When reviewing applications for potential tenants, there are several key factors that you need to look for. You need to make sure that the prospective renter is a good fit for the property, someone who is a low risk and has the ability to pay the rent in full and on time. It is important to properly evaluate applicants in order to avoid potential problems in the future. By doing your due diligence beforehand, you can get a better idea of the person or people who will be living in the rental property to ensure they will be appropriate tenants.
Conducting a prescreening process for applicants can be useful and save a lot of time. It gives you a general idea of the person who wishes to lease your property. When they contact you regarding your rental property, it's a great idea to communicate the requirements during the initial conversation. Let the interested party know exactly what you will be checking so you don't waste their time or yours having a potential tenant apply for a rental property that they are not qualified for or that won't be a good fit for you or them.
Southeast Calgary Realtor® Greg Kennedy states, “You should be looking at their credit report for items such as an excessive amount of late payments when making the decision whether to rent to an applicant. If the credit report contains any of these items, the landlord should be concerned. You should always contact the applicant's employer to get an employment verification. Ask the employer about the length of the applicant's employment as well as their character as an employee.”
A landlord should always conduct a criminal background check for potential tenants. This is a strong indicator of what type of resident the tenant will turn out to be. It is important to take the results of the criminal background check into consideration when it comes to possible damage to the property, as well as the safety of neighbors and other renters. Always ask a potential tenant to provide at least two references from previous places they have lived. Prior landlords should be willing to provide any information that is necessary, such as if the tenant paid their monthly rent in a timely manner, if they broke the lease or if they created any sort of problems while they were occupying the leased property.
You should be well-educated regarding local and Federal Fair Housing Act laws before they begin to screen any applicants. Make sure you know what information you can use when making the decision to rent to someone. By following an exact screening process, you can take all of the necessary steps to ensure you find the best tenant to rent to.
Property managers are one of the best ways to make sure all of these issues are handled appropriately. It is also a good idea to screen property managers as well to find one you feel comfortable with and follows through with the management the way you prefer.
Published by Tom Clark