Tips to Find the Best Tenant for Your Honolulu Rental Property

Having a housing property in Honolulu is of utmost value. And if you are looking to lease out your property or to find tenants for it, then there are a few things you need to consider. A rental property requires a tenant that can look after it as if his own and is also clean with his financial records. A thorough screening when renting your house is crucial as it won’t be possible for the landlord to constantly keep an eye on the house's condition once the tenant moves in. Therefore, finding a tenant who will care for your house is very important.

If you are looking for a tenant, we suggest you go through the tips we are about to discuss in our article. These will help you find responsible and honest tenants. 

Keep the following points in mind if you wish to list your house for rent in Honolulu:

Find a Hawaiian Property Manager

Property managers can best understand the intricacies of Hawaiian property law. Property dealers and managers are the ones who have ground-level reports of market analysis. Whether it is Honolulu or Oahu rental housing market, your property manager can give you an accurate rental value of your property.

Moreover, they will list your property on platforms where you can find a prospective tenant. Whether running the credit check, previous dues clearance, or references, your property manager can look after all of that. He can provide you with a list of suitable candidates for your rental property.

Property managers also have a great way of presenting your house as attractive to the best candidate. They pitch your house in a way that the tenant cannot say no to.

The Hawaii rental market is quite competitive, and getting hold of a good tenant can be tricky without a plan. Your manager will ensure they highlight all your property's advantages, compelling the tenant to finalize the deal.

Property managers have connections with different people in the market. Thus it will be easy for them to find tenants with a good reference record from their previous landowners. Finding the right tenant is not a cakewalk, especially for novices; thus, hiring a property manager is the best option.

Ask for Financial Record

Looking through your tenant’s financial record is very important before you sign the agreement. You do not want to get caught up in unnecessary financial burdens and hamper your peace of mind. You must understand his financial strength to determine if he will be able to pay the rent every month or not.

You can ask candidates to submit their financial records for the last 2 to 3 years. The record could be in the form of tax files, balance sheets or profit/loss statements. Analyze these documents and come to an informed decision. The cost of living in Hawaii is higher than in most other states. Therefore, you must pick a tenant with adequate means to fulfill your monthly rent.

It is also wise to enquire about their tax payments and if they have paid their income and property taxes in Hawaii.

Run a Credit Check

A financial analysis without a credit check is of no use. Therefore, besides having current financial statements, most property managers also run credit checks on the candidates to acquire an idea about their debt and revolving credit. Credit scores are important and must be considered to come up with a rough estimate of the prospect's financial condition.

Go Through Previous Landlord's Feedback

One of the best ways to find out about the tenant's nature and habits is to refer to the feedback from his previous owner. It will give you an idea about his personality and if he will keep up with his part of the divided responsibilities between the homeowner and the tenant.

Finding the right tenant is not easy, but your life becomes much easier once you have found one. A responsible tenant maintains your home and does not cause damage to it, therefore preserving your property. You can also expect timely rent payments reducing the need for haggling. If you are unsure how to find the best candidate among your prospective applicants, hire a property manager and leave the job to them.