Finding the right tenants for your property can ensure that your property is safe, well maintained and you earn a steady income on time. Here are some steps that will help you source the right tenants every time.
Written criteria – Your criteria should include a verifiable income that is at least three times your rent, a credit score of at least 600 and a candidate who has never been evicted or been in rent court.
Formal application – Every potential tenant should fill a formal application that includes personal information, current and last two landlords and their current and last two employers. You should also include a section that gives you consent to conduct a tenant screening background check.
Charge an application fee – An application fee will ensure that potential tenants are seriously interested in your property.
Get permission via a separate document to pull a credit report – A credit report is a must, to ensure that potential tenants have money to pay their rent and bills on time.
Get permission to contact current and past landlords – It is a good idea to check with a tenant’s past landlords, as they will be able to give you an insight of how their property was maintained and if the rent and bills were paid on time.
Get permission to contact current employer(s) – Potential tenants who are hesitant to provide information about their current and past employers should not be considered.
According to Tenant Screening Services, LLC, property owners should consider investing in a comprehensive tenant screening background check before confirming a potential tenant.