When the time comes to choose a tenant to rent out your home or condo, it can be a nerve-wracking decision. Perhaps the house you are leasing is the home where you grew up, and you want to make sure its memories are preserved. Even more important, you need to make sure payments are made on time. Its important to find a tenant who “fits” the place, but its also important to analyze certain personal and financial data about a prospective tenant before making a decision. You should get a holistic picture of their life, career, and financial status.

Consider the applicant’s current job, banking, and residential information. First you should check whether all the fields on the rental application are filled in. If a tenant chooses not to disclose information that is requested, this may be a sign that they are hiding something.

One of the best resources you can use to gauge a person’s reliability is the previous landlord. From them, you may be able to get reliable information about the payment habits of the tenant. But you should be careful to rely too much on their words, since landlord opinions are sometimes colored by their personal opinion and other irrelevant factors.

Tenants with a steady income and solid rapport in their workplace can generally be relied upon as dependable tenants. Someone with a longstanding carreer position will usually make payments on time and stay in the unit for a longer period.

A strong credit history is also an important aspect to consider. Applicants who have repeatedly failed to make payments on their credit cards or utilities are more likely to be unreliable with their rent payments.

Although the above factors should always be measured, they should not be relied upon as the ultimate determining factors when searching for a perfect tenant. Those with a poor credit history may be trying to build their credit back up, and will often prove to be reliable. Previous landlord-tenant relations are not always a reliable consideration on their own, as such relations  can be affected by personal factors. Its best to consider the whole picture of a tenant’s status. Once you figure out a list of possible tenants in strong financial standing, you can be free to choose based on who you feel is the best fit for your home.

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This is filed under Looking for Renter.


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