Our topic of discussion on the blog today is how to find a good tenant. Placing the right tenant in your home is extremely important because it will lay the foundation of whether you’ll have a good tenant relationship or not. Here are the 4 tips on how a Concord property management company would handle tenant screening.
The best way to find a great tenant for your property is by doing a thorough job of tenant screening. Screening includes gathering and verifying information in a number of areas.
Pulling a tenant’s credit report is a good way to see what kind of financial history the person has. At Golden Gate Real Estate & Management, we get more detailed than other property managers. We want to look at the credit score and other information to get an idea of how this tenant looks on paper.
In addition to checking credit, we also look for felony reports and eviction reports. These details are important in determining whether you have a good potential tenant.
Rental history is also very important to your screening process. You want to talk to a tenant’s current landlord and at least one past landlord. Find out if the tenant has taken care of the property, consistently paid rent on time and abided by the rental contract. As a property manager it’s important to go through these steps, and sometimes you will have to make multiple calls to gather correct information.
One of the most common reasons tenants don’t pay rent is simply because they don’t have the money. This is why income verification is so important. If your tenant has a job that is 80 percent commissions, you have to ask for two years of earnings documentation to make sure there are enough commissions coming in. You want a tenant who can continue to pay rent even if it’s a slow month or two.
Verify everything when you are doing your screening. Otherwise, renting your property can be a risky business.
Hopefully this information will help you find the best tenant for your property. If you have any questions or you need any help, please contact us at Golden Gate Real Estate & Management.