Owning a rental property where you would have to deal with multiple tenants may get stressful and can be frustrating at times as they can come from all kinds of background. There are tons of things to take note when choosing your next tenant as a bad tenant can bring you issues that can possibly drive you a little crazy.
Therefore, when it comes to choosing your next tenant, there are a few important things that must be done. It all begins with screening potential tenants.
Ask for an Application
Before getting into dealings with a new tenant, you should get them to go through with an application Start by having every prospective tenant complete an application. There are plenty of templates for application forms out there, so do get one which provides you with detailed information of them.
Some things include the information of their financial information, current and previous employers, current income level, contact information for previous landlords, addresses and reasons for leaving, personal references such as names and phone numbers, and their lifestyle information which includes the number of pets if they have any.
Once you have sent out the form, ensure that the answers being given to you are thorough and detailed. Within the form, it is important to state that checks such as a credit check, background check and criminal history check will be done if necessary.
If there is any information left out, get them to fill in the information as soon as possible to make the process easier, and if they are not able to provide you with information, request for checks.
Performing a Credit Check
When performing or requesting for a credit check, it is important to understand the state law as some may require theses tenants to be charged while some landlords would be the one to cover the costs of the credit check.
Within a credit check, here are some things that you need to include as they provide details about the tenant’s previous history regarding their credit for over 10 years. The most important things to include is the credit history such as their history of credit card or bankruptcy issues, payments, and collection accounts as well as their current debts.
Performing a Background Check
After doing a credit check, a background check also comes in handy. These background checks can be done by several companies out there, with some amount of fee to pay. Within a background check, information such as their evictions, public records and criminal records will be provided to get a better grasp about what this tenant is all about.
What to Do Next
Once you have carried out a credit and background check, there are several essential steps you should take afterwards. For instance, you should contact the previous landlords, the tenant’s employer and interview the tenant with several essential questions.
This would help you get an overall wider view and information of the tenant, helping you save plenty of trouble from dealing with them in the future if they turn out to be a bad one.
Check Out Apartments with Us
Keeping that in mind, if you are ever looking for your next home, NJLux is the perfect place for you. It is in our best interest to ensure that every customer we have will be satisfied for the rest of their lives. Contact us today to know more!
