As a property owner, you will at first want to make good returns from your rental units. You invested a lot of money in building your apartments or houses and it is time to get tenants to recoup your money as well as get profit. The last thing you want is to end up with tenants that will hinder you from getting your money back. You therefore need to ensure that you get the right tenants that pay on time.
It is easy for people to misrepresent themselves especially when they want to gain something in return. You may meet people who seem to make good tenants but after a while find that you have to chase them first before they give you your rent. They may also be rowdy tenants that disrupt the peace with everyone else or even worse, cause damage to your property in the most unimaginable way.
If you want to end up with tenants that follow the lease agreement to the last letter, then you should find tenants with ideal characteristics. The tenants you choose should:
•Pass credit check
The tenant should have a good credit report. A good credit report shows the ability of the person to be financially responsible and therefore will most likely show this faithfulness in paying rent. You can easily check the credit worthiness of your prospective tenant through online resources that give thorough reports. Credit check for renters is one of the best ways to check if the person will have the commitment in making the rental payments.
•Have a good rental history
You can also use online resources that will indicate the rental history of the prospective tenant. The rental history is important as it pertains a record of his previous rental experience. It will indicate just what type of tenant you are getting. Timely payment of rent is a chief concern for many property owners and you would want to end up with a tenant that does this. Other things to check for include the ability of the prospective tenant to honor his side of the lease agreement. Serial breakers of the lease agreement’s terms should raise a red flag that you should not ignore. You can have a tenant that makes timely payments but will see you incur other expenses in terms of damages to property.
•Have good references
The prospective tenant should have good references. What the previous landlords will say about the tenant should be of key concern especially when it comes to relationships. However, the references should not influence your decision in a negative manner as you may pass on a good tenant because he or she had to deal with a bad landlord. The key thing to remember is the tenant’s ability to make timely payment of rent and sticking to the lease agreement terms.
•Have an ability to pay
The prospective tenant should have a steady flow of income. You should check the employment background to ensure that he or she has an assured steady stream of income.
Bio: Timothy Wilson is a professional real estate consultant. He runs a property management company in Ohio. He emphasizes the need for landlord’s to carry out a credit check for renters. Visit his website and learn more about him.
