4 Tips to find the perfect tenant
Best practices when screening a potential renter
Good tenants, bad tenants, mediocre tenants, there are many different types of renters out there in the world, and no sure-fire way to know which kind of person is about to inhabit your rental property. At Oak City Properties, we understand that finding the perfect tenant is not always an easy task, and have created four tips to follow for finding the perfect tenant.
Tip #1: Make sure to follow the law
Federal Fair Housing Act ensures that landlords treat all prospective tenants equally. A landlord needs to know the laws enacted in their state to make sure he/she is following each one and not discriminating based on disability, race, sex, family status, or religion. During the screening process, make sure to follow all requirements put in place by your state so that everyone is treated fairly, and potential renters know you are a knowledgeable landlord.
Tip #2: Check your potential renter both online and in-person
The key to differentiating between each type of renter is to put a thorough screening process in place. While no one can predict the future behavior of a tenant, it is best practice to cover all your bases when screening an applicant. To identify the best tenant, make sure to check the following:
- Check references
- Rental history
- Background check
- Credit report
- Verify income
Also, make sure to have an application process in place that gathers basic information along with details about previous landlords and references. Don’t be afraid to ask for a social security number and signed authorization to pull a credit report and conduct a background check. Check references, contact employers, and meet with the applicant in person to determine if he/she is a good fit for your rental home.
- Take a look at the following blog for more information:
Tip #3: Take a substantial deposit
By taking a substantial security deposit, you are making sure to weed out tenants that are not serious about your rental property and discouraging anyone who isn’t a long term renter. Ideally, you want to place someone in your rental home who is financially stable, has a steady income, and will treat your property with respect. By requiring a larger security deposit, you are setting the precedence that you only want highly qualified individuals who are ready to commit to your home.
Tip #4: Follow your gut
Part of the screening process is based on your best judgment. If you feel something is slightly off, then follow your gut and let the person know that they aren’t the best fit for your home. Yes, it is important to gather all of the important facts and details, but it is also key to have a sense of what you want and need in your rental home. If you are following the law and have screened the person extensively, you should be 100% sure they are the best fit for your home before signing the lease agreement.
Need help with the process?
If you follow these four easy tips and make sure to screen your applicants, the right tenant will find their way to your home. However, if you would like some help with the process, feel free to contact us. At Oak City Properties, we make sure to work with you each step of the way when renting your property. Our full management property service will market the property, locate prospective tenants, and show the home. Once a tenant is placed in your rental property, we will: collect rent payments, assess and collect late payment fees, provide 24/7 maintenance, help with accounting/tax services, and deal with any court appearances in the event of an eviction.
Want to read more about property management services or how to make your investment property POP?
Here are a few blogs that may interest you: