Screening Prospective Tenants: Five Warning Signs You Should be Aware of
Being a landlord is rewarding, but there are some things you should look out for when it comes to screening tenants. This approach will help you place a reliable tenant in your property. In the long run, your tenant will provide you with reliable monthly income.
You can be thorough when it comes to doing the following: checking the references, validating incomes, checking employment, and looking into the prospective tenant’s banking information. Your tenants can look great on paper, but they can turn out to be a dud. A terrible tenant can make it difficult for you to get consistent monthly income.
If you are tired of being a landlord, you can sell your property to a professional home buying company. A professional real estate investing company will make you a reasonable offer on your property and close extremely fast.
Here are the warning signs you need to look out for when it comes to screening prospective tenants:
Avoids Filling out Your Application
Filling out the application is the most important part of the process. It’s a red flag when the tenant is leery of filling out your application. In many instances, this could lead to major problems down the road. It’s not good when a prospective tenant is hesitant on completing the application.
If the prospective tenant is hesitant to complete the application, they may be hiding something. You should never move allow someone top move into your property without completing your application and conducting a thorough background check. A problem tenant typically abuses one’s property. Do you really need this in your life?
The Tenants Financial Picture
Never allow a tenant to move in if they cannot afford to pay the rent. You will be making a huge mistake if you fail to do your due diligence on the prospective tenant. This includes digging into their banking information, employment, and income.
You should also check out the prospective tenant’s check stubs. This is the best way to find out if they will be able to afford to pay the rent. You want a stable tenant in your property. Tenants that jump from job to job should be a concern. How will they be able to pay their rent if they are constantly looking for a new job?
The Tenants Rental History
Be prudent of renting to someone who cannot provide a stable rental history. Let’s say the prospective tenant has lived in several areas within several months. This is a red flag!
This type of tenant may turn out to be a headache. They can abuse your property and break their lease. In the meantime, you will be responsible for taking care of the repair and cleaning costs. Do you want this to fall on your lap?
Tenant will Not Pay Rent
A tenant could struggle to pay their rent on time. This is one sign that you cannot afford to overlook. As a landlord, you must take measures that will help you cover your overhead. Things will get tough if the tenant does not pay their rent on time. You will be forced to file for an eviction notice if your tenant fails to pay their rent on time. There are some issues to property dealers as well.
Loud Tenants
Loud tenants are a pain in the butt! No one wants to live next to loud neighbors. Make sure you tell your prospective tenant that you will not tolerate loud noise. This should send a message to the prospective tenant. In most cases, they will take you seriously. You should also put a loud noise clause in the rental agreement.
You should be extremely careful when it comes to owning rental property. Failing to do so can lead to serious problems. The warning signs in this article can help you avoid renting to bad tenants. Please keep in mind that you can sell your rental property to a professional real estate investing company if you are ready to retire from the landlord business.
You can be thorough when it comes to doing the following: checking the references, validating incomes, checking employment, and looking into the prospective tenant’s banking information. Your tenants can look great on paper, but they can turn out to be a dud. A terrible tenant can make it difficult for you to get consistent monthly income.
If you are tired of being a landlord, you can sell your property to a professional home buying company. A professional real estate investing company will make you a reasonable offer on your property and close extremely fast.
Here are the warning signs you need to look out for when it comes to screening prospective tenants:
Avoids Filling out Your Application
Filling out the application is the most important part of the process. It’s a red flag when the tenant is leery of filling out your application. In many instances, this could lead to major problems down the road. It’s not good when a prospective tenant is hesitant on completing the application.
If the prospective tenant is hesitant to complete the application, they may be hiding something. You should never move allow someone top move into your property without completing your application and conducting a thorough background check. A problem tenant typically abuses one’s property. Do you really need this in your life?
The Tenants Financial Picture
Never allow a tenant to move in if they cannot afford to pay the rent. You will be making a huge mistake if you fail to do your due diligence on the prospective tenant. This includes digging into their banking information, employment, and income.
You should also check out the prospective tenant’s check stubs. This is the best way to find out if they will be able to afford to pay the rent. You want a stable tenant in your property. Tenants that jump from job to job should be a concern. How will they be able to pay their rent if they are constantly looking for a new job?
The Tenants Rental History
Be prudent of renting to someone who cannot provide a stable rental history. Let’s say the prospective tenant has lived in several areas within several months. This is a red flag!
This type of tenant may turn out to be a headache. They can abuse your property and break their lease. In the meantime, you will be responsible for taking care of the repair and cleaning costs. Do you want this to fall on your lap?
Tenant will Not Pay Rent
A tenant could struggle to pay their rent on time. This is one sign that you cannot afford to overlook. As a landlord, you must take measures that will help you cover your overhead. Things will get tough if the tenant does not pay their rent on time. You will be forced to file for an eviction notice if your tenant fails to pay their rent on time. There are some issues to property dealers as well.
Loud Tenants
Loud tenants are a pain in the butt! No one wants to live next to loud neighbors. Make sure you tell your prospective tenant that you will not tolerate loud noise. This should send a message to the prospective tenant. In most cases, they will take you seriously. You should also put a loud noise clause in the rental agreement.
You should be extremely careful when it comes to owning rental property. Failing to do so can lead to serious problems. The warning signs in this article can help you avoid renting to bad tenants. Please keep in mind that you can sell your rental property to a professional real estate investing company if you are ready to retire from the landlord business.