Finding Tenants

 

In order to maintain profit and not lose a lot of money is to have a good regular tenant. Bad tenants can be very costly to landlords, especially in cases of damaged property or refusal to pay rent. Its in the landlord’s best interest to find good, steady, tenants, to cut back on the cost.
However finding good tenants isn’t always easy. You need to make sure that your advertising is targeting your ideal tenants.
Step 1 – Identify and understand your ideal tenant
You need to know what kind of tenant you are looking for before you start advertising. Some good choices are;
·         Pays rent on time
·         No prior evictions
·         No criminal background
·         Maintains property
·         Reports issues in a timely matter
·         Stable job with regular income
Depending on your situation you may have other criteria, such as no smoking.
Step 2 – Create advertising that is effective
Once you are aware of what characteristics you like in good tenants, think about what factors contribute to a good rental experience. What did you as the landlord have to offer them?
You want to offer things that will attract the tenants you want. For example, nearby schools and a pool would be a good advertisement if you were looking to attract families.
Step 3 – Find ideal tenants
After you have the advertisements planned out you need to consider the best methods to reach the proper audience, whether it be online, posters, newspapers or another source. Figure out the best way to attract tenants who desire the amenities you offer, want to live in your area, and can afford the rent.
Step 4 – Avoid high risk tenants
Often you will attract tenants who care little about the property or looking to pull a scam. Its a good idea to advertise that all tenants are required to pass a tenant credit check and other tenant screening in order to cut back on the number of risky tenants.
If a prospective tenant someone you want as a tenant they should have no problem proceeding with the application process. This criteria and the questions below will save you time and money as it tends to eliminate individuals who you don’t want to rent to.
·         Where do you work and how long have you been there?
·         Why are you moving?
·          Where do you work and how long have you been employed there?
·         Do you have any prior evictions?
·         Have you ever been convicted of a crime?
·         What are you looking for in an apartment?
·         Are you willing to undergo a Tenant screening that includes tenant credit reports to determine credit worthiness and phone calls to current/previous landlords to determine tenant worthiness.
Once you have created the process you are going to use, it should work every time you need to find a new tenant. It may sometimes require changes and tweaking, depending on the situation. So make sure you keep any eye out for problems.

 

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The Good, the bad, and the down right ugly tenant

There are lots of different tenants out there. Some times it amazes me how often a landlord will end up stuck dealing with a tenant bound and determined to cause trouble who has a record for it. 

 
With the technology of this age it is much easier to get a hold of records and numbers. The first thing any landlord should do is run a tenant screening on the potential tenant. Make sure to use a legit company, preferably one a member of the BBB like http://www.tenantverification.com/ and http://www.atenantscreen.com/. Don’t just run a credit check, get a national criminal record check done, get their eviction record searched. 
 
Then comes the fun part. Its time to do some research. Check arrest records, you will be amazed by some of the things you can learn. If someone has been arrested multiple times it is probably best to not rent to them, even if they were never convicted. Either they keep getting luck or they hang out with people you don’t want visiting your apartment.
 
Check the news. You won’t believe how many tenants have taken multiple landlords to court and then go find a new landlord to rip off. 
 
Call jobs. I once had a potential tenant make up a fake pay stub. I called the place they were suppose to be working and found out that said person had been fired 6 months ago for stealing. 
 
Talk to past landlords. Sometimes problem tenants don’t have records. Its not against the law to be a pain and your not likely to find records on how often they called their landlord to complain over stupid things. 
 
For more tips http://www.tenantsinfo.com/ is a good source of landlord tenant information.

Why Landlords Tenant Screen

Ever wonder why your landlord asks you all those questions? Why you have to fill out endless forms every time you go apartment hunting? Well there is actually a good reason for it. Being a landlord is like being a business owner and the apartments are your business. Its the landlords job to insure that the apartments are a safe environment, both for the tenants benefit and their own.

After all, if they get a tenant who decides to destroy the property because they are having a bad day, the landlord is responsible for paying for the damages.Its true that they can often get the money back in  court, however that takes time and even more money, and until they manage that they have to pay for everything out of pocket, which could be thousands of dollars.Many landlords also depend a great deal on the money that comes from the tenants. There are a great deal of property taxes involved in owning an apartment. Without having that money coming in, many have no way to pay for it. So in truth its in the landlord’s best interest to find a tenant who is capable of paying rent, likely to stick around, and not liable to go on a rampage and destroy the property. They also want to make sure you personality is a good match for their buiding.

However, landlords, aren’t mind readers. That’s why potential tenants are required to fill out applications and submit to tenant screening. The information asked is only part of the process. Landlords take that information and use it on tenant credit report sites, to get information such as credit reports, criminal records, and number of prior evictions. The also verify that you are who you claim to be, something that has become more important in today’s society, where identity theft is rampant.

Landlords look at things like credit, how steady your job is, the amount of money you make and how much you have in account as a way to judge how likely you are to pay rent. Eviction records and criminal records generally can tell landlords how likely you are to cause issues. Last thing a landlord wants is to find the  cops at their door because of something a tenant did.

What seems like an endless pain to tenants is the landlords best protection against scams and risky tenants. So when your filling out one of those applications, consider this, you probably don’t want a neighbor selling drugs next door, or damaging any of your property either.