Finding ideal residents for rental units can be a daunting feat. Most property owners/managers hope to receive multiple qualified applications for their rental listings. However, it can be difficult to decide on the right resident for the rental listing if this situation arises.
So, what do property managers look for in a resident when trying to make this decision? Residents who exhibit financial stability, accountability, and responsibility are sought after by property managers. In this article, we will delve into the eight best qualities to remember during tenant screening and deciding on the best resident for your rental property.
1. Good Credit Score
Property managers should value residents with a solid credit report, as this demonstrates sound financial behavior. A good tenant has a good credit report, with a sufficient income to afford every month’s rent. This includes a history of timely payments, effective debt management, and maintaining a good credit score. A clean credit history shows a resident’s capacity to meet financial responsibilities.
Therefore, when reviewing rental applications, it is important to examine the applicant's credit report to learn more about their general financial situation. An applicant who has a history of late rent payments, significant debt, or inadequate repayment is not the top choice for your rental property.
2. Positive Rental History
Past behavior is often the best indicator of future conduct. Property managers should, therefore, avoid choosing new tenants with a negative rental history. This includes late payments, property damage, early terminations, or evictions.
Property managers should value a potential tenant with a clean eviction record, indicating a history of fulfilling lease agreements without legal complications. A positive rental record suggests reliability and a lower risk of future eviction issues, reassuring you about the resident’s stability and adherence to rental terms.
An eviction can cost a landlord an average of $3,500, which can take three to four weeks to complete. Property managers must ensure that the resident’s rental history indicates that they have paid rent on time.
It is crucial to take all reasonable steps to reduce the possibility of eviction before the end of the lease term. This is done by thoroughly examining prospective tenants’ rental history and reaching out to their past landlords/property managers.
3. No Criminal History
Tenant screening is of utmost importance when receiving rental applications. According to recent studies, one in four residents has been convicted of a crime. To avoid unintentionally welcoming someone who could endanger other residents, a criminal background check must be run on prospective tenants.
Property managers should look for a prospective tenant who has never been convicted of a crime, as this demonstrates a commitment to safety and following the law. This guarantees landlords and property managers that the rental unit will be protected and that the safety of the neighborhood will not be compromised.
Residents with a clean criminal record are more likely to keep the rental community civil and peaceful. Therefore, a background check is an imperative part of the tenant screening process.
4. Steady Income
Property managers should ask prospective residents to provide documentation proving consistent income and employment history. This is to ensure that they feel secure in their tenant's capacity to pay rent in full and on time. You can also check the potential resident’s employment status and whether they have a current job. This can be done by communicating with the resident’s current employer.
Usually, the easiest type of tenant screening during the application process is income verification. Nevertheless, the applicant's financial records must show that their gross monthly income is at least three times that of the rent. This ensures that they can pay for additional responsibilities in addition to the rent.
5. Organizational Skills
To eliminate uninterested, unqualified residents from the get-go, prioritize well-organized candidates. A great resident will fulfill their responsibilities right away. Their application, together with supporting documentation and the contact details of good references, will be complete. This eliminates the need for you to search for information again and chase down specifics.
The first impression of a new resident is telling of their organizational skills. Ask the rental applicant to bring the required documents, including a completed rental application, rental history report, and personal references, to property viewings. Ensure compliance with rules and give extra credit to applicants with a ready security deposit to ensure rental openings can be filled faster.
6. Honesty
Honesty and transparency are vital qualities of good tenants. Residents who are honest about their financial situation and rental history exhibit integrity and reliability, which are fundamental qualities for ensuring a successful rental experience. This quality fosters a positive rental relationship between the landlord/property manager and the resident.
Adhering to a comprehensive tenant screening process is crucial as it enables you to identify a reliable resident who may provide fraudulent information to secure approval for your rental property.
7. Respectful Behavior
Both you and the tenant should understand and agree to the terms in the lease agreement. A resident who exhibits respectful behavior toward the property manager, property owner, rental property, and neighbors is crucial.
When residing in rental homes, considerate residents will keep the property manager informed about maintenance requests and make sure they take care of their obligations in the rental space.
This includes being mindful of noise levels, keeping things tidy, and abiding by the terms of the lease. Tenants who treat one another with respect create a pleasant living space and strengthen ties throughout the neighborhood.
Respect for the property and neighbors is highly valued by landlords and property managers, as it demonstrates responsibility and consideration, two essential elements of a positive rental experience.
8. Communication Skills
Good tenants always communicate effectively and keep the property manager informed. A peaceful renting experience is achieved through effective communication, which also guarantees efficient problem resolution and builds positive relationships.
For example, when maintenance problems occur, they notify you before the situation gets out of control. You consequently save money on maintenance and replacements. Residents who emphasize prompt and clear communication are highly valued by landlords and property managers since this shows accountability and teamwork.
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