Top 3 Tips on How to Choose Your Ideal Tenant

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Top 3 tips on how to choose your ideal tenant

Choosing the right tenant for your property can be a stressful endeavor. You can never be too careful with whom you let into your space. So, we will help you set some boundaries.

Hire a Property Manager

Employing the services of a property manager is one of the surest ways to find the right tenant for your space. Self-managing your property is an option that many people do around the world. However, handing the job over to a specialist is a safety net that you might want to consider. Your property manager will take care of all the technicalities for you. The property manager will collect information, sign contracts, and exchange the keys. Additionally, the property manager will carry the burden of handling evictions, in the event that a tenant proves to be unfit. Essentially, letting a property manager take over is a weight off of your own shoulders, for the duration of the tenant search process. You will give a final approval on the winning candidate, but other than that, you do not need to give it a second thought.

Screen All Potential Tenants

You or your property manager should take the necessary measures for screening each applicant. Some people can appear to be excellent in person; however, on paper, they can be nothing but financial or safety risks. To have full clarity about every potential tenant, be sure to request the following documents:

  • Proof of Income: Ideally, tenants should earn a monthly salary of three times the stipulated rent price.
  • Credit Score: This can indicate if the tenant has a history of debt or inability to meet payment deadlines.
  • Eviction Histories: Knowing whether someone has a history of evicted from their homes is some insight that is worth attaining.

Additionally, obtain a criminal record of your potential tenant. The safety of your neighbors is as important as the safety of your space, especially when it comes to apartment buildings.

Verify Tenant Income

Once you have narrowed down your search to a suitable candidate, you need to verify the income proof. These documents are easy to fake, as there are not many legalities. You can take the following route to ensure that you have been given authentic information:

  • Call the place of employment: Ask your tenant to provide the proof of workplace, and make a call to verify the income amounts.
  • Ask for three months of bank statements: These statements should reflect the stated income amount that has been deposited.

These three tips will lead the way to the ideal tenant, in no time. Your property will be in verified hands, and you will sleep easily when you know that rent will be paid on time. Look at your potential tenant as critically as you would look at any job applicant. The state of your home depends on it!