So this will be the final post of my mini-series, Finding the Ideal Tenant. In this post, I will be sharing my overall experience in finding the ‘ideal’ tenant.
So whether you decide to list the property yourself or enlist the assistance of an agent to do it on your behalf, you are getting closer to renting out your home.
It is also important to verify the potential tenant’s rental history and learn more about their character. In order to do this, it is wise and highly recommended that you perform reference checks; usually those of previous landlords, colleagues, employers and sometimes close friends. It is hard to conclude whether the tenant is the right fit for your home if you do not do the proper checks; if you use a realtor, you have to trust that they will find the best tenant for you.
Unfortunately, my experience with using a realtor agent was horrible. She didn’t correspond with us in a professional manner and made us visit the house several times without her; which defeated the whole purpose of hiring an agent.
Hopefully within a week or two, you or your agent have/has found a tenant and performed all the necessary research. At this point in time, you should have a lease drawn up that lists all the conditions and stipulations of the contract. Since the lease is a legally binding document it is crucial to go over it to ensure that there are no ambiguities or areas that may confuse either party. If you are using an agent, they will usually provide a standard lease agreement that you may tweak to your needs and submit back to them, to be signed by the tenant.
Lease Agreement Terms
The terms that should be included are the full names of the landlord and all of the tenants, the duration of the lease, the amount of rent that is to be paid each month, any maintenance work and repair and who is responsible for what, the landlord’s rights, the tenant’s rights and restrictions, deposits and fees and termination of the lease.
After both the landlord and applicable tenants have signed the lease the first month’s rent is usually given in the form of a cheque and can be deposited once the tenant moves in.
Post-dated cheques and a security deposit are subsequently provided to the landlord. The cheques are used towards the payment of the rent. The security deposit is held by the owner to cover any maintenance or damage repair after the tenant has moved out, and returned after the lease agreement has ended. Lastly, monies are exchanged and keys are given to the new tenant(s) and a landlord-tenant relationship has begun.
Did you find this post helpful? Have you had a positive or negative experience with a realtor or tenant?
Stay strong and beautiful!