Cleveland, OH has seen an increase in rental evictions since the pandemic.
The rise in evictions has posed a challenge for rental investors. Tenants who fall behind on their rent create a financial loss for landlords. The process of evicting a tenant is costly and time-consuming.
You lose more money than you earn from your rental property as evictions increase.
It is important to learn how to find good tenants to avoid evictions in the future. A good tenant provides peace of mind to a landlord and protects the investment.
Let's discuss 5 tips to help you choose the right tenant for your property.
1. Peer Circle
The best place to begin your search for tenants is with your peer group.
Your peer group consists of like-minded individuals who want to see you succeed. But, the best way to end an alliance is by sending along a bad contact. So, your peers would be sure to send you only the best prospects because their name is on the line.
Reach out to your peer group to see if they know anyone who is looking for an apartment.
2. Tenant Screening
Screening tenants is like blind dating. You usually don’t know what to expect, so you come up with a list of questions to find out more about them.
You need to ask your prospective tenants about their source of income and employment. It’s a good idea to contact their employer to verify their role and income.
Prospective tenants should also provide you with a credit score. They can get a free credit report from Experian.
3. Tenant Background Check
It's a good idea to run a tenant criminal background check to search for any violent offenses.
You don’t want to run the risk of having violent residents on your property. This could lead to trouble and legal issues down the line.
4. Property Management
Property management can help with finding tenants if the search has become a burden for you.
Many property management companies in Cleveland have great tenant relations. Here is a resource on how to pick the right property management for your rental property.
5. Set Expectations
Be upfront about what you expect out of a tenant.
Spell out your expectations in your rental listing and contract. This helps you narrow down your search. Avoid creating expectations after a tenant has moved in.
Nobody likes deception, so be honest and give prospects the opportunity to decide if they are a good fit or not.
How to Find Good Tenants
This was a good overview of how to find good tenants if you are new to the process.
There are many more tips and resources to help you find the right tenants in Cleveland. Feel free to connect with Cleveland property managers for professional guidance. Have no fear, you will find the perfect tenants for your rental property!