Avoiding Bad Tenants

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As a landlord, you need to manage your rental business with professionalism and effectiveness. Part of the deal is also discerning between a tenant with a clean history and one that will cause you numerous sleepless nights. So, once you find a tenant, how exactly do you screen them and identify the bad ones?

If you’re not too sure, we’re here to help. Just read on to find out how you can successfully avoid bad tenants, and consequently enjoy a good rental business:

1.     Never Rely On Your Instincts

As humans, we tend to be slaves of our own mind, and make big decisions based on little to no rationality. This is due to our inclination to rely primarily on our instincts. While we cannot completely ignore instincts, it is not feasible to rent out your property to an individual based on just that. We often come across experienced landlords who rent out their private property only to have the tenant default on rental payments and cause many damages within the first few months.

2.     Take A Look at Past Landlord References

Who better to judge your prospective tenants than their previous landlords themselves. While you are in the process of screening applicants as tenants, make sure to run a quick background check. If you’ve set a criterion to fill out a rental application (recommended), then you will have access to former place of residence. Call up the previous landlord to get feedback on the individuals. Did they pay the rent in a timely manner? Was there any misconduct on their part? Did they ever get into trouble with the Law? These are some of the questions you need to focus on.

3.     If Possible, Get Income Verification

Ask your tenant to submit records of their bank statements and deposit evidence. If they insist that the information is too private or sensitive for disclosure, insist on providing other forms of verification of a steady cash income.

4.     Ask Who Will Be Moving In

If the property is being inspected by one individual, it doesn’t necessarily mean that he/she will be the only one moving in. To get a clear picture, just inquire.

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