Finding a good tenant for your rental property requires a thorough and consistent screening process. Today, we are sharing some screening tips that will help you secure a great tenant. There are four specific points that need to be included in your process.
It’s important to make sure your prospective tenant can afford to live in your property. Do a thorough job of digging into their income. Make sure the tenants earn two to three times the amount of rent per month, depending on their debt to income ratio. You can verify income by talking to employers or asking for copies of pay stubs or tax forms.
Look for tenants with a good credit history. When you’re checking credit, look at what they owe. Make sure they don’t owe any debt to prior landlords or utility companies. They should be current with their common day to day bills and expenses.
Running a Background Check
Run a criminal background check on any prospective tenants. You’re looking for things that may disqualify them, such as drug charges or theft charges. Make sure they will be good neighbors to other tenants.
Checking Rental history
You need a good, solid rental history. Talk to previous landlords as well as the current landlord. The previous rental reference is the most important one because if their current landlord is asking them to vacate, that reference may be inaccurate.