As the rental market in San Francisco Bay is strong and the interest rates are low, many Americans are purchasing property in San Francisco Bay and then searching for tenant. The rental industry is one of the biggest business foundations in the United States. Real estate investors and landlords lease more than 45 million family members in the United States, a recent property management study revealed.
One of the best ways to establish yourself as a successful landlord is by preparing yourself for the tenants who don’t pay the rent property, damage your property or violate the local noise code. Removing an unpleasant or disturbing tenant from your property is tough, as many municipalities and states have strong landlord-tenant laws that support the renters. Therefore, you need to discover the ideal tenant while renting your space. Consider reading the article to the end to know more.
Contact a Property Management Company
Even though you can use various websites to market and boost the visibility of your rental property, one of the best ways to achieve maximum exposure in San Francisco Bay is by working with a property management company in Oakland. They are extremely experienced at listing the rental properties of the state. An experienced agent from the Oakland property management company will help you enter your property into MLS. This means that your property will be visible on their website which will attract many potential renters. They will also advise you on how to take care of your rental property and how to behave with the tenants.
When you contact the best property management company in Oakland, San Francisco Bay, you don’t need to worry about finding tenants. They will handle this job for you.
Set Some Strict Income Requirements
This is one of the best strategies for finding the perfect tenant to rent your space. As per reports, more than 25% of renters failed to pay their rent in 2020. One of the most common reasons people fail to pay their rent on time is because they spend too much of their salary income on other necessary and unnecessary expenses. Not to mention, many people fall behind their rent because they put more than 50% of their earning on households.
Make sure the monthly income of the tenant is three times the rent. If the rent of your property is $1000, make sure the tenant earns at least $3000/month, with no exception. If the salary of the tenant doesn’t meet this criterion, you need a co-signer to minimize the risks.
Check for References
You should also contact the previous landlords to screen the tenants. Ask whether they were capable of paying the rent on time or if they damaged the property while leaving.
However, you need to ensure that you’re talking to the original previous landlord of the tenant. This is because some dishonest tenant makes their friend pose as a landlord. As per Quora, make sure you have documented everything to handle a dishonest tenant.If you see any differences between the statement of the tenant and the landlord, it’s suggested to inspect more thoroughly.
These are the top 3 strategies to find the perfect tenant while renting out your space. If you have any other questions, make sure you comment below.