accommodation, checks the solvency of the tenants, draws up the lease and has it signed, carries out the inventory and finally takes care of the day-to-day management of housing. The advantage of this solution is the proximity between landlord and tenant, which in many cases is beneficial.
The second solution is to use a real estate agency or any other intermediary. The owner saves time, but not money. A professional takes care of the rental, the search for prospective tenants, visits, the credit check, the drafting and signing of the lease … And then ensures the daily rental management. The tenant is then in contact with the agency and not with the owner.
CHECK LIST: THE TENANT’S FILE
To constitute the file of his tenant, an owner can ask for certain documents. He thus ensures the reliability and solvency of the candidate for hire.
The landlord is entitled to require a number of documents to ensure that the right tenant is chosen. Solvency, identity, seriousness, what can you ask for to put together your tenant’s file?
To ensure its solvency:
the last three payslips;
the employment contract
an employer certificate if the tenant cannot provide one of the aforementioned documents;
the last tax notice;
the last three rent receipts;
a bank account number.
To ensure its reliability and its identity:
a copy of their identity document (identity card, passport, etc.);
a copy of the identity document, the last three payslips and the tax notice of the tenant’s guarantors.
How TO Find The Right Tenant
Conversely, a tenant’s file cannot contain:
- a copy of bank account statement;
- automatic debit authorization;
- An identity photo ;
- a social insurance card;
- a medical record;
- an extract from the criminal record;
- a reservation check.
HOW TO FIND THE RIGHT TENANT?
Between unpaid rent and damage, finding a good tenant has become essential. Here are a few tips.
For your real estate investment to be profitable, you still need to find a good tenant who regularly pays his rent. Here are some keys to finding that rare gem.
To find and choose a good tenant, do not hesitate to inquire about the solvency of rental applicants and their professional situation. To ensure that your tenant will pay their rent, it is recommended that you ask them to provide their latest payslips, their employment contract and their latest tax notices. These documents will allow you to guarantee that the tenant has a stable financial and professional situation.
However, the habit does not make the monk and a person of good situation can be a deadbeat. To ensure the reliability of your good tenant, you are entitled to ask him for the contact details of his former landlord. The latter will be able to inform you about the character of the tenant and about his regularity and his seriousness in the payment of the rents. You can even ask the candidate tenant to provide you with his latest rent receipts to reassure you.
Good tenants are hard to find, so don’t hesitate to ask for a deposit as well. The surety is a person who acts as guarantor for the payment of rent. In the event of default by your tenant, you will be able to return to the deposit to obtain payment of your due.
COUPLE, SINGLE OR ROOMMATE?
Who to rent to once your rental investment has been made? To a quiet bachelor? To a couple on fixed incomes? To roommates with solidarity income?
Logically, once your rental investment has been made, you want to make sure that everything goes well. That you will receive your rents, but also that the accommodation will not be degraded, that the neighborhood will not have to complain about your tenant … Depending on your expectations, certain tenant profiles are to be preferred. How to choose, for example, if you preferentially give your keys to a couple, to a single person or to roommates?
How TO Find The Right Tenant
Rent your accommodation to a couple
Giving your property for rent to a couple has advantages and disadvantages. The main advantage is double security. Two occupants therefore two incomes, it’s mathematical. If one of the spouses can’t pay, chances are the other can. They will therefore work together without you having to intervene.
On the other hand, renting to a couple also has disadvantages, especially if they are young. 25-35 year olds are inclined to move more often. Professional transfer, desire to change region, growing family, do not expect to keep your tenants for years, especially if you are renting a small apartment.
Rent your accommodation to a single person
If you rent out your property to a single person whose income is three times the amount of the rent, you are unlikely to face a default. In addition, a person living alone in a dwelling is not normally noisy on a daily basis. The neighborhood will therefore not be a problem for you.
Conversely, life is made up of the unexpected. And a single person facing a job loss, for example, will have a harder time honoring their rents, sometimes leading to bad debts.
Rent your accommodation to roommates
Making the choice to let your accommodation rent in a shared apartment is an option that should be seriously considered. Many landlords retain it for its primary advantage: roommates are very often students whose rent is paid by their parents. Thus, the risk of non-payment is limited.
But beware, who says student roommate says student life. And this is where sometimes things go wrong. Evenings, shifted hours, nocturnal noise, degradation… Try to identify the profile of your tenants before giving them the keys!
RENTING TO A COUPLE: THE RULES IN FORCE
Cohabiting partners, husbands, couple…: who must sign the lease and what are the rights and duties of each when a couple rents accommodation? Our explanations.
Renting accommodation to a couple imposes special rules, both on the landlord and tenants. Decryption.
First of all, you should know that spouses will automatically co-own the lease. Thus, if one of the spouses has signed the contract, the other will also be engaged. This is also the case if the lease was signed before the marriage. In the event of separation, only a divorce can put an end to the joint ownership of the lease.
If the couple is in a civil partnership, they will both have to sign the rental agreement to be joint owners. In the event that only one of the spouses would sign the contract, he would legally be the sole holder of the lease. The partners, on the other hand, have the option of both signing the contract or that only one does.