There is nothing more frustrating than having tenants who you have to chase for payment or who wreck your property.
To avoid this and to make your duties as a landlord easier, use the below checklist to help you choose the best tenant:
A stable income: Check if the potential tenant has a steady job or other reliable sources of income, as this shows that they are more likely to be able to consistently pay the rent on time. As a general rule of thumb, a prospective tenant’s income should be at least three times the monthly rent. This ensures that they will be able to comfortably pay their rent and meet all their other living expenses. A rental agent will also verify the tenant’s income to ensure that they have not falsified any information.
A good credit score: This is a strong indicator of financial responsibility and the tenant’s ability to manage debts and payments. If you have an estate agency such as RE/MAX to manage your property, the rental agent will do credit score checks on all rental applicants.
A positive rental history: Do the research. Ask for references from previous landlords and make sure to contact them, as this tells you that an applicant is more likely to be a reliable and responsible tenant.
A history of prompt payments: This will show you that the tenant consistently pays rent in full and on time. Late or missed rent payments can have a significant knock-on effect on your cash flow and the property’s profitability, so it’s essential to choose tenants who have an established history of paying rent on time.
Pride of place: When interviewing tenants, try to find out about a bit more about their personality to see whether they are more likely to be the type who will properly maintain the property, following any rules outlined in the lease agreement regarding maintenance and repairs, as well as when, and what issues to report to the landlord.
Good communication: A tenant will help to prevent misunderstandings and ensures that any problems can be quickly and efficiently resolved, so landlords should also be on the lookout for this when meeting prospective tenants.
