One of the biggest challenges of being a successful landlord is finding the right tenants. You want courteous, responsible tenants who will be timely with the rent and take proper care of your property.<\/p>\n
Tenants who don\u2019t fall into these categories can be nightmares for landlords. Without properly researching your tenants, you can be stuck with renters who trash your property or are notoriously late with the rent. Even worse, you can find yourself with squatters who refuse to leave and refuse to pay you a single cent.<\/p>\n
How can you be sure you\u2019ve chosen the right tenants? Is there a way to check whether a potential renter is who they say they are? What qualities should you be looking for in a tenant?<\/p>\n
So many questions \u2013 but we\u2019ve got the answers! To make this task easier for you, we\u2019ve compiled a handy list of dos and don\u2019ts to keep in mind when you\u2019re searching for tenants.<\/p>\n
Do: Screen every prospective tenant <\/strong><\/p>\n This is more than just asking for a reference or two. You\u2019re going to have to do extensive research if you want to have trustworthy tenants.<\/p>\n It\u2019s best to create a rental application which will give you all the information you\u2019ll need. Include the following criteria on your application:<\/p>\n \u2022\u00a0Applicant\u2019s job, direct supervisor, and annual income<\/p>\n \u2022\u00a0Applicant\u2019s current address<\/p>\n \u2022\u00a0Contact information for applicant\u2019s previous landlord<\/p>\n \u2022\u00a0Government identification<\/p>\n \u2022\u00a0Names and numbers of friends and family members<\/p>\n This information will allow you to gain a clear understanding of who your tenant is. Also, by asking for details on the applicant\u2019s family members and friends, you\u2019ll have someone to contact if the tenant does a disappearing act.<\/p>\n Don\u2019t: Fall for tenant scams<\/strong><\/p>\n In our digital age, it\u2019s easy for someone to create a fake life for themselves. For a landlord, this can translate into fake documents for a prospective tenant, leading the landlord to believe the renter is someone he is not.<\/p>\n After a month or two, the rent checks will start bouncing. When the landlord approaches the tenant for a new one, the renter will start complaining about horrible property conditions and refuse to pay the rent. The landlord now has a squatter on his hands and is stuck losing money each month.<\/p>\n Don\u2019t be the next victim! Here\u2019s how to protect yourself:<\/p>\n Don\u2019t rely on credit reports.<\/strong> They are not a clear indicator of a prospective tenant\u2019s financial standing. Ask for genuine proof of income.<\/p>\n Don\u2019t take any documents at face value.<\/strong> Sure, the guy provided you with an electric bill to prove his last place of residence and a pay stub to show he\u2019s gainfully employed. But how do you know those documents aren\u2019t falsified? Check addresses and business names online to make sure you\u2019re getting the real deal.<\/p>\n Do: Look for red flags<\/strong><\/p>\n The best way to ascertain a tenant\u2019s character is by being alert and aware. Be on the lookout for any red flags in the application process and when the prospective tenant comes by for a property check.<\/p>\n Is the listed income too high for the tenant\u2019s appearance or job description?<\/p>\n Did the tenant show up unfashionably late for the property check?<\/p>\n Are there gaps in the tenant\u2019s rental history?<\/p>\n Are the tenant\u2019s children unusually rowdy?<\/p>\n Pay attention to every detail now to avoid disappointment later.<\/p>\n Don\u2019t: Accept employer\u2019s checks<\/strong><\/p>\n In yet another tenant scam, a prospective renter will tell you he\u2019s moving to your location for a job. His employer will send you a check for the first month\u2019s rent, only the check is made out for a much larger amount than you need. The tenant will then ask you to pay him the difference before you cash the check.\u00a0 Of course, by the time you send him the change, he will be long gone. Worse yet, when you try to cash the check, it\u2019ll bounce.<\/p>\n Avoid these scams by refusing to accept any checks from a prospective tenant\u2019s \u201cemployer.\u201d<\/p>\n Do: Create a comprehensive residential tenancy agreement<\/strong><\/p>\n This document will establish the terms of the working relationship between you and your tenant. Get as detailed as possible. Having everyone\u2019s rights and responsibilities clearly documented can ultimately prevent disaster. You\u2019ll have this agreement on hand to refer to in case of any challenges or disagreements that arise.<\/p>\n Before you sign up with any tenant, make sure they check out!<\/p>\n","protected":false},"excerpt":{"rendered":" One of the biggest challenges of being a successful landlord is finding the right tenants. 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