7 Keys To Choosing Prospective Tenants For Your Rental Property

Clearly the objective of an investment property is to generate fixed income through income and for this it is necessary to consider several aspects that we have already mentioned in our previous article “ 8 mistakes you cannot make when renting a property ” . Now in this article we reveal 7 keys so that you do not have problems with tenants such as rent delays or property damage. Tips for choosing the best tenants for your property.  

1. Prospects who have verifiable income and good credit history. It is very important to obtain from the applicant proper proof of monthly income and their financial capacity to timely pay the rent. On the other hand, avoid problems and rule out applicants who have a low credit score; Low credit is already a condition that does not inspire enough confidence, it reflects a history of default on bills and other payments.  
2. Check applicants’ police records. You can do this verification by reviewing the public records found in the Courts. Also, through the driver’s license you can find out if the person has been involved in any criminal activity. You can also request their police report directly from the applicant. Knowing his background helps you evaluate whether or not he will be a responsible and respectful tenant, among other things.
3. Ask for references from the two previous landlords. This is another tool that will help you establish an idea about the tenant and his behavior with rent, if he was compliant in paying rent and if his behavior as a tenant and neighbor was respectful.
4. Ask the applicant the reason they are moving from their current residence. Talking about this, in many cases, is a good strategy to find out if you have been evicted or if, on the contrary, you have a genuine reason to move.
5. Check their employment history. Frequent job changes are not a good indicator of job stability, which can affect timely payment of rent; hence the importance of verifying work history.
6. Respect your intuition. If, despite all the documentation being satisfactory, you do not feel comfortable with the applicant’s behavior, it is better to rule him out now in your selection process.
7. Finally, remember to respect the Federal Fair Housing Law. Under this law, it is illegal to refuse to sell, rent, or negotiate a rental based on race, color, religion, origin, national origin, sex, disability, and family status. Family status means that the application cannot be rejected based on the fact that a person under 18 years of age will live in the property or that the applicant or another person who will legally live in the home is a pregnant woman or that the tenant or tenants are in the process of adopting a child.

This selection is much more accurate if you make it with the guidance of a real estate agent. If you need help with this, contact me now for advice.