How to Find Great Tenants or Become One!

Investment properties can be financially rewarding, and having great tenants is one major key to success. Screening potential tenants can be a tedious process, so some landlords prefer to hire a rental property management company. But if you prefer to keep a little more cash in your pocket, check out these guidelines to keep yourself protected:

1. Develop a comprehensive rental application for all of your prospective tenants (psst…you can find some of these online!). Ask about finances, present/past employment, number of occupants, and lifestyle information. Be certain to mention that by submitting an application they are subject to a credit check and background/criminal record check.

2. We recommend that you actually run the credit check and background check for every applicant. It’ll

give you a clearer picture of their finances, as well as any eviction history, criminal history, and public records. While a late payment or two may not signify a poor tenant, be on the lookout for major delinquencies such as bankruptcy or theft.

3. Consider scheduling a phone or in-person interview with the tenant to get a better sense of their lifestyle. Do they work odd hours? Do they expect to have family stay over often? Do they have pets? Are their pets housebroken? Do they smoke? This can give you a better sense of whether or not they’re a match for your property and the neighbors.

Speaking of pets, did you know that a recent Apartments.com survey found that nearly 75% of renters own a pet? That’s a huge market of renters struggling to find appropriate housing for Fido and Garfield. It’s true! Nearly all of the pet owners surveyed said that pet policies played a major role in their decision of where to live. Pet owners are considered to be “responsible and respectful neighbors” for the most part, so consider easing up on your pet policies to allow the greatest market of potential renters.