How to choose the right tenant for your rental property

Five steps to ensure that you choose the right new tenant.

There is no foolproof method for finding tenants that will ensure your success. In my experience with many landlords, there are a few things that you can do to maximize your chances of making the right decision when it comes to picking new tenants:

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1. Do a credit cheque. This is the quickest and easiest way to find out if you are dealing with someone who has or has had financial problems.

2. Make sure you meet the candidate(s) in person. I know that this seems quite obvious, but sometime lazy landlords rent just off the application.

3. Call all of the applicant’s references, including parents if that contact info is provided. You will be surprised how honest parents are about their kids.

4. Verify the potential tenant’s income. Call their employer directly and ask for pay stub.

5. Perform a criminal background check and delve into the applicant’s prior rental history. Past landlords are rally your best source of accurate information.

I would say the most important thing is to trust your instincts. Sometimes your instincts can be the best judge of character. Trust you gut and go with the renter who makes you feel the most comfortable. Also, please remember that you cannot be discriminatory and make a decision based on race, religion, sex or potential disabilities.

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