If you haven’t left the tenant search to your property management company, you’ll have to try to locate your next tenants yourself, whether through social connections or via classifieds. Here are some things to watch out for that might indicate a person would not make a good tenant:
- Bad / No Credit — this is one of the most basic checks you’ll be running on your tenant. Typically, anything under 600 is considered less than optimal.
- No employment/unreliable employment — your tenant should have adequate income to regularly pay the rent. Lack of proof of employment is obviously a red flag, as is seasonal employment that might not provide a consistent paycheck year-round.
- Incomplete application — incomplete information might mean that the person has something to hide, or just that they’re not too detail oriented. Either way, you should either get extra clarification on the missing info or move on to another tenant.
- No landlord references — although not everyone is likely to have them (some people are escaping a sub-optimal living situation), references from a previous landlord are a really good thing to have, and you should give preference to applicants that have them.
Of course, if you’ve found the tenant selection process challenging, then you know why so many condo owners trust property management companies to handle the tenant selection and rent collection process.
