So, you’ve decided to get on one of the steps on the property ladder – being a landlord, you’ve either got some properties ready to lease or you have a basement you are planning on renting out, which you can find more info about over at websites like advantagecontracting.com as well as similar others, but you are worried about what sort of tenants will be crossing your path. Tenant screening is a necessary process that enables us to verify our prospective tenants’ information and determine if it’s safe to let them live in our rental properties. Some of the details we must check out during the procedure include their eviction and criminal history, as well as credit scores. That’s not all. Several other things come into play when we want to find our best tenants. Let’s dive into the factors that we should always consider for successful tenant screening.
Our set standards should be the first thing we think about when screening our potential tenants. What qualities must the latter possess? For starters, they should have no history of evictions. It is also best if they have not committed any felonies, even though we could make exceptions depending on specific cases. Additionally, tenants should earn at least thrice the rent we require them to pay for our properties. This guarantees us that we’ll always get our money on time.
We must let our tenants know the minimum requirements they should meet to rent our properties. If they are not comfortable with any of our conditions, we may have to let them go to avoid future complications.
It is necessary to request rental applications from our tenants. This allows us to ensure that they meet our standards and are an excellent fit for us. We should design our digital rental application forms to avail basic information about our tenants. This includes the following:
- Personal information, i.e., full name, address, and phone number
- Current employer and job position
- Date of birth
- Social security number
- Previous and current landlords
- Broken leases and evictions if there are any
At this stage, we can also request credit reports and background checks to know as much as we can about our prospective tenants. It’s crucial to remember that the rental application must be based on the local and state fair housing laws. If we don’t comprehend them entirely, it is best to conduct some research first, lest we get caught up in legal problems.
When we think of our dream tenants, various qualities come to mind. For instance, the best tenants are honest, hygienic and they do not use drugs. On top of that, they possess excellent communication skills, assuring us that if there’s an issue with our properties, they’ll let us know as soon as possible.
Additionally, a fantastic prospective tenant has renters’ insurance. This means that if their possessions are stolen or damaged, we won’t have to bear the burden of replacing them. If our properties are destroyed because of their negligence, the renters’ insurance will also cover it.
There are various ways to determine if our tenants have some of these attractive qualities I’ve mentioned above.
We can call the previous landlords of our prospective tenants and ask them about the latter. There’s a high probability that they’ll be hand-picked, but this doesn’t mean we should ignore contacting them. We should be smart about it and try to discover if they are fake or genuine by asking for verification details or pretending to look for apartments.
Checking our tenants’ social media profiles could also tell us a few things about their hygiene and honesty, especially if they have posted photos of themselves. Should we come across pictures of a tenant and their “previous landlord,” that’s a red flag. The tenant might have lied about the nature of their relationship.
To become prosperous landlords, we must come up with efficient tenant screening processes. The factors I’ve mentioned above can be a part of these procedures. They help us avoid problems such as property damage, non-payments & late payments, and tenant evictions.