How to Find the Best Qualified Tenant

As a landlord, you’re under a lot of pressure to pick the very best people to live in your property. Accepting a bad tenant can be disastrous for your property and costly for you. While you can create the most detailed and exact tenant selection criteria in the world, you could still end up with a large stack of qualified prospective tenants to sort through. So, here’s how to find the best qualified tenant from a long list of good applications for your property.

Qualities to Look for in a Good Tenant

Responsibility

A responsible tenant is one who’ll pay rent on time and take good care of your property. On the other hand, an irresponsible tenant is far more likely to break the rules, such as bringing a pet into a pet-free property.

Responsiveness

Typically, a responsive applicant is a responsible applicant. If you’re screening tenants, look out for those who respond promptly to emails or phone calls and communicate well.

Honest and Respectful

When dealing with your new tenants, honesty and respect go a long way on both sides. Try to decipher which of your qualified applicants best displays these traits for a smooth landlord-tenant relationship.

How to Find the Best-Qualified Tenant

When it comes to qualifying applicants for your rental property, the most important thing is to remain compliant. There are lots of restrictions placed on landlords under the Fair Housing Act regarding the criteria they can use to screen applicants.

Second, make sure that your property is in tip-top condition. A quick refurbishment can do wonders for attracting lots of qualified applicants.

Third, make sure that you’re advertising your rental as thoroughly as possible, especially online. Post your vacancy on multiple websites and leverage social media, too.

Tips for Choosing Tenants

Attracting applications for your property is one thing, but how do you go about sorting through them?

Applications

Your application form is a great place to start. Here, you can include questions and criteria to give you instant visibility into which applicants you wish to move forward in the process. Your application form is just a first step, but it’s the perfect way to narrow down candidates from the initial influx of applications.

Background Checks

Thorough background checks are crucial to identifying truly responsible, honest, and reliable tenants. Credit checks will tell you a lot about how financially responsible a person is and, therefore, how likely they are to miss rental payments. Criminal background checks will also indicate their level of responsibility and trustworthiness. Detailed references from previous landlords show how reliable and honest they are in relation to rental agreements. As always, it’s vital to ensure all your screening methods are done in accordance with the law to avoid discrimination.

Interviews

You can tell a lot about a person by simply meeting them face to face. Once you’ve shortlisted some applicants, schedule interviews and property viewings so you can get to know them. From turning up on time to showing a pleasant demeanor, the interview process is a great way to confirm that they’re a responsible person and a good fit for your property.

Common Mistakes When Screening Tenants

Relying on References Alone

If a prospective tenant doesn’t have any references at all, it’s a good idea to pass on their application, but references easily can be forged or falsified. Make sure you follow up on all written references with the contact information provided. Even then, references should be just one piece of your screening method process.

Using the “First Come, First Served” Method

This may seem like a fair method when you’ve got a long list of qualified applicants, but, without conducting further screening, such as past landlord references, you can’t be sure that you’re getting the best of the bunch or a qualified applicant.

Not Trusting Your Instincts

When all else fails, go with your gut. Experienced landlords in particular will have a good sense about whether someone will make a great tenant or not. Don’t ignore your instincts when it comes to the interview process and getting a feel for someone in person. While it’s not exactly a data-driven method of selection, you’ll be sorry you ignored it if you bring a bad tenant into your rental property as a result.

Not Being Transparent About Your Screening Criteria

Providing all the information about how you screen tenants and the specifics that you’re looking for prevents a lot of wasted time on both sides. By staying transparent about your screening criteria, you’ll avoid non-qualified people submitting applications.

There’s another important benefit to making your screening process clear and visible on the application. It helps to mitigate the risk of rejected applicants accusing you of using discriminatory criteria to select a new tenant—something which could get you in legal trouble if they pursue it.

How Genuine Property Management Finds the Best Tenants

Finding and screening applications for your property is very time-consuming. It’s also a critical process for ensuring you get the best tenants possible. At Genuine Property Management, we take all the hassle off your hands. Not only that, but we use some of the most in-depth and reliable screening methods to verify information from the application and the backgrounds of applicants, including:

• Verifying the applicant’s net income is three times the rent amount
• Verifying a credit score of 650 or higher
• Requiring two months of complete bank statements, paystubs, a proof of employment letter, and verification of any past landlords
• Completing credit, eviction, and criminal reports

Our screening process for rental applicants ensures you get the best of the best tenants in your property. For help finding the best qualified tenant for your rental property, contact Genuine Property Management today!