When you have a solid tenant, you never have to worry that your property is being damaged or that the rent isn’t going to be paid on time. The same cannot be said about an unruly renter. Not only could they jeopardize the condition of your investment property, they might also bother other people living in the building. To ensure that you always find the right occupants for your units, utilize these handy tenant screening tips.
Tenant Screening Tips for your Rental Property
Require an Application
In order to gather all of the necessary information about a prospective tenant, ask them to fill out a detailed application. Ideally, the application should cover employment history, finances, references and any other related personal information.
To ensure there are no surprises, the form should also disclose that a background check, credit check or criminal history report may be conducted. Finally, make sure that it is very clear on the application that the prospect is giving you the authorization to look into their history.
Do your Homework
There’s no sense in receiving the authorization for background checks if you aren’t actually going to utilize them. Besides, there aren’t many more accurate ways to gain a perspective on a potential tenant’s viability.
To begin with, a credit check will show an individual’s credit history for the past seven to 10 years. Details like late payments, debt and bankruptcy will give you a sense of their ability to pay rent on time. Some landlords will even check with the tenant’s employer to ensure they have a legitimate, steady income.
A background check will show you criminal and eviction history, as well as all public records. It’s also helpful to contact a prospective tenant’s previous landlords to get an idea of how they actually function as a renter.
Conduct an Interview
This one may seem like a no-brainer, but it’s absolutely essential that you meet, or at least talk to, any potential renters firsthand before they sign a lease.
Whether it’s a quick, informal introduction or a sit-down, one-on-one interview, it will help you get a feel for their unique personality and lifestyle. Ideally, this exchange will help you figure out if this person would be a reliable resident.
Hire Property Management
If tenant screening doesn’t appeal to you, there’s certainly a different option. You can forget about these tenant screening tips altogether and hire a property management company to take over the process.
Since they are well-trained in these procedures, they will know exactly what it takes to locate quality renters. Best of all, you will have the peace of mind that your units aren’t being occupied by someone you are not happy with.
If your rental property is having trouble finding proper occupants, then maybe it’s time to put these tenant screening tips into practice.
