Tenants come in all forms, shapes and sizes and condo Investors need to make sure they are choosing the best tenants possible.\u00a0 Thankfully there are many steps a condo landlord can take to make sure they choose the right tenant for their investment property.<\/p>\n
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Here are a few tips that any landlord should consider when screening possible tenants.<\/p>\n
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A landlord should not only ask questions, but also ask them properly, so that there is no confusion about how they should be answered.\u00a0 When a tenant fills out an application form, they\u2019re providing critical information about themselves and their past.\u00a0 It is the landlord\u2019s job to make sure that the information provided is accurate.\u00a0 If anything looks suspicious, it\u2019s in the landlord\u2019s best interest to either not choose that person, or do a lot more questioning and research before making a decision.<\/p>\n
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Also, all of the information written on an application will not give a landlord the complete picture.\u00a0 Talking to a potential tenant and creating a relationship on a more personal level will give the landlord a much better understanding of the complete picture.<\/p>\n
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It\u2019s important to get the potential client to talk about their current or previous landlord.\u00a0 This is a good way to find out how they feel about renting in general, and the respect they have had for any landlord they have dealt with in the past.\u00a0 If a potential tenant is suing their current landlord or has in the past, it might be wise to pass.<\/p>\n
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It can also be very difficult to know if the landlord name and phone number is real on a rental application.\u00a0 In order to verify this information, the landlord should have someone do a land registry check to see who is listed as the landlord on the referred property.<\/p>\n
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Many habitual bad tenants are aware of what they need to lie about in order to be approved for a new rental. As a result, the big picture needs to be looked at to determine if it all fits together.\u00a0 Some things to look for;<\/p>\n
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Anytime a landlord has a potential tenant that they are thinking about, they should go online and do a thorough Google search.\u00a0 Any information that the landlord finds can then be used to confirm or question what was written on the rental application.\u00a0 It\u2019s also a good idea for the landlord to check any pictures that they find online; in order to make sure it is the same as the person they met with.<\/p>\n
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It is very easy for a potential tenant to lie about how long they have been renting a specific property.\u00a0 This should be easy to check if they had the help of a real estate brokerage when they rented the property.\u00a0 A landlord\u2019s realtor can easily check the MLS system in order to verify the information on other properties rental transitions.<\/p>\n
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The landlord needs to be aware of approximately how much the potential tenant makes in order to tell if they can afford to pay the rent.\u00a0 If the rent is under 40% of the potential tenant\u2019s after tax income, then as a landlord you can feel more comfortable that the rent can be easily paid.\u00a0 However, it\u2019s also a good idea to ask for recent paystubs to verify income accuracy.<\/p>\n
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Finally, before the final rental papers are signed, it is important to ask for proper photo identification.\u00a0 If you end up with a tenant that is not actually on the lease, it can be very difficult to get them out of the property.<\/p>\n
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If a landlord uses these tips, it will greatly improve their chances of finding a solid, reliable long-term tenant.<\/p>\n
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Tenants come in all forms, shapes and sizes and condo Investors need to make sure they are choosing the best tenants possible.\u00a0 Thankfully there are many steps a condo landlord can take to make sure they choose the right tenant for their investment property. Here are a few tips that any landlord should consider …<\/p>\n","protected":false},"author":3,"featured_media":818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,5,9],"tags":[24,27,28,61],"class_list":["post-631","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-first-time-investor","category-foreign-investor","category-seasoned-investor","tag-condo-investment","tag-condo-investors","tag-condo-landlord","tag-investment-property"],"yoast_head":"\n