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A difficult tenant can make your life difficult too. If you want to enjoy your money and life, make sure you choose the right tenant. Your rental business might come down crashing if you do not pay adequate time and attention to making the right choice. Familiarization to tenant and rent laws applicable for your state is a must if you are thinking of getting into rental business.
Tenant selection is a scientific exercise
Consider tenant selection no less than an important project which needs good planning and even better execution. The most easy and trustworthy approach is the old age “word of mouth” which is sure to work nine out of ten times. However the problem with the “word of mouth” approach is that it takes a longer time to yield results. Your search for an easy to manage tenant would then have to rely on classifieds placed in real estate magazine or newspaper. This is where the problem just might start. You are likely to receive a good response to your ad but the trouble is you hardly know anything about the guys who approach you for tenancy. Make sure you screen the applicants wisely and call the shortlisted individuals for a face to face interview.
Screening the applicants
There are a number of ways to screen the shortlisted applicants. There are a number screening services agencies which would do the job for you. They do a fairly reasonable job in ascertaining the credentials and character of the applicants. Get a copy of the credit score for each and every shortlisted candidate. Stipulate the credit score below which you would not consider a candidate. Ensure they have no criminal proceedings and no cases of legal eviction running with their previous landlords. Get the details of their previous landlord to do a reference check. Do a formal check with the colleagues and the employers of the candidates. Make sure you have the right contact details of the references provided by the shortlisted candidates.
Pay attention to the inclusions in the Rent Agreement
Discuss everything threadbare during the face to face discussion with the prospective tenants clearly listing down the list of don’ts during their tenancy. Make sure that the rent agreement includes important issues like late payment of rent, tenant abandonment etc. A well thought out rent agreement would be your best friend just in case the tenant starts acting difficult. Many a time tenants do not pay adequate attention to the provisions listed in the rent agreement in their eagerness to organize a house for themselves. Hence make the rent agreement as stringent as possible. It is advisable to have a real estate attorney finalize your rent agreement.
Final Word
Do not show haste while selecting a tenant. The golden rule is that good tenants shall always negotiate well and settle for a lower rent. It is in your interest not to be penny wise and pound foolish. You should be happy with a good tenant who pays less rather than one who pays well but leaves your house in shambles or one who just pays you for a couple of months and then goes missing.
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