Things You Should And Should Not Do to Find Great Tenants

Below are some quick tips for you to think about next time you are looking to find a good quality tenant.

Since landlords are the highest sued in real estate I think I will start with the things you should not do:

 
  • Don’t Discriminate. Not only is illegal, but it is also illogical. You can find great people of all ages, races, gender, and background. You will also find bad people in every group.
  • Don’t judge solely by appearance. While personal grooming, vehicle condition, and punctuality can be indications of a person’s character, they should not be the only or the primary basis for accepting or rejecting an applicant. Our personal preferences are often the basis for these subjective judgments.

Things we recommend you should do:

  • Do run a credit check. This is one of the most important tips to ensure you have a credit-worthy tenant.
  • Don’t use their own report they give you.
  • Do run state and national criminal checks.
  • Do run a sex offender check.
  • Do ask for the applicant’s last two pay stubs.
  • Do call the previous landlords and ask them about their experience with the tenants.
  • Do have a set of standards for accepting and declining applicants. Having a standard will help you be objective in your decision-making process.

 

    • Standards should include:
      • Rent to income ratio
      • Will you accept felons? If not, which ones and how old?
      • Will you accept people with drug crimes on their records? If so, which ones and how old?
      • What is your criteria for acceptance on the applicants’ credit report?
      • Will you accept sex offenders?

 

Having policies and procedures that you stick to will not only force you to have standardization in how your run your business, but it will also keep you out of legal trouble and you will know what type of tenant you are always looking for without having to guess or go off “Your gut feeling”.

Pacific Rim Property Management in Washington State, Pierce County Area.
Follow Us on Social Media: