A good property tenant is one of the most valuable factors a property owner can benefit from when renting his or her property for investment reasons. A good tenant will help keep your property in good condition, pay rent on time, and will simply make your life as a property owner easier.
An initial sign of a good property tenant is one who is friendly, polite, and respectful. These are characteristics to look for in a potential tenant that you will want to work with for a long period of time.
Agree To Screening Process
Potential tenants should be open to a thorough and consistent screening process. Upon your initial meeting, property owners should address this and ensure the applicant is open to the screening process and has nothing to hide.
Part of the screening process includes a credit score. A credit score alone can not show the habits of a renter, but it can tell you a lot about the potential renter’s past history and responsibility. Factors included in a credit score may include:
- Previous credit payment history
- Money amount currently owed
- Types of credit cards used
- Recently created credit
If a potential renter has a good credit score, it is a good indication of a reliable person.
A good tenant will make full and on-time payments each month. While a credit score can give you a hint of a tenant’s past, digging into their payment history by contacting previous landlords or mortgage lenders they provide on their application will give you an even better idea.
You can tell a lot about a renter during the application process for your property. A sign of a
good tenant during this process is one that is responsive and consistent. Do they reply back to you in a reasonable amount of time? Are they active and eager to help move the process along? If the answer is yes, than odds are they will be the same way as renters. Making your life easier when need to get in touch with them regarding services or repairs to the property in the future.
Part of the application process involves showing your property to potential tenants. Tenants that show up to showings on time show owners that they are interested in the property, respectful, and responsible. All characteristics you want to see in an applicant.
The most important resource of a property owner is their time. Wasting time on bad applicants can become the most frustrating part of the application process for owners, especially if property investment is a secondary income.
There are signs if a potential renter is truly interested in your property or not. Are they engaging? Are they asking specific questions about the property? Do they seem excited about the possibility of living there? Are they eager to move onto the next steps in the application process? If the answer is yes, then it is a good indicator they are seriously interested in your property and not going to waste your time.
Obviously, for a tenant to pay in full and on time, they need to have a reliable source of income. Inquire about an employment history for rental applicants. A good tenant will have an income high enough to afford the property’s monthly rent. The timeframe of his or her current employment should also be considered for future reliability.
Obviously a history of previous evictions for any applicant is a red flag of a potentially bad tenant. An eviction history check should be a priority in your application process.
Screening potential tenants during the the renting application process. If you take the time and have the patience it will likely result in a positive economical outcome for you as a property owner. Good tenants tend to rent for longer periods of time while saving property owners the stress, damage, and sometimes funds of managing a bad tenant.
Obtaining a good tenant is essential, but it can also be time consuming and a hassle. If you retain a property management service you can avoid the tasks such as marketing the property, receiving property inquires, scheduling showings, performing background checks and other application processes. For more information on property management service packages, contact Cincy Rents today.