Tips for looking for a good tenant

What is the screening process of your rental property & why does it matter?

Many investors are looking for tenants & want to have the highest paying tenant possible. But is this the only thing to look at when placing a potential tenant?

Besides the obvious, does the tenant have a job, have they been delinquent in making their rental payment, have they caused property damage, did they fulfill their lease? I will admit that there are reasons why people can move out & they may be valid. People lose their jobs & are unable to pay their rent so they may ask to leave early. They may be transferred & unable to fulfill their lease. There could be a major illness where they need to move in with family…valid reasons. You might be asking yourself, what else is there to look at?

Here are a few things I think are important & should be taken into consideration besides the obvious.

1)  Is this new tenant getting you the information in a timely manner

• You may ask what importance this plays. If a tenant is serious about leasing your property & you ask for check stubs, employment verification, references, they will get this to you immediately.
• 2)  What does their social media accounts look like? I know you may think what they do on their own time is their business & you are correct.
• However, do they make any comments about money problems?
• Did they say they do not have a pet on their application & their picture shows them
• & their two puppies?
• With the age of Facebook, Twitter, LinkedIn & other social media pages you can find out a lot about the future tenant & if you think they will be a good fit. 
• Employers do this all the time to find out about future employees.  Remember, you are allowing this person to live in an investment property that you own.
• 3) If possible, try to arrange an interview with them at their current residence. This may seem like an unusual request, however, you can tell a lot about the family seeing their current residence.
• Is it kept clean? Does it smell like they take care of it? Are there holes In the wall or door? Do they take care of their residence?

If you look at the tenant who is applying for as a person, meet them, spend time with them instead of a mathematical equation, you might find a great tenant. Their credit score might not be the best, but they are a really good tenant. Also, if they are willing to sign a longer lease at a slightly lower rate could save