Often, when a particular landlord is asked to describe the “ideal” tenant, they will choose words like “quiet.”
In reality, choosing tenants based on specific behaviors may not be the best option for minimizing income loss. A landlord can regulate many behaviors so that every tenant meets the same standard – for instance, no music after 10:00 p.m.
When performing tenant screening, there are particular qualities you should look for to answer “Who is the ideal tenant?
One of the most important factors to consider when screening a tenant is whether they have a reason to choose your rental over others available.
The best situation is to find a tenant who wants your location or needs your amenities. If a tenant works nearby or wants to be near a particular school, bus route or section of town, their lifestyle will give them cause to stay on and continue to pay rent.
Conversely, if the applicant has no real reason for choosing your rental, you have to question their motives. This may not be a tenant who has thought it through.
Finding good tenants depends upon attracting good applicants. If you are not in the best location, consider what amenities you could provide that would attract the best applicants and make them want to stay.
Another important factor to consider is the applicant’s overall truthfulness. If an applicant is honest with you about trouble that shows up on a tenant screening report or issues with a previous landlord, that is a strong indication that you will be able to work through the rough patches with them as a tenant.
For instance, many property managers are approached by applicants who have owned a home that was foreclosed. The reasons for the foreclosure may be resolved now. Perhaps the applicant has a new job or paid down their debt. Even with a blemished credit report, this applicant may still make a great tenant if they possess these other qualities.
This post is provided by Tenant Verification Services, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).
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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.