If you own a property, renting it out can be an excellent way to make money. If you do it right, you will receive a regular paycheck with little to no hassle (hopefully). One of the most important steps is finding the right tenant and onboarding them correctly and with minimal hassle. This article will go through the essential steps you must follow for a seamless transaction.

1. List your property for rent

This is where you list your property for rent in hopes of attracting the tenant you want. Ensure you market your property well to garner as much interest as possible. This includes using professional photography, listing with the right agents, and highlighting the best parts of your property.

2. Screen applicants thoroughly

This step can make or break your transaction. To weed out possible bad candidates, consider doing the following: Credit checks, income verification, and reference checks. In doing this, you cover most of the bases as best you can. You should be able to gauge a prospective tenant’s reliability, affordability, and character.

3. Wrap up the paperwork

Ensure that the lease agreement is fair and easy to understand. Using complex and hard-to- understand language can foster distrust between yourself and the tenant. If possible, try and meet the tenant in person rather than simply conducting the transaction over the phone or email. This can help build a solid relationship.

4. Inspect the property beforehand

If there is damage on the property, these should be fixed wherever possible. If the damages cannot be repaired, this should be noted by both parties. There should be no disputing a few months into the lease as to the origins of any damages found.

5. Have a plan for maintenance and repairs

The lease should document who is responsible for what. There should be no ‘grey areas” regarding who is responsible for what. Additionally, try to have contractors in place before your tenant moves in. This empowers you to act quickly and efficiently when a need arises.

6. Keep close contact when the tenant moves in

When your tenant moves in, try to hold their hand throughout the process. This is when they may feel the most vulnerable and have the most questions. If possible, try and do the key handover yourself in person and field any questions or queries they may have. Additionally, keep close contact for the first few weeks while your tenant settles in.