How to Chose a Rental Tenant

Do you have a piece of property that is eating away at your bank account, uninhabited? Maybe you're trying to sell? Maybe you're an investor? In either case, you can always rent your property. As a landlord you want to be sure you find the best qualified and most suitable renter who is going to be responsible and pay their rent, and pay it on time. Pre-leasing tests and background or credit checks are always a smart thing, here's some other things you can do to check out your future renter.

As I mentioned previously, perform a credit check. You can contact your local credit bureau or there are some software programs offered for your business computer that allow you to check right from your desktop. Review the applicant's credit history very carefully as this will be your key insight into their responsibility. Having they been late on several payments? Or have they been charged off for anything? The credit report will let you know if the applicant can be trusted to pay his or her rent. Be sure you check their credit score as well. There may be things that aren't included on their credit report that you should be aware of. Look at their credit score. Typically, you do not want to approve anyone with a score below 520 because that means they have too many open lines of credit, or too many unpaid bills, credit cards, loans, etc. I suggest not renting to someone who has had a bankruptcy in the last 2-3 years. You can use your own judgment here, but be sure you check and make sure they have been making all their payments on time and in full since their bankruptcy.

It would also be wise to perform a criminal background check. This day-in-age you never know who you can and cannot trust. Have a background check done for everyone just to be sure they do not have a previous record.

Do not forget to verify your renters employment through his most recent employer. You have to be sure they have the means to pay you their rent each month. You can verify by simply calling up the employer and just asking for a confirmation of employment on so-and-so. Find out if they are indeed employed there and how long they have been employed.

As your last step you should check out your renters previous rental record. Call the previous landlord and find out how long they rented and if their payments were made in a timely manner. Also, be sure to ask the landlord if there was ever any problems out of their tenants. Did they break their lease early? Were there any damages you should be aware of? You don't want to let someone rent from you if they are problem causers, obnoxious to their neighbors, or don't abide by the homeowners associations rules.

Follow the steps above and you help to eliminate any problem renters before they sign the contract. Overall, trust your own judgment and your personal opinion of the person you'd like to rent to. It is up to you to pick someone who you think best displays the qualities of a good tenant/renter.