Finding the right tenants for your property can make or break you. If you’re spending all of your time fighting with them about rent or broken rules, you’re not only losing money, but you’re also losing time. Here are five things to keep in mind when you’re looking for someone to live in your property. If you set your standards high from the beginning you may get fewer applicants, but the ones you do get will be a higher quality. Sometimes, less is really more.
*Income – As a general rule you want your tenant’s income to be at least three times whatever the monthly rent is. Of course more is better.
*Pets – You can decide if you want to allow pets. But, if you do make sure that you charge extra, set clear rules, and limit the number of animals you’ll allow. When you have those things decided stick to them!
*References – Don’t even consider a tenant that doesn’t have references. If there’s a gap in their rental reference history make sure to ask about it! Landlords, employers, and personal references should all be checked.
*Criminal Record – No felonies or other major crimes should be allowed ever. And always make sure you check the sex offender lists as well. Of course it’s you choice if you want to allow it, but always make the decision to do so before you start looking at applications.
*Evictions – None. Ever. Don’t give in to a sob story, your emotions don’t think as clearly as they should.
Once you’ve decided what you will and won’t allow and what your standards are, write them down. Save it on every computer you use. Then when you receive applications you can always have access to your list. Don’t deviate from your list. Your list will help to protect you and your property.