If you own a rental property, you know how hard it can be to find quality tenants that do not cause any issues later on. However, the process of finding tenants for rental properties does not have to be so difficult. Keep reading below to learn the five best strategies for screening tenants to help you earn income from your rental property without quite as much effort.
When screening tenants, income is the most basics thing you should be checking. Prospective tenants should make at least 3 times the monthly rent in order to be considered for the property. Otherwise, they may have trouble making payments down the road. That will force you to become the servicemaster in order to get the money owed. Make certain that this is the first line item on your checklist.
Another rule of thumb when screening potential tenants is to contact previous landlords. First, make sure you obtain permission to do so. Once you do, take the time to reach out to these landlords. Ask about their previous experiences with the tenant and whether or not they would recommend them for your building. Talking to previous landlords is an excellent way to screen tenants for your rental property.
Friends And Family
Asking for character references is a good idea to weed out troublesome tenants. Friends and family may not always be honest. However, getting to know them will also give you a good idea of the type of people the tenant surrounds themselves with. These are also people that will be coming into your building as well. Make sure you obtain character references when screening potential tenants. This is a technique not many use, even those that attend business schools in Texas, but it will certainly help you weed out the bad eggs.
Reaching out to a prospective tenant’s employer is a great way to gain a neutral perspective of how reliable this person is. This is a great indicator of the ways they will behave as a tenant. If someone is reliable at work, chances are they will be reliable in paying the rent on time too. If you want to take things one step further in order to identify the absolute perfect tenant, consider asking for employer references.
You should definitely have at least one face-to-face meeting with any and all prospective tenants. It is impossible to really get a feel for a person through digital communications. Meeting someone is an easy way to figure out who they are. It is also necessary to make sure the person is who they say they are. When screening tenants, make sure you carve out time to meet with them in person at least once.
Screening tenants is a time-consuming process, especially if you use the tips above. Unfortunately, there is no Zip Recruiter solution for the issue. However, this is the best way to find the absolute best tenants for your rental property. It is better to do the work now than to deal with the issues a terrible tenant causes down the line. Use these screening tenants tips to make the best possible decision for your real estate property and your own sanity.
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