Tenants come from all backgrounds, can be all ages, and sport an array of various personalities. If you are a landlord, how can you be sure your finding the right tenant for your property? Is there even such a thing as the perfect tenant? We are going to explore the traits that make up the perfect tenant – and what to look for when you are meeting with potential new tenants.
Income and employment
Having a good income and solid employment shouts “stability!” from the rooftops! This is extremely important if you intend to have a tenant who has the ability to comfortably pay. For instance, the rent payment should not exceed 30% of their net income. In addition, confirm that the employer is part of a stable industry so there are no layoff or other surprises.
While good credit offers some confirmation of the tenant’s ability to pay, it also can be a reflection of his or her behaviors. Good credit can show things, such as honesty and reliability. It shows that he or she is takes pride in oneself and works hard to maintain it.
Sure, many people with a past overcome it and move on to do great things. However, a criminal past may mean that your tenant has a weaker regard for the law – and rules. Tenants with criminal histories or who have been subject to civil legal matters, may put your property more at risk.
It may seem rather difficult to discover if your potential tenant is honest with just a meeting. But, an effective way to tell is to follow up with everything on their application. Many times, dishonest tenants are going to either hide something from the application, make up information regarding employment and/or past landlords, and other pertinent information. Call references, call prior landlords, and call the employer. If possible, use a tenant screening service, too.
How do your potential tenants present themselves? Are they clean and well put-together? Does their automobile seem maintained? Do they seem to have all the necessary docs and all things organized for your meeting? The more clean and neat your tenants are, the better they will take care of your rental property. Besides, when they move out – will they leave you with a ton of things to do to get your property ready to rent again? Or, will they leave it as they found it? While these are the traits you should look for, there is one you may want to avoid: the high-maintenance tenant. These are the ones who are particular about everything and, although they may meet all your criteria, they may make your life as a landlord difficult and frustrating.
Having the perfect landlord can make your job easier. It means that you can count on the rent and feel confident that your property is being taken care of. So, next time you are on the prowl for stellar tenants, keep these traits in mind!
Marina Shlomov, a managing partner at ALH|Podland Rental Homes Property Management is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999 and a property manager, Marina is an investor herself. Her property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out atwww.alhpodland.com.
You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on Facebook, Google+, Blogger. and YouTube.