As we move out of the slow buying and renting season, the Irvine real estate market will experience a significant increase in the number of potential buyers and renters looking for Irvine homes and Irvine condos. If you own an Irvine rental property and are looking for the right tenants, there are a few things to keep in mind before signing onto the lease.
First and foremost, consider utilizing the services of an Irvine Realtor; not only are they crucial with tenant screenings and application/leasing paperwork, but they can market your property through a variety sources to help rent your place in a timely manner. When collecting application paperwork from prospective tenants, ask them to be as detailed as possible. One pay stub doesn’t cut it – you need to get a full understanding of their financial situations to determine whether or not they can afford the monthly rent you are charging.
Running credit reports and following up on references (employment, previous landlords, etc.) will provide one of the biggest keys to picking a good tenant – will they pay their rent on time? The last thing you want is someone with a history of delinquent payments on credit accounts, because chances are they will have a laundry list of excuses lined up when they inevitably fail to pay their rent on the due date. References are also crucial, as is actually meeting the prospects before signing the lease…these people will be living in your home, and you have every right to inquire about their character. This is where your gut instincts come in handy; if you don’t feel right about the vibe a prospective tenant is giving off, allowing them to move into your home could have consequences down the road. I know it is tough for a lot of people to not give the benefit of the doubt to someone they’ve just met, but you will be signing a legal contract with this person that gives them the right to live in your home for a set period of time. It is okay to be a little picky with who you choose – this is your home and you get to decide who lives in it.
Owning an Irvine rental home or condo is a great investment that can pay off nicely the longer you rent it. Be as diligent about your tenant screening process as you were when you bought this place – trust us, you will save yourself future stresses by finding the right tenants.