4 Tenant Screening Tips for New Landlords

Investing in a rental property is a great way to increase your income, but it comes with a great deal of responsibility. To protect your investment, you want to ensure that you have a thorough vetting process for your tenancy candidates. Choosing the perfect tenant is the most important step to becoming a successful landlord.

The tenant screening process may seem daunting to new landlords. Knowing how to choose the right candidate that will be a reliable and responsible tenant is the key. It will take time and research to narrow down your candidate list. The screening process is meant to weed out bad applicants and leave you with a few choices that will bring you peace of mind. Let’s look at a few tips to help landlords find the perfect tenants.

Detailed Listing

When you create your property listing, you have an opportunity to begin your vetting process. Adding the details and limitations of your rental including your pet and smoking policies, can eliminate many potential applicants. You can also list whether you will be conducting a security and credit check in your listing. It’s also a good idea to include a minimum rent-to-income ratio that will help you draw in applicants that can afford your rental.

Introduction Call

After your first round of vetting, it’s time to make contact with your remaining candidates. Give each of your applicants a call to help you to gauge their interest and make a connection. This is the perfect time to answer any questions your applicants may have and go into more detail about your property and tenant requirements. A phone call will also help you get a better sense of each applicant and serve as your first impression of all your candidates. For those with a successful introductory phone call, you can feel more secure in setting up an initial showing.

In-Person Showing

The internet is an excellent resource for both tenants and landlords. Many listings can be toured virtually without either party leaving their home. However, it’s essential to meet each of your final candidates at least once at a property showing. Photos shown in an online listing can only go so far as to show potential tenants what to expect from a property. For landlords, an in-person showing is a next opportunity to get an impression of each candidate. Trust your instincts and only promote those candidates with whom you feel you can trust.

Background and Credit Checks

Your candidate may be charming and well presented, but it’s still essential that you do your research as a landlord. Everyone has a past, and those that have had problems in past residencies could present a problem to landlords. It is your duty to complete the necessary investigation of all final candidates, including a background and credit check. This information will help you to make an informed decision about your final candidate.

As a landlord, you want to have peace of mind that your property is in the best and most trustworthy hands. To find the best tenancy candidates, follow these tips to help your screening process be successful.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes