Furnish your rental property in 2024 with these amazing tips

Written on . Posted in Home Styling.

From time immemorial, people have been renting their properties. Indeed, it’s lucrative (consider the extra income). But, it comes with a series of challenges as well. The situation worsens when you land up with a not-so-good tenant. So, whether you’re a seasoned landlord or looking forward to sharing your furnished apartments for rent, choosing the perfect tenant can be daunting.

Now this calls for a few relevant questions:

Are all tenants similar?

Do all tenants have the same requirements?

Do all tenants in 2024 have the same expectations?

Well, No!

While some tenants will treat your property like their own and furnish your rental property, others will simply use it to live without taking care of the house.

Considering this, a key fact to never overlook here is to screen and select quality tenants. As a landlord, if you want to enjoy a hassle-free life, you need a perfect tenant who pays the rent on time, treats your property with attention and care, follows the rules as mentioned in the rental agreement, and sticks around for long.

Does it sound like a dream tenant? Well, we have come up with this blog to help you in this regard. In this blog, you will learn about some tips and tricks to navigate into the rental market in 2024 and attract quality clients. So, without any further delay, let’s get into the details of the blog right away.

Key strategies to get high-quality tenants 

Managing rental properties is a tedious job. Right from building a rock-solid relationship of trust and camaraderie with your tenant to addressing property maintenance issues, the list never ends. To help you furnish your rental property with the ideal tenant, here are some effective strategies you can follow:

  1. Follow a consistent application process 

When you are screening prospective tenants, it’s crucial to create and follow a standardized and consistent application process. When you gather the same kind of information from all the prospective tenants, it helps you draw a comparative analysis of all of them better. This is how you choose the best.

To create an application process, follow these tips:

  • Create a written rental application form asking for essential information about the tenant even for short-term apartment rentals.
  • Specify the rental criteria in the application like expectations on credit score, advance payment, minimal income requirements, and the like.
  • Ensure that the clauses (especially the ones on payment) are mentioned transparently to make prospective tenants aware of what they can expect.

  1. Conduct background checks thoroughly 

Once you receive the applications from the tenants, you get the chance to check their backgrounds thoroughly. This provides you with an in-depth insight into the credibility and reliability of the tenant.

While checking the backgrounds of these, these are the elements you should consider:

  • Credit history – The credit history of your prospective tenant can tell you whether the tenant manages finances responsibly and pays rent on time. In short, a comprehensive credit check can reveal the scary red flags you need to be aware of.
  • Verification document of employment and income – It’s essential to verify the applicant’s income and employment status. As a landlord, you should know if your tenant is capable of paying the rent. Besides, the employment status proves the position of the tenant in society.
  • Rental history – Connect with the tenant’s previous landlord to learn about the rental habits of the tenant. Ask them about your prospective tenant’s property maintenance, and rent-paying habits as well as the particular reason for leaving the previous property.
  • Criminal background – Although there are several parameters under criminal records, check the potential risks of renting your property to a tenant with a poor criminal history.

  1. Go through references thoroughly 

It’s necessary to connect with the references provided to you to get a clear picture of your potential tenant. This gives you an idea about the sustainability, reliability, and character of the tenant.

However, while checking references, keep these in mind:

  • Discuss with the previous landlord to get more insights about the rental behaviour of the prospect.
  • Go through the tenant’s personal and professional references to get a comprehensive understanding of his personal integrity.
  • Cross-check information to verify the authenticity of the references.

  1. Comply with housing laws 

Every location has separate housing laws to which both the landlord and the tenant must comply. This law protects tenants from any kind of discrimination as well as safeguards the landlords from violence or breach of privacy caused by the tenants. As a property owner, you must familiarize yourself with these laws and comply with them during the screening process.

Some of the best measures to comply with the housing laws include:

  • Applying the same screening method to all prospective tenants and judging each one of them under the same grounds.
  • Maintaining a detailed record of the screening process for every applicant to avoid any deceit.
  • Maintaining confidentiality to safeguard the personal information of the tenants and using them responsibly.

  1. Build a strong landlord-tenant relationship

Once you rent your property to a tenant, you are held responsible for every small and big change or requirement. Here, the process becomes easier when you maintain a healthy relationship with your tenant.

To do this, here are some ground rules to follow:

  • Foster clear and open communication with your tenant to formulate a steady understanding of the property rules.
  • Understand the tenant’s concerns and try solving them with thorough communication.
  • Be clear about what you want within your property and what you want to avoid.

Conclusion 

Entering the rental market in 2024 can be a challenging task, but it’s not impossible. When you follow these essential tips to furnish your rental property with the right tenant, you can manage both ends (yourself as a landlord and your tenant) with ease.

However, if you’re still in a dilemma and feel confused about whether you’ll succeed in the rental landscape, partner with Vivin Furnishings now. To elevate the look and feel of your rental property, Vivin Furnishings can help you with customised designer furnishings specially crafted by skilled interior designers at an affordable rate.