Tenant Screening

I started renting properties to tenants in 1988, and over time you learn a lot of things about tenants and tenant screening.

I just had a tenant move out who did about $2000 in damage to an apartment. Every time this happens I always tell myself I am going to check better next time.

Then I get in a hurry and tell myself I am busy and don’t have time to do a through tenant screening. Now I look back and say how valuable was my time I couldn’t spend a few minutes for $2000.

To prevent this from happening to you there are 2 things you can do that are very effective.

The first is to go and see where the prospective tenant is living. This will give you the best indication of how they will take care of your property. Unless something drastically changes, the odds are, your property will look just like the place they are currently living. It will happen within a few weeks after they move in so take the time to see what your place will look like.

The second is good tenant screening by running a credit check and contacting references.

The best method is to do both. I started out not knowing much about tenant screening and rented to anyone but I found out right away that there are a lot of people you should never rent to. Actually most of the people who apply to rent from you are probably not good candidates.

Careful tenant screening will make being in the real estate business much easier on you in the long run, no matter how much trouble it is up front, take the time and don’t get lazy and miss this important step in renting out your properties.

October 27, 2005