Tips on How to Filter Tenants
If you are a landlord, you will be aware of the hassles in finding a good tenant. No matter how great your rental properties are, finding tenants is a massive challenge. Quality tenants will take good care of your home, pay rents on time and are easy to work documents with. This is why you should always rent your home to “Quality Tenants”.
With this being said, here are few tips on how to choose good tenants for your rental home.
A Fixed Criteria
Even before you find or filter tenants, you must have a fixed criteria. This criterion can differ from one landlord to another. Here are few things you must consider:
- How much rent are looking for?
- Do you want rich tenants? Or, are you looking for tenants with a steady income?
- Are you pet-friendly? Will you let your tenant live with his/her favorite animal?
These are few questions you must ask yourself before finalizing on a tenant. Make a checklist of all these questions. A typical checklist will cover the following items:
- Smoking and alcohol
- Criminal record
- Lifestyle demands and requirements
- Friendliness and easy to handle
- Previous rental histories. Have they paid rent on time?
- A stable source of income. Sufficient income to cover your rent.
Online Rental Listings
In this modern era, most landlords prefer online rental listings. When you create an online listing, you must set your expectations right. Treat the online rental listing as a platform for expressing your needs and demands. Make sure your advertisement is both descriptive and to the point. Only tenants who agree to your requirements will approach you. This makes the filtering process easier. Don’t forget to mention about background checks and credit report verification.
Your First Meeting
The day you meet your tenant is very important. You should pay close attention to the tenant’s attitude and lifestyle. For instance, check if the tenant appeared on time. Are they friendly and clean? This would be the best time to bring your checklist out! Here are few questions you must ask the tenant:
- What is your annual income?
- Where do you live “now”?
- Why are you moving into a new property?
- When are you planning to shift?
- Do you have dear ones and friends in the neighborhood?
- Are you ready to sign a rental agreement?
- Will you be living with roommates or alone?
There are few red flags you must be careful about. If the tenant doesn’t show-up or is unprepared, it would be wise to avoid them. If they are taking care of their belongings, they are more likely to cause damages to your property. Never encourage tenants who are rude or in a hurry. Also, stay away from tenants who are not prepared to authorize background checks, credit verification or complete the rental agreement.
The Rental Agreement
When you give a property on rent, the rental agreement is very important. You must record and collect critical information on the application. This includes details like contact information, previous residence histories, employer information, and references.
“Rent” is an important factor to quote and consider before you choose a tenant. Always verify if the tenants have a stable job and a monthly source of income. Tenants who have worked with an employer for several years are bound to be reliable. You can rent the home to them! Hire a property manager or look through the tenant’s social media networks. Thorough verification will help you understand if the tenant is lying or not.
Trusting Other Landlords
As a landlord, you must trust other landlord experiences. Landlords are advised to reach out with the tenant’s prior landlords. Experts strongly recommend this step. When you speak to the prior landlords, ask the following questions:
- Did the tenant take care of your home? Did they damage your property?
- Did the tenant pay his deposit and rents properly? Were there any delays?
- Did the tenant fight with you or the neighbors? Was he/she friendly and easy to work with?
- Was the home clean when the tenant left?
If the prior landlords were happy with the tenant, go ahead and sign the rental agreement. Red flags to look for would be disrupted neighborhood, damaged properties, missed payments and fake information.
To act like a professional landlord is easy said than done. There are several things you must keep in mind. When you accept a good tenant, your job will become easier! So, think twice before you give your home on rent.
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