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Finding and Choosing Tenants for a Rental Property

Levon Termendzhyan

A Clean-air leader and the equity owner of Viscon USA, Levon Termendzhyan has been working in the energy industry since he was a teenager. He began his first business at the age of 17, when he leased a gas station. Since then, Levon Termendzhyan has expanded his holdings to include seven gas stations, along with two shopping centers and a rental home.

Because rental-property vacancies result in a loss of income for landlords, many will rush to find tenants, even if those individuals aren’t ideal renters. Typically, the first step in finding the perfect residents is gaining a good understanding of fair housing laws. These regulations prohibit discrimination based on gender, national origin, family status, and other characteristics of applicants. They also dictate how landlords can interview and select potential tenants. Understanding these laws helps property owners go about finding the right ones in a legal way so they aren’t subject to penalties.
Once local and national laws are better understood, landlords can search for potential residents by advertising their property. This can be done through the use of flyers, signs, or word of mouth. Regardless of the type of advertising, it should include basic information about the rental property, such as its neighborhood and number of rooms. Special features should also be detailed, along with the rent amount.
From there, landlords can craft a resident application to gather basic information about potential renters. This information includes everything from previous addresses and income sources to references and the number of pets. This allows for a complete background check on applicants to make sure they are reliable and have a verifiable income, along with a good credit history. If desired, landlords can also complete a standard interview with applicants to determine whether they are a good fit for the property. However, this isn’t always necessary and property owners may be capable of making their decision without it.

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