Finding good tenants helps increase tenant retention, reduce vacancies and avoid late payments and property damage. The average time to find a tenant can be as quick as one or two weeks, depending on the property’s location, pricing and condition. You need to find a renter who pays rent on time, takes care of your property and communicates well.
A few tips on choosing the best tenants can go a long way.
Tenant Screening Essentials
One of the best ways to screen potential tenants is to speak with their previous landlords. You can find out if the tenant respected the neighbors and the property and whether there were other problems like noise complaints. Checking their credit, criminal and eviction history will give you a picture of who they are and add a layer of protection. A person with a good credit score indicates that they are financially responsible and can pay their rent on time.
Screen them in person and have a set of questions prepared, such as why they’re moving, if they have pets and assess if they are generally a good communicator. If you suspect an applicant is not being completely honest, verify the information and ask clarifying questions. If you confirm dishonesty, you have grounds to deny their application.
Spotting Red Flags
Keep an eye out for these red flags when finding tenants for your rental property:
- Recent late payments.
- Multiple evictions.
- Too many short-term stays.
- Too eager to move in immediately.
- Reluctance to consent to a credit or background check.
- Counterfeit paperwork, such as fake pay slips.
- Previous addresses that don’t match the application or credit report.
Ensuring Fair Housing Compliance
From the screening process to their last day at your property, tenants should feel welcome and safe in their homes. To make them feel this way, landlords should comply with fair housing laws.
The Fair Housing Act protects tenants against discrimination based on race, religion, nationality, gender, disability and familial status. As a landlord, you should understand and follow this law to avoid violations.
Some best practices for staying compliant with fair housing laws:
- Use only quantifiable qualifications, such as credit scores, to choose your tenants.
- Use consistent screening criteria for all applicants.
- Keep accurate records of acceptance and denial decisions.
- Provide reasonable accommodation to tenants with disabilities.
- Ensure common areas and amenities are accessible to all tenants.
Frequently Asked Questions About Tenant Selection
Explore commonly asked questions about finding the right tenants below.
What Is the Best Way to Find Tenants for My Rental Property?
To attract more applicants:
- Use high-quality photos, detailed descriptions and list on popular rental websites.
- Research comparable rentals in your area to determine a fair market rent.
- Consider adding amenities like updated appliances and in-unit laundry.
- Respond promptly to inquiries and schedule showings quickly.
- Keep the property clean, well-maintained and presentable.
Can I Refuse to Rent to Someone With a Criminal Record?
You can consider criminal history carefully and avoid blanket bans. Consider the nature and severity of the crime, the time elapsed since the conviction and its relevance to the safety of the property and other tenants. Consult an attorney to ensure your policy complies with local and federal laws.
Choose Elevated Management Group to Screen Potential Tenants
Elevated Management Group is a professional property management company in Albuquerque, New Mexico, and the surrounding areas. Our real estate experts can help with the rental application process, including a credit check, background check, eviction history search and income verification. Contact us today to find qualified tenants for your property.
