Renting out your Berkshire condominium is a great way to earn some extra money in this economy, but it is a big decision. We want to prepare you to make the best decision possible with a few tips on finding and retaining the PERFECT tenants.
- Charge an application fee. This will quickly weed out those who are just wasting your time by looking at every condominium for rent on the market. If you want to encourage application fees offer to deduct the fee from the first month's rent.
- Verify your potential tenant's employment. Ask to see last month's pay stubs. Also consider if the amount your potential tenant is making per month will actually cover the estimated costs of paying the rent on the condominium.
- To ensure that your property will be cared for and bills will be paid on time set written rules. You may have rules that say a person who is not included in the lease may not stay at the property more than a certain number of days. You may or may not allow pets, and remember whatever rules you set must be enforced because if one rule is ignored there is a good chance that the tenant will attempt to get away with violating more rules.
Screening and qualifying tenants will make your life much easier on the back end of the lease. Good lease rules make for good relationships and a well kept piece of property.