Screening tenants properly is an important part in reducing the possibility of evictions and vacancies in the rental property. A poor-quality tenant may fail to pay rent, do damage to your property, or cause an eviction to become necessary. When you do everything possible to find good-quality tenants and prevent these negative consequences, you can minimize your long-term expenses and optimize your profits.
It is important to write down specific criteria when you screen tenants. This will ensure that all of your employees remain on the same page and will also protect you from possible lawsuits regarding Fair Housing Laws. You should have a set standard for monthly income, credit score, and more. Don’t make any exceptions when it comes to tenants meeting your criteria.
Even if the tenant looks perfect on paper, it is important to hold an in-person interview. It is important to listen to your instincts during this interview. This will help you to determine if the applicant is a good fit for your rental property.
Require all interested renters to fill out an application. Require information regarding income, background, job history, and more. This will help you to gather information that will help you to weed out potentially problematic tenants.
Call the previous landlord and current employer. Keep in mind that any discrepancies that arise when you verify the application information are huge red flags. Ask the previous landlord about the condition of the property after the tenant vacated and how consistently they paid their rent. Verify that they are currently employed where they say that they are.
Properly screening tenants is incredibly important in order to protect your investment. At Keyrenter, we implement a 13-point screening process to thoroughly screen tenants. To learn more about how to effectively screen tenants to fill a vacancy, contact us at the Keyrenter in Chattanooga today!