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If you own a rental property in Hawaii, you might be wondering how to find qualified tenants so you can avoid some of the potential pitfalls that come with irresponsible renters.
Some of the qualities you should look for in potential renters include respect for your property and your rules, good communication skills and the ability to pay rent on time.
The first step to finding tenants for your Hawaii rental home is to advertise. An experienced property manager, like the professionals at Locations Property Management, can ensure that your listing is seen by as many potential renters as possible. If you choose to list your property with Locations, we’ll ensure that it’s advertised on our website and Oahu’s Multiple Listing Service (MLS), as well as various property rental websites, like Rentals.com and apartments.com. We’ll also share your listing in rental publications and with our own network of real estate agents. The more potential renters who see your home, the greater your chances of finding a qualified tenant.
Once your rental listing has attracted potential tenants, it’s important to carefully screen applicants so you can avoid possible issues down the road. A knowledgeable property manager can sort through rental applications to find qualified tenants. By running credit checks, national background checks and verifying income, your property manager can help you to avoid renting to tenants who have failed to pay rent in the past or left previous rental properties in poor condition.
When screening potential tenants for your Hawaii rental home, there are some rules that you must follow, including federal Fair Housing Act, which protects renters from discrimination. The Fair Housing Act protects renters from being discriminated against based on their race, color, national origin, religion, sex, familial status or disability. Locations’ property managers are well-versed in fair housing laws and can ensure that qualified tenants are identified fairly, so you can avoid potential discrimination claims from rejected tenants.
Documenting all rental applications and background checks will also protect you from possible lawsuits. Your Locations property manager can help you to keep all your paperwork in order.
Potential tenants for your Hawaii rental property should complete and sign a rental application that includes personal information, proof of income and proof of identity. A property manager will run credit, criminal and eviction reports on applicants, as well as check their references from previous and current landlords.
Once you or your property manager have screened potential tenants for your Hawaii investment property, you’ll want to identify the applicants with the strongest qualifications—such as the highest monthly income or the best references. You’ll also want to make sure that those applicants meet your minimum policy requirements.
While it might be tempting to rent to the applicant who offers to pay the most rent or one who wants to start their lease right away, don’t sign any rental agreements until you or your property manager can ensure that the applicant is well qualified and comes highly recommended from previous landlords.
Choosing the wrong tenant can be a costly mistake in terms of missed rental payments and/or property damage. Not choosing qualified tenants can also be a costly mistake, especially if you are served with a housing discrimination lawsuit.
Finding qualified tenants for your Hawaii rental property—especially if you live elsewhere—is best left to an experienced professional, like the licensed property managers at Locations.
To learn how Locations Property Management can help you to find qualified tenants, please contact us at (808) 738-3100.