Getting a great tenant in your property is every landlord’s dream for a reason. A tenant that pays rent on time, cares for the property, and who is generally kind and easy to work with means smooth sailing for both involved parties.
STEP 1: INITIATE AN IN-DEPTH TENANT SCREENING PROCESS WITH EVERY APPLICANT
Finding a great tenant starts with a great tenant screening process. To avoid discrimination claims, it is vital that you apply the same tenant screening process with every applicant. Having a written tenant screening policy will ensure that every time you (or a member of your property management team) addresses a potential tenant, every applicant is treated fairly.
Not only do written screening policies serve as easy templates for interaction with applicants, but they can also be a good way to show that you are legally and objectively evaluating a potential tenant.
To evaluate an applicant’s rule-abiding behavior and their level of financial responsibility, you should consider checking their criminal history, public records, landlord references, and credit report.
Landlord tips to avoid dodgy tenants (What to asses when screening tenants):
Applicant does not have any criminal convictions for crimes considered harmful to people or property
Applicant does not have a history of noise complaints
Applicant does not have a history of lease violations
Applicant does not have a history of evictions due to lease violations
Applicant’s rental references would rent to him again
Applicant does not falsify any application information
Applicant has demonstrated responsibility by paying bills on time
STEP 2: ASK APPLICANTS INFORMATIVE AND LEGAL INTERVIEW QUESTIONS
Asking your rental applicants interview questions allows you to get to know their personality, rule-abiding behaviour, and ask questions about any areas of potential concern. However, you must be aware of how to ask questions and engage in conversation that is not only informative but also avoids violating the Fair Housing Act unintentionally.
STEP 3- HAVE AN ACTION PLAN FOR TENANT RETENTION WHEN THE TIME COMES
Knowing how to find good tenants fast may seem like the goal. After all, you want to find a responsible tenant quickly to ensure that a vacancy doesn’t kill your bottom line.
But, finding a good tenant is only half of the battle; it’s vital to know how to find and keep good tenants. Use tenant retention tactics to keep the tenant you’ve worked so hard to find; don’t be afraid to invest your time and finances into your tenant retention action plan.
Tenant turnover comes with the risk of a long-term vacancy. And even with great tenant screening practices, there is always a chance that you end up with a nightmare tenant that causes property damage or doesn’t pay rent on time. For this reason, it’s worthwhile to invest in tenant retention strategies that foster a great landlord-tenant relationship once you have found a dream tenant.
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