In This Post
–Tips to Choose the Right Tenant
–Things to Include In Your Tenancy Agreement
–Buy Investment Property In Pakistan
Whether you own a property for residential or investment purposes, you always want it to remain in good hands. This is what makes the process of choosing the right tenants for your property unit extremely crucial for you. However, the whole tenant hunting process can be a tricky business for you, especially if you don’t know what needs to be done to screen your renters properly before signing a rental agreement with them. So, to help you in this regard, we are going to give you some essential tips on how to choose the best tenant for your rental property.
Let’s begin!
How to Choose the Best Tenant for Your Rental Property: Tips to Follow
Now let’s take a look at some of the ways that will help you choose the right tenant for your property.
- Set Your Search Criteria
- Know Your Tenant’s Credit History
- Check for Any Criminal Records
- Post About Your Rental Property Online
- Adopt a Proactive Approach
- Choosing Your Acquaintances As Your Tenants
Set Your Search Criteria
Before you begin with the process of your tenant hunt, it’s important to set criteria and work according to them. Your search criteria should be answering the questions like how much income does the renter need to make to afford the rent price of your property? Will you be allowing tenants to live in your property if they are pet owners? You can ask more questions pertaining to the tenant screening process to make your hunt even more effective. Well, the following pointers will further elaborate on the criteria you need to set for picking the best renter for your property.
Know Your Tenant’s Credit History
Of course, it would never be an ideal case for you to pick a tenant whose debts haven’t been paid or they are unable to do so. Such renters may also not be able to even pay your rent in the worst-case scenario, resulting in regular quarrels and other unfavourable circumstances. So, to avoid such a situation, you need to be sure about your tenant’s credit history. It is very important for you to know the source of income of your tenant if possible ask them to submit a copy of their recent bank statements or at least show them to you at the time of signing the contract.
Check for Any Criminal Records
If you want to choose the right tenant for your property, you need to get their identity checked and verified from a local police station for any criminal records. Find out whether your chosen renter was directly involved or played a part in any kind of criminal activity or not. If you come across any record in this regard, it would be in your best interest not to proceed any further with the tenancy process. The process of the criminal background check will give you a complete record of any major or minor offenses committed by your rental candidate. This is why it is considered an extremely crucial step, which will help you to choose the best tenant for your rental property.
Post About Your Rental Property Online
When you have reliable online property portals like Zameen.com, you don’t have to be worrying about advertising your property on the internet. So, if you are composing an ad about your rental property on Zameen, make sure you mention all the specifications about your property like how many rooms it has, details about its size, what types of tenants you are looking for like only couples or a big family. This will help you get more leads from the audience that you desire to show interest in your property. For example, you can take a look at the rental listing from Karachi to get an idea of how people are posting ads about their property. It will help you compose a better ad. Also, before you post your ad online, don’t forget to read our blog on some of the key property features that attract the tenants.
Adopt a Proactive Approach
Don’t just sit around and wait for the queries on your ad to take any further actions, instead you need to adopt a proactive approach, which is considered a very important part of the process of picking the best renter for your property. By proactive approach, we mean to use your contacts and personal relations to get hold of connections that are looking for a rental property. Don’t hesitate in reaching out to people, this will help you understand the process of tenant hunting, ultimately refining your search criteria.
Choosing Your Acquaintances As Your Tenants
How about you choose an even more trustworthy tenant like one of your relatives or someone from your social circle like your friend, coworker or your neighbour, whom you have known for years. This will make the tenancy process easier for you and your tenant. You’ll be having little or no suspicions about the people who are living in your property and you would know that your property is in safe hands. However, it would still be better for you to remain cautious and document each and everything as proof, just to be on the safe side.
Things to Include In Your Tenancy Agreement
As a landlord, while drafting a tenancy agreement for your renters, you should never miss out on including these clauses:
- Name of tenants
- Details about Rental Terms and Conditions
- Tenancy Duration & Expiration
- Monthly/Yearly/Biannual Rent charges
- Mode of payment to be followed
- Details about maintenance & repairs responsibility
- General property rules
- Property inspection
- Contact information and profile
Note: Read this blog to learn more about these very important rental agreement clauses.
Now that you know how to choose the best tenant for your rental property, let’s wrap up this piece here. In case, you think that we have missed out mentioning anything important in this regard, feel free to let us know about it by emailing us at blog@zameen.com. We will try our best to respond to your email as soon as possible.
Meanwhile, you might also be interested in reading about important things to consider before signing a tenancy agreement, responsibilities of a good tenant, when can a landlord terminate a rental agreement and your guide to removing problematic tenants from your property.
Where to Buy Investment Property in Pakistan?
If you want to buy an investment property in Pakistan, you can begin your property hunt by searching through the top neighbourhoods in the three major cities of the country including Karachi, Lahore, and Islamabad. To lookup for more real estate investment opportunities in other cities of Pakistan, head over to our area guide section. On a side note, here are a few important things you should know about choosing an ideal location for your investment property.
Keep reading more of informative lifestyle and property pieces by following Zameen Blog, the country’s best real estate and lifestyle blog. Get the latest updates from our blog section by subscribing to our email newsletter, YouTube channel, and follow us on Facebook and Instagram.
