Once you have done your marketing right, crucial aspect to getting the right lot of potential tenants, you can take step-towards finalizing the most suitable tenants and have them move-in. After generating a query from listings to hand-over, you have to undergo the following steps to ensure that your journey with the tenant is comfortable for both the parties.
Screening Potential Tenants
Screening potential tenants is a time consuming process. You can either do a thorough screening with all tenants in one sitting or you can put them through rounds. If you are going for the first method it will take a lot of time and for the latter you should not ideally go for more than 2 rounds. You can conduct a brief interview when you get a call for query. People would generally call for such matters when they themselves have time. You can keep a checklist of questions to be asked, but don’t make it a lengthy conversation. Certain matters like when they expect to move-in, number of people, pets, noise invoking habits etc. should be discussed during the very first conversation.
Before meeting the potential tenants, it would be wise to conduct a bit of research on their tenancy history and eviction history. You may ask for contact of previous landlord and have a word with them regarding the tenant. You should also trace financial records and records of outstanding rent or debt, if any. Once you meet them, you have plethora of points to discuss. The meeting itself can be conducted in the property in question, or someplace nearby. This would also help enhance the appeal of the property to the tenant. Here you have a chance for an open discussion on matters of importance. This is also a time when you can endear the property even further to the tenant. Then from amongst the final few you may choose the tenants who get to move-in.
Once the tenant is finalized, you would want to clear the matter of deposits. Commonly this would include the first month’s rent and security deposit. The next step is to discuss the terms of lease agreement with the tenant. This can be a tedious task, but a detailed tenancy contract is likely to reduce conflict in the future. The lease agreement should detail all rules and regulations regarding various matters concerning tenancy. It should also include the procedure for rent payment, payment of maintenance, repairs, conclusion on matters of conflict, conditions for eviction, notice periods, etc. Once the matter of tenancy contract is cleared, you handover the keys to the new tenant. At this stage you can give them a walkthrough of the property and even around the neighborhood. This would be much appreciated as moving to a new neighborhood can be challenging. Show them around, point to convenience stores, supermarkets, stationary shops etc. near the property. It would help the new tenants to acclimatize. You can establish a good relationship with the new tenant by presenting a token of appreciation. This can be a small gift like a piece of decoration or a plant. You may also provide them discount coupons to nearby stores or a café or restaurant in the neighborhood.