Tenant Screening is vital to the success of any investment property. Without vetting potential tenants you run the risk of late/missing rent payments, damage to your property, and costly eviction procedures. There are several different types of background check software on the market today that can aid you in avoiding these issues, however on average 8% of all tenants are still evicted annually. Below I have included a few tenant screening tips that may help aid in obtaining a quality tenant.
Meet the potential tenant at the property
Not only can you use this time to show them their potential new home, but it allows you to get to know the prospect first hand. I typically engage them with lighthearted conversation about their job, hobbies, and why they are looking for a new home. While you need to make sure that you are never in non-compliance with the Federal Fair Housing Law, I use this information to gauge how long they plan to stay, what their relationship was like with their previous landlord, and if I can expect them to pay rent on time.
Walk the potential tenant out to their vehicle
I always walk potential tenants to their car. This not only gives off the perception that you are being a good host, but it allows you to take a look inside their vehicle. If it is a mess I will usually assume that they will treat their home in the same matter. I want a tenant to respect and take care of my clients property. If they can’t even take care of their own property what does that say about what they might do to something that isn’t theirs?
Invest in background check software
This can be invaluable as you can learn about the potential tenants credit history, eviction history, and criminal history. All of this information can help you make sure that you are putting the most qualified tenant into your investment as possible.
In the end you can never be 100% sure that you are getting the best tenant. Things can happen such as having a death in the family or losing a job that can turn any excellent tenant into a bad one. Like I mentioned before typically 8% of all tenants are evicted annually; however due to Real Property Management Instant Equity extensive screening process and software we are able to have a 2% annual eviction rate. If you want to make sure that you are putting the best possible tenant into your investment call RPM Leaders at (813) 445-8280 and put us to work managing your property.