Finding the perfect tenant
MI · Member since 2025 · 3 posts · 0 votes
Finding the perfect tenant
6 Replies
- 21hDivin KanyamaBusiness MemberAccountant · Seattle, WA · Member since 2025 · 671 posts · 283 votes
Welcome, @Mark Matusiewicz! You’re asking the right questions before getting started. I’d focus on a repeatable process rather than trying to find the “perfect” tenant. Start with written screening criteria, verify income and rental history, and apply your standards consistently while following fair housing rules. I wouldn’t rely on a good first impression alone.
For the paperwork, I’d use a lease tailored to the property’s state and local requirements and have a local landlord-tenant attorney review it—not just download a random contract. Make sure rent, deposits, utilities, maintenance responsibilities, and how to report repairs are clearly addressed. I’d also do a move-in walkthrough with the tenant, document the condition with photos and a signed checklist, and keep the lease, payment records, and repair communications organized in one secure place. Keep the system simple enough that you’ll actually use it. And remember, clear communication and being responsive matter on your side, too!
- Realtor · Memphis, Shelby County · Member since 2026 · 274 posts · 98 votes11h
Welcome, Mark — you are thinking about this the right way by starting with a system, not just hoping for a good tenant. I would add one thing to Divin's advice: verify, do not just collect. Call the prior landlord, not just the current one, check pay stubs against bank deposits where you can, and actually read the credit and background report rather than glancing at a score. Set your written criteria before you show the home, and apply them the same way to every applicant, every time. At the showing, be clear about rent, due dates, maintenance, and how repairs are reported, so expectations are set before move-in. A tenant who knows the rules up front and sees you respond promptly is far more likely to stay, pay on time, and take care of the place.
- 11hAmit PatelBusiness MemberProperty Manager · Bartlett, IL · Member since 2025 · 177 posts · 68 votes
Welcome! The good news is most of finding a good tenant comes down to being consistent, not lucky.
Start by writing down your screening criteria before you list, things like income around 3 times the rent, no recent evictions, and good landlord references. Then apply the exact same rules to every applicant. It keeps you fair, keeps you on the right side of fair housing laws, and makes saying no much easier. Always verify income with pay stubs or bank statements, and call the previous landlord, not just the current one. The current one might say anything to get them out.
For the lease, use one written for Michigan and have a local attorney look it over once. Make sure it clearly covers rent and late fees, who handles which repairs, utilities, pets, and how notices are given. Then on move-in day, walk the unit with the tenant, take dated photos of every room, and have them sign the checklist. That one step saves so many arguments at move-out.
After that, it’s just about being responsive. Tenants who feel taken care of tend to take care of your place too.
Casanomy Property Management561 Reviews - 11hRyan BrownPro MemberReal Estate Agent · Louisville, KY · Member since 2022 · 100 posts · 32 votes
Mark, the screening and lease advice above is solid, so I'll add two things that come up after that.
First, once you find a good tenant, work to keep them. I've given good tenants breaks on rent rather than push for every last dollar. Someone who pays on time, takes care of the place and doesn't call over every little thing is worth more than another $100 a month. One expensive turnover can wipe out a year of cash flow, and there's no guarantee the next tenant will be as good. Your best tenant is often the one you already have.
Second, your property affects who applies. A clean, well-maintained unit with good photos and an accurate description tends to attract applicants who expect to take care of it. If the place looks neglected, you'll often get applicants who treat it that way. Have it truly rent-ready before you list, and you'll give yourself a better pool to screen from.
- 7hDrew SygitBusiness MemberProperty Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
Copied from our website but NOT a sales pitch
Robust Tenant Screening
A bad tenant can lead to thousands of dollars of losses via unpaid rents, legal fees and property damages. We’re one of the few property managers that require W-2’s and a bank statement and we go way beyond the traditional, “income must = 3x rent” qualifier.
Below is more information about what our Applications Department does to screen applicants and find the best tenants possible for your property.
Required Info
We require the following from each applicant over the age of 18, that is not a dependent of another applicant (as evidenced on a tax return):
Copy of acceptable state picture ID
Recent YTD paystub
Recent W-2
Recent Bank Statement, all pages, no info blacked out
Recent tax return if self-employed
Applicants are often slow about turning this information in, asking us why we need it and then taking several days to submit. Then they complain that our process takes too long!
Credit History
Many companies use credit summaries, but we find these rarely tell the whole credit story. So, we obtain a full credit report and review collections, chargeoffs, age of credit accounts, active accounts, etc. to build an overall credit evaluation.
FICO Score
Pct of Population
Default Probability
800 or more
13.00%
1.00%
750-799
27.00%
1.00%
700-749
18.00%
4.40%
650-699
15.00%
8.90%
600-649
12.00%
15.80%
550-599
8.00%
22.50%
500-549
5.00%
28.40%
Less than 499
2.00%
41.00%
Public Records
We also obtain data from national databases about evictions, convictions, and sex-offender histories. These all require applicants to submit an acceptable Letter of Explanation addressing each specific issue and occurrence.
Rental History
Because a current landlord may say anything to get rid of a bad tenant out of desperation, we also require information for the previous landlord of all applicants…
Analyze Income
Many landlords require a month of paystubs from applicants and just use these to calculate a monthly qualifying income…
Employment Stability
Unless an applicant has exceptional credit, we strive to determine their stability of employment…
Assets
We are one of the few management companies that requires a bank statement as part of our application process…
Letter Of Explanation
Any time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX)…
Underwriting
Traditionally, landlords have only looked at the income of applicants…
Approval
Once an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious…
Logical Property Management4.9462 Reviews
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