3 Tips For Interviewing Potential Tenants
Interviewing Potential Tenants: When real estate investing is something you’re looking to get into, it’s always a good idea to read through some advice first. If you’re interested in this, then you’ll be happy to know that you’re in the right place. Go through these tips and you’ll have an easier time when it comes to real estate investing.
Before investing in real estate, try analyzing the market and researching thoroughly. It is best to compile information on at least 50 properties from your target area and put this into a spreadsheet. This will make it easy for you to weigh the pros and cons of each property. This will allow you to target the right properties.
Marketing will be crucial to your success. Marketing is what generates your leads. Without solid leads, you are not going to find good deals on properties. Therefore, if something is not working in your investment plan, turn to your marketing strategy first to see what is going on and what can be adjusted.
Stay within your preferred niche. It’s simple to get success when you’re doing investing if you’re able to stay focused on a certain market. Whether you are flipping houses, working with starters or dealing with properties with low down payments, stick to what you know for success.
Join online investment groups or locate blogs of real estate investors that are successful, globally. You can gain very helpful information this way. You could even speak with these individuals one-on-one.
Find a contractor to work with that you can get along with. There’s no reason to get someone to help you with fixing up the real estate you invest in if you don’t like how they operate. You can save yourself a lot of frustration if you just find someone that you know will work well with you.
Now it shouldn’t be tough for you to tell that real estate investing is something you can get into with the right information. Just take this type of thing one step at a time, and things will fall into place for you. Make sure you do all the research you can and good luck!
If you own a rental property, you might have been surprised at just how much work it can be to manage it. While having rentals can be a great way to bring in money each month, it does require quite a bit of effort on your part to ensure that everything’s taken care of the way it should be. So if you’ve decided to forgo the help of a property management company and want to do everything on your own, including fill your vacancies, here are three tips for interviewing potential tenants to ensure you get the right people moving into your rental properties.
Find Out Why They’re Moving In The First Place
Once you have a vacancy in one of your properties, your main priority should be filling that vacancy so that you can start getting those rent checks coming in again each month. However, you shouldn’t allow the stress of finding a new tenant to push you into choosing a tenant who’s going to be more trouble than they’re worth.
To help you know if this might be the case, Erin Eberlin, a contributor to The Balance Small Business, recommends asking your applicants about why they’re moving in the first place. If they say anything about not getting along with their former landlord or that they were asked to leave, you should view those answers as red flags.
Always Do A Background and Credit Check
Either before or after you’ve done the interviewing process, Laura Agadoni, a contributor to Landlordology.com, shares that you should always run a background and credit check on every applicant before you allow them to sign a lease or rental agreement.
In some instances, you might see things on a background or credit check that are causes for concern. If this happens for a candidate that you do like, you can always speak to them about what’s happened and why their background or credit check reports what it does.
Ask About Potential Lifestyle Problems
While you can’t discriminate against people who are trying to find housing for themselves or their families and there are certain questions that are legally off-limits during the interview process, Brandon Turner, a contributor to Bigger Pockets, does recommend that you ask questions about a candidate’s lifestyle that may cause problems, like if they own any pets, if they smoke, and how many vehicles they have. While these things won’t necessarily make someone unqualified to live somewhere, they could encourage you to make certain rules to keep your property and the community safe.
If you have a rental property with a vacancy and you want to get this unit filled with a great tenant as quickly as possible, consider using the tips mentioned above to help you find success throughout the interview process