If you are looking for new tenants for your rental property, sometimes the process can seem overwhelming. With open houses, walkthroughs, and vetting prospective renters, it can be easy to forget to do an in depth screening. Here are three ways to screen tenants and why these steps should always be a part of your rental process.
1. Don’t Just go off of First Impressions
If you have walkthroughs or open houses, you might come across prospective tenants that you like, but how well do you know them? It is always worth the extra step of a background check to really make sure someone that comes off great in person really lives up to this. If you aren’t sure where to begin this process, hiring on a property management firm to vet prospective tenants and run these background checks can help.
2. Ensuring On-Time Rental Payments
While background checks are helpful, credit checks can ensure that you don’t get yourself in a lease with someone that might not be able to pay rent or has a history of bad credit. Property management firms can provide payment plans and impose late fees for past due rent once renters are in place as well.
3. Keeping Your Property Safe
Checking up on rental references can give you assurance that prospective tenants will treat your property with respect. While individuals might have a great job and seem responsible, it is worth another layer of screening before having them sign the lease. By checking in with others that have first hand knowledge of a person’s rental past, you can be empowered to pick the best tenant for your property.
If you have a property management team in place to help with initial screening, you can be rest assured that your tenants are well vetted and will be a great fit for your property. Property managers can handle all aspects of tenant relations so you can be out of the loop, but at the same time, feel secure with selected tenants.