So you have decided to rent out your condo. So how do you find that perfect tenant?
Before you choose on renting the unit out yourself, or hiring a professional, such as a real estate agent, ensure the condominium’s rules and regulations will allow for a rental by speaking with the condominium property manager, as some condo’s may restrict the quantity of rentals allowed in a building.
Your perfect tenant is also looking for their perfect place. Keep in mind, they are looking to find the right size, the right layout, quiet, convenient and within their budget.
The old adage, you can’t judge a book by its cover, should be kept on top of mind when finding a tenant which will fit well with the personality of the building.
Know your building. By understanding the dynamics of the building and the rhythm of the other residents, you can establish what works best and avoid placing a tenant, who may appear perfect, but the fit just isn’t so.
A quiet tenant who has problems in paying their rent on a timely manner or ends up moving out in the middle of the night, is not your perfect tenant.
Ask the questions which will foster an open dialogue. Provide clear expectations that are standard for the building, and look for their response. Be clear what the rules of the building are as well as your own expectations, before they even get to filling out the application.
In most instances, you will rely on your gut, however, there may have been issues that this tenant has encountered with a previous landlord. 100% perfection may not exist, but if this prospective tenant is upfront about their situation, it may outweigh the negatives associated with this one blemish.
A perceived risk which may affect your initial assessment, may be addressed by raising the concern head on, and allowing the conversation to work towards the resolution before it becomes an issue.
The effort you put in at the beginning will pay dividends tomorrow. Get to know your prospective tenant. Having them back more than once will provide you with an opportunity to gauge their interest and builds a rapport, which will help in accessing if your unit will be the right fit for this tenant.