There’s a quote that says, “If you have resident problems then you have problem residents.” As a landlord/manager, your property is your investment and your goal is to protect your investment, though we do need to note that you have to abide with all Fair Housing Laws. That being said, there are a few good tips to remember when you consider whether an applicant will live in your property.
Does the resident pay on time? - This type of judgement should be based strictly on financial obligations and income of the tenant. You want to make sure that the resident will be able to pay their rent on time. This also includes whether the resident has ever been evicted in the past.
Has the Applicant committed a crime in the past? - This tip needs to be considered judiciously. What should be avoided is renting to a resident that has a history of violence. In the past, it has been considered less severe if a prospective resident is guilty of not paying parking tickets or has outstanding speeding tickets. What you want to know is if that applicant will be a danger to your property and other residents nearby.
Will the Applicant bother neighbors? - This may be from either violent or sexual offenses. If the criminal record screening returns and provides you reason to believe that the applicant will bother others living in the area, you will want to consider this before offering a spot on your property.
Will the Applicant damage the property? - Obtaining information about the applicant’s previous residency can provide a lot of insight into how the applicant plans on living in your property. If you speak to the previous landlord/manager and they tell you that the applicant left their property with a substantial amount of damage you will want to avoid renting to that applicant.
Generally speaking, the best indication for how the applicant will behave in the future is how they have behaved in the past. If an applicant hasn’t paid their rent on time before, it is safe to assume they will not pay their rent in the future.
We advise that you completely review the Fair Housing Laws and familiarize yourself with laws around renting to prospective residents. The questions above can provide insight into how to protect your investment property and also protect yourself.
