As a rental property owner, you have the important duty and task of choosing the tenants you rent your units to. This is a process that is very important for your business, yet it is not an easy process to complete. Here are some tips to help you know how to select the best tenants for the units you have.
Require an application
The first thing to do is require an application from all potential tenants. This form will help you learn a little more about the person, and it will contain all the important details about the person. When the person completes it, you should also consider charging a small fee to process the application. By doing this, you rule out people who really are not that interested in renting the units you have.
Look up previous rental history
Secondly, you should ask details about the person's previous rental history, such as the landlord's name, phone number, and dates the applicant rented from the person. By viewing these details and by contacting the landlord, you can learn whether the person was a good tenant or not.
Find out the person's criminal record
You should always look up a person's criminal record, simply because this is important to know. A person with a criminal record might be a risk for you to rent to, especially if the person is a registered sex offender.
Check the person's credit and job
Checking a person's credit score and job are both important steps. A person with good credit is more likely to pay rent on time. A person's credit record can also reveal problems with past landlords. For example, if a person was evicted for not paying rent, there may be a judgment on the person's credit report for this. Finding out details about the person's job is important, too, as this can help you determine if he or she will be able to financially afford the unit.
Do not break the law
The other thing to know is that there are a lot of laws you must follow when choosing tenants, and one of the main ones is that you cannot discriminate against a person due to their race, gender, marital status, sexual orientation, religion, and several other things.
There are quite a few different steps you should take when evaluating potential tenants. If you need help doing this, you can hire a company for help. Contact a property management firm like Carroll Realty & Management today to learn more.
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