When your rental property is vacant, you’re naturally anxious to find tenants for your rental property so you can keep the rent coming in. Too many landlords learn the hard way that a hasty decision and poor tenant qualification can lead to big problems down the road. Rent delays, property damage, higher turnover, legal issues, and a greater eviction rate are all the potential results of placing bad tenants.
We know how to get your property leased as quickly as possible to the best qualified applicant. Today, our landlord advice includes 7 tips to getting more reliable tenants.
Rental Applications
Even if you are anxious to rent and the prospective tenants seem great, you want to require an application for every tenant 18 years of age or older.
Income Qualifications
Once you have the applications collected, verify that the combined tenant income is at least three times the rental rate.
Credit Check
Checking credit is essential. While poor credit is increasingly common, you can verify employment and income, request written explanations for late payments, and avoid applicants with evictions and judgments in their credit history.
Verify Rental History
Check with the landlords for at least the last two years of an applicant’s rental history. Ask if rent was paid on time, and whether there was any major damage left at the house or apartment.
Criminal Background Check
Do a criminal background check to screen for a history of drugs or theft. You want to avoid renting to violent offenders as well because that can increase your risk and liability.
Tenant Reference Check
Minimize the risk of nonpaying or destructive tenants by checking references. Talk to employers and colleagues; not just friends and family.
Stay Current on the Law
Before you even begin the screening process, make sure you know the law. It’s important to be in compliance with all housing, discrimination, contract, and fair credit reporting laws throughout the screening process. Save yourself time and money on lawsuits by doing things the right way.
At Real Property Management Gold, we are experts at placing the best tenants possible. Our screening process includes credit, employment, rental history, criminal, and terrorist checks. We do all of this in strict compliance with laws. Our clients and their properties stay protected.
If you have any questions about tenant screening and avoiding vacancy, please contact us at Real Property Management Gold.