When your rental property is vacant, you are naturally anxious to get a new tenant quickly and keep the rent coming in. Too many landlords learn the hard way that a hasty decision and poor tenant qualification can lead to big problems down the road:
- Rent Delays
- Property Damage
- Higher Turnover
- Legal Issues
- Even Greater Eviction Risk
With almost three decades of experience, Real Property Management knows how to get rental property leased as quickly as possible to the best qualified applicant. Here are seven tips to find more reliable tenants:
- First, even if you are anxious to rent and the prospective tenants seem great—you should REQUIRE AN APPLICATION for every tenant over 18 years of age.
- Then, verify that the combined tenant INCOME equals at least three times the rent rate.
- A CREDIT CHECK is essential, and while poor credit is increasingly common, you can verify employment and income, request written explanations of late payments, and avoid applicants with evictions and judgments.
- Verify at least the past two years of RENTAL HISTORY with previous landlords. Ask if rent was timely and whether there was any major damage to the last house or apartment.
- Do a CRIMINAL BACKGROUND CHECK to screen out those with a history of drugs or theft—especially violent or sexual offenders which can bring additional liability and concerns.
- Minimize the risk of non-paying or destructive tenants by conducting a thorough REFERENCE CHECK of employers or colleagues—not just friends and family.
- Finally, before you even start this process, make sure you KNOW THE LAW and STAY IN COMPLIANCE with all housing, discrimination, contract and fair credit reporting laws throughout the screening process.
Save yourself costly lawsuits, penalties and fines by doing things right every step of the way. At Real Property Management, we are experts in placing the most qualified tenant possible. Our process includes credit, employment, rental history, criminal and even terrorist background checks. Plus, we do all this in strict compliance with applicable laws and ordinances. That way, our clients, their cash flow, and their property—stay protected. Put our experienced team and proven process to work for you. . Call Real Property Management West San Fernando Valley at 818.727.0100 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.