4 Things A Property Owner Should Know About Tenant Applications

Getting quality tenant applications is essential. However, filtering through each of these submissions and assessing the options you have to choose from can prove to be a painstakingly time-consuming process. Given the fact that there are many risks associated with a wrong candidate, you need a high level of accuracy, discretion and decisiveness while filtering through tenant applications for your property.

Here is a brief summary of things to keep in mind regarding tenant applications. We hope that this will help you choose a better tenant for your property:

1) Asking the Right Questions

Interviewing is a standard practice while processing tenant applications. You should ask questions that help you identify a suitable tenant that you deem fit for your property. Hence, these questions should be based on tangible aspects that help you shortlist candidates. An example of a direct, meaningful question would be – “If approved, what is your desired move-in date?” A question like this would help determine how serious the candidate is about the prospective tenancy.

2) Past and Present Residential Record

Previous residential history would help to identify crucial information such as the current address of the tenant, and specific details regarding their previous tenancy. It is important to have the relevant information to give you an idea regarding the reliability and consistency of the candidate in their previous tenancies. Irregularities spotted in the tenant application would be an indication to the landlord that they should consider a different prospective tenant to rent their property.

3) Employment History and Credit Report

The employment history of a candidate is a valuable piece of information since it indicates whether the candidate is capable of regular, timely payments. Proof of Income is crucial in this regard. Without confirmation of this, you would be putting yourself at a risk of receiving late, or irregular payments or at the very worst, unpaid rent.

Lastly, this also helps us assess the financial capacity and creditworthiness of the tenant. Several landlords miss this important step of making sure whether their tenant is financially capable or not. At the Rental Advisors, we place the highest importance on our credit checks to ensure that you get a tenant that is fiscally responsible.

4) Checking the Criminal History

It is essential that you ascertain that your prospective tenant has a clean record. You would be putting yourself and your property at risk if your tenant starts using it for criminal activities. It is best that you cover all the bases and make sure the presence of criminal behavior is never a possibility.

Landlords today have the option of getting their property evaluated and managed by experienced industry experts such as Rental Advisors. Rental Advisors strive to serve property owners with their exclusive landlord services, and the testimonials only seem to suggest how efficient they have been.