Criteria For Choosing Quality Tenants.
Choosing tenants can be the most confusing area of operating Rental Properties. you want to make sure you select the most responsible tenant possible; a tenant who will pay rent on time and also take proper care of your Property.
One of the worst risks you can take is to let your own personal opinions and biases guide you in your decision. So, its best to sit down and plan a guideline that coheres with the Federal/State Housing Laws and also enable you get a quality Tenant.
For instance, Request that the applicant should provide a verifiable Identification. You may require the applicant to present a photo Id with their application so that you can make a copy of it. This type of requirement is valid as you will need it in the future.
It is also in order to require information which would help you know if the applicant has a sufficient income.
The general rule of thumb is to identify applicants that have a Gross Monthly Income that is three times the amount of the rent by asking for his/her bank statements. If the applicant is self-employed, you might ask them to provide their last Tax return.
Many Property Managers and Landlords also check for Credit ratings to verify the financial responsibility of the applicant.
In addition, you should check references by requesting for numbers or names of relatable persons with the applicant.
Finally, make sure you follow up to check that the applicants abides by the State/Federal Housing Laws. Not all applicants would meet all the requirements, but you can make sure to get their Valid ID and be informed of their level of responsibility.