Vacant rental units often leave landlords feeling anxious and stressed. Unfortunately, the desire to fill the vacant unit as fast as possible can get in the way of finding a great tenant. Remember that a bad tenant may lead to missed rent payments and even damaged property.
When looking for a tenant, it is essential to do your research through a thorough tenant screening process. There are many factors that you need to consider when screening potential tenants.
Below are key factors to keep in mind when choosing tenants:
1. Tenant's Credit Score
A tenant credit score is one of the most important factors landlords consider when screening tenants. A high credit score indicates that the tenant is financially responsible and is less likely to default on rent or cause damage to the property.
On the other hand, a low credit score may indicate that the tenant is a higher risk and more likely to miss rent payments or damage your property.
2. Background Check
A criminal background check will show you if the tenant has any previous convictions or arrest records. This information can help you decide whether or not to rent to the tenant.
Renting your property to a convicted criminal could put you, the property, and other tenants at risk. Therefore, it's important to weigh this factor carefully when making your decision.
3. Employment History
A potential tenant with a stable job history indicates that the tenant is responsible and less likely to miss rent payments. An unstable job history shows that the tenant may have difficulty paying rent on time or may need to move out unexpectedly.
If the tenant is currently employed, you should also verify their income to make sure it is sufficient to cover the rent. The last thing you want is to deal with a tenant who can't afford to pay their rent, resulting in an eviction.
The eviction process in many states is lengthy and expensive, so it's important to avoid this situation if possible. In fact, research shows that the eviction process may cost you an average of $3,500 per unit. This amount pays for operating expenses and court costs.
4. Rental History
Checking the tenant's rental history is a good way to get an idea of what kind of tenant they will be. A tenant with a history of late rent payments, evictions, or property damage is more likely to do the same at your property.
On the other hand, a tenant with a good rental history is more likely to care for your property and pay their rent on time. Screening tenants carefully can help you avoid many potential problems down the road.
Start Your Tenant Screening Process Now
The old saying "time is of the essence" doesn't apply when looking for a good tenant. By taking your time and doing your research, you can find a great tenant who will pay their rent on time and care for your rental unit.
If you're unsure where to begin, consider using a property management company like Realty Management Group that offers tenant screening options. We can help you run credit checks, criminal background checks, and verify employment and income.
Contact us today for all your tenant screening needs in San Diego, California.