Congratulations! You have just accepted a new job that is located out of state, decided to move in with a significant other, or have finally moved your family out of a small condo and into a spacious single family home. When life changes such as these occur, you may need to locate a tenant to lease your current home or condo while you move to pursue your career, etc. If you purchased your current property at the height of the market and do not wish to sell it right now, then finding a tenant may be your best option. The obvious question becomes: how do I locate a tenant that will treat my home with respect and pay the rent on time? Craigslist? Facebook? A "For Rent" sign in the front yard? These three strategies will probably generate prospective tenants, but how do you know if they are the type of tenants you want taking possession of your property for a year or longer?
If you haven't leased your property before, then the answer is: you really don't. Hiring an experienced, licensed real estate broker can increase your odds of having tenants that will pay on time, return your property in the condition received and not cause your former neighbors loathe you.
First Impressions Can Be Misleading
I meet new people everyday in the course of leasing vacant apartments & homes. One thing I have learned is that first impressions can be very misleading. A prospect can be polite, well-dressed, highly polished and exude affluence and success. However, they may have a closet full of financial skeletons, and not consider paying the rent on time a priority. How do you as a new landlord figure out if the first impression they make is congruent with their financial history? Read on.
FICO Score & Credit History
The most effective way for landlords to perform their due diligence on prospective tenants is to obtain their FICO score and credit history. Landlords can always have prospects submit this on their own, but the details provided in the report may vary or the information may be outdated. Some reports may give a score, while others may provide more credit history. The more details the better. A thorough credit history provides the landlord with a clear picture of how this prospective renter manages their affairs. If you decide to hire a real estate broker be sure to ask about what type of credit screening they provide. Minuteman provides a very thorough credit report and FICO score on all potential tenants.
Showings Are Erratic
It is challenging to predict when your potential dream tenant will want to see the apartment or home you are trying to lease. It may be on Tuesday at 10 AM, Friday after work or on Memorial Day weekend when you are at the beach. Prospective renters expect a great deal of flexibility from whoever is in charge of showing the property. If they do not receive prompt responses, or showing times that accommodate their schedule, then they will just move on to other options. Landlords who work long weekday hours, travel frequently and enjoy weekends on the golf course or skiing may want to consider hiring a broker to show and lease their property.
Paperwork
Massachusetts requires certain paperwork in addition to the lease. Do you have this or know what is required? We do and provide all forms so that landlords can be in compliance with Massachusetts laws.
Greater Marketing Exposure
It is very common for a prospect to end up renting a property other than the property they initially contacted us about. I meet with prospects each day and I am always trying to get to know their wants and needs so that I can present as many appropriate options as possible. We may start the morning seeing apartments in Quincy Center, but after talking for awhile end up in Canton or Stoughton. When you work with a broker who is showing many properties, you increase the exposure your property will receive and your chances of finding a suitable tenant.
Landlords may contact Minuteman here: http://www.minutemanrealestate.com/contact.php
