Owning a rental property is a great way to build your equity while someone else helps you pay the mortgage! A rental can be an income property that helps you save for your retirement…and who wouldn’t love that?
Once you’ve bought an income property and you’re ready to rent it out, you need to find the ideal tenant to occupy your property. Finding the right tenants can take some research. Here are our tips on finding a great rental property tenant.
Ask the right questions
If you’re looking for the right fit, you’ll want to get all the information you can from your prospective tenants. Make sure you ask what their plans are for the next 3 to 5 years. This will give you an indication of how long they’re looking to stay in your property. Plus, if you find great tenants, you’ll want them to stay for a while!
Credit checks are a must
Credit checks are an excellent form of mitigation. Knowing more about your prospective tenants and their credit will let you know if they’re likely to pay the rent.
Connect with references
Credit checks give you an idea of their financial state, but references can be a great resource. Ask for references (employers and past landlords) so you can get learn more about their character and how they live. It may also be a good idea to ask for their employer to provide a record of employment.
List your property in the right places
We’ve found that listing rental properties for lease through us and the KW Real Estate board tends to produce better prospective tenants. Not only can we help you find the right rental property to help you meet your financial and retirement goals, but we can help you find a tenant who is qualified and will take care of your property. We’d love to help simplify this process for you. Plus we can help you through the new rules around Landlord/ Tenant laws.
Thinking about buying an income property? We’d love to help you.
Contact us today!