How to Find a Tenant for Your House: A Step-by-Step Guide

It can be a clever idea to rent your house to get some additional income. But to get it to work, you must have the right individual staying in your house. A nice tenant will pay on time, abide by the rules and will take care of your property. A poor one may lead to stress, destruction or even lawsuits.

Then how do you find a tenant? And this step-by-step guide will walk you through it.

Step 1: Get Your House Ready

Clean up and fix up your house prior to renting it out. The first impression counts. Would you like to shift into an apartment with dirty walls, faulty lights, or a dusty floor? Probably not.

Repair what is damaged. Clean all the rooms. Paint walls as required. Test the doors to ensure they lock and check the functionality of appliances. Clean, safe house will get you better tenants- and possibly allow you to raise the rent as well.

Step 2: Decide the Rent

Then, determine the pricing. Do not make guesses. Check other similar homes to yours on the Internet in the same neighborhood. Compare the price of their rent, their features and their locations. You desire to become competitive.

It may happen that people will not even come to look at it because the price is too high. It should not be too low, or you could lose money. See what you can agree on with your future tenant by trying to arrive at a fair number.

Step 3: List the Property

Your house is in shape and you have determined your rent, now you need to spread the word that it is available.

Make clear photos of all rooms which are bright. Describe your home in a short and sincere way. Make sure you mention the amount of bedrooms, bathrooms, schools nearby and anything that makes it special. Does it have a back yard? New kitchen? Quiet street? Spread the good news.

List your post on such websites as Zillow, Facebook Marketplace, or in local rental groups. It is also possible to share it with friends or community pages. The more they view the better chances you have.

Step 4: Show the House

Sooner than you think, people will begin to get in touch. Be prepared to display the house. Establish hours that are convenient to you both and the renter. Be as flexible as possible- some will not be able to meet until after work or only during the weekends.

Make yourself friendly and professional during the showing. Take them through the house and respond to their queries. Simultaneously, observe their behaviour. 

Are they well mannered? Are they appearing serious? You can use these little details to get an impression of the person.

Step 5: Screen the Tenants

This is one among the most significant sections. Do not leave it.

Have anybody interested in renting complete an application. You will be interested in knowing which company they work in, their salary, whether they have rented previously and their references. There is nothing wrong with requesting a credit check and a background check as well.

You want somebody that has a regular income, that is not late with bills, and that does not have a record of difficulties. And in case something does not feel right, it is better to wait until another tenant comes.

Step 6: Make a Decision

Once you have talked to some individuals and have looked at their applications, pick the one that you think is the best match.

Do not settle on the first one who takes interest in you. Choose a responsible, honest, and probably respectful person. Go with your gut feeling, however, apply the facts you have acquired as well.

Step 7: Sign the Lease

After selecting a tenant, draw a lease agreement. It is a legal document, which states what you both agree on.

The lease must have the rent, due date, the lease term and pet, guest or repair policies. Simple lease templates are available on the Internet, or you can use the help of a lawyer or property manager.

Ensure that you and the tenant sign it. Hand it to you all.

Step 8: Collect Payment and Do a Walkthrough

Make sure you receive the first month rent as well as a security deposit before your tenant occupies your property. This covers you in the event that something is damaged consequently.

Perform a final inspection of the house with the tenant. Note the status of every room. If possible, take pictures. This prevents the later arguments about what was broken and what existed before.

When all is in place, give out the keys- and voila! You are a landlord!

Final Thoughts

Clean your house, list it well and screen individuals well and you will be setting yourself up to succeed. It is easy to be a landlord with good tenants. They look after your home and provide you security.

However, there is no need to hurry. It is always worth waiting slightly longer to find the correct tenant as opposed to having a bad one further down the line.

In case you are too busy or you are not sure how to do it, you can get a complete real estate solution. They will do all the work including identifying tenants and even collecting rent on your behalf so you do not need to stress.