Your rental property won’t earn you that passive income when your units are vacant. While that makes it essential to fill vacancies quickly, your eagerness to find new tenants shouldn’t involve accepting the first candidate to submit an application. Knowing how to screen each candidate will help you choose the best tenant for your property.
Review the Application
The hope in marketing your property is that you’ll end up with many applications from high-quality tenants. While each application might seem ideal at first glance, it’s important to read between the lines. Know the red flags of a poor tenant.
Having stayed in many different residences in a short period indicates the applicant won’t stick around for long. Similarly, a history of several jobs in a span of a few years could indicate the applicant doesn’t have a reliable stream of income.
Never Skip the Background Checks
Make sure to run background checks on each applicant. In addition to criminal background checks, a credit check will help you verify the financial responsibility of each candidate. It also helps to research each candidate’s rental history. This prevents you from taking on a tenant with a history of late rent payments, evictions, or other problems.
Verify the Applicant’s Source of Income
Make every effort to speak directly with each applicant’s current employer. Confirm the salary stated on the application with the employer. Verifying employment and salary information will prove the applicant has the financial resources to make timely rent payments.
You won’t want to waste time interviewing candidates who can’t meet the basic requirements.
We Make Property Management Easier
Reliable Property Management provides a full range of services, including a proven tenant screening process. Learn more about how we can make property management easier for you by contacting us online or by calling (443) 869-3799.