{"id":26866,"date":"2022-02-27T10:41:07","date_gmt":"2022-02-27T10:41:07","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=26866"},"modified":"2022-05-30T05:06:53","modified_gmt":"2022-05-30T05:06:53","slug":"key-qualities-landlords-should-look-for-in-tenants","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/key-qualities-landlords-should-look-for-in-tenants\/","title":{"rendered":"Key Qualities Landlords Should Look for in Tenants"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">Even the most desirable <a href=\"https:\/\/www.thehouseshop.com\/property-to-rent\" title=\"rental property\">rental property<\/a> in the most desirable area won\u2019t do much good if you can\u2019t find the right tenants. Frankly, there\u2019s little wonder as to why so many landlords feel like they\u2019re taking a gamble every time they enter a lease agreement with a new renter. No matter how well someone presents themselves, there\u2019s no guarantee that they\u2019ll be a model tenant. Keeping tenants happy is key to making money from your rental, but you&#8217;ll need to do your due diligence to ensure they&#8217;re a good fit for your property. In the interest of minimising your chances of signing on with the wrong tenants, keep an eye out for the following qualities when reviewing applications.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<h2><b>Steady Income\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A steady income \u2013 or lack thereof \u2013 stands to make or break a tenant\u2019s ability to stay current with rent. So, when reviewing applications, look for prospective tenants who make at least thrice the cost of rent each month. This amount ensures that they\u2019ll be able to afford rent and pay it promptly and comfortably. To play it safe, confirm that they make the amount listed on their application by requesting to see paystubs. Consider asking to see some recent utility bills, a phone payment, or lease\/car payment receipts for the past few months. The idea is to establish a clear pattern of responsible, on-time payments and determine that they can hold fast to their financial commitments. Absent that, request the contact information of their employer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, this doesn\u2019t mean that exceptions can never be made. For example, if someone is unable to work because of physical and\/or psychological impairments or<\/span><span style=\"font-weight: 400;\">\u00a0receives benefits, you may be able to work something out. Even if their monthly income isn\u2019t quite the amount, you\u2019re looking for, as long as it\u2019s steady and enables them to pay rent on time, taking such applicants on as renters shouldn\u2019t present much financial risk. Lone Star State landlords with <\/span><a href=\"https:\/\/wanbridge.com\/tx\/forney\/\" target=\"_blank\" rel=\"noopener sponsored\"><span style=\"font-weight: 400;\">Forney homes for rent<\/span><\/a><span style=\"font-weight: 400;\"> would do well to regard steady income as a prerequisite for tenancy.\u00a0\u00a0<\/span><\/p>\n<h2><b>Good Credit\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/www.awin1.com\/cread.php?awinmid=7716&amp;awinaffid=304715&amp;clickref=&amp;p=https%3A%2F%2Fwww.experian.co.uk%2Fexperian-account%2F01_free_score.html\">Solid credit<\/a> is often a good indicator of a financially responsible applicant. Conversely, applicants with deeply troubled credit histories generally aren\u2019t the safest bets. After all, if they\u2019re unable to maintain decent credit, this should call their ability to keep up with rent into question. So, when reviewing applications, a <a href=\"https:\/\/www.thehouseshop.com\/tenant-referencing  \" title=\"credit check\">credit check<\/a> should be among the first steps you take. Keep in mind that <\/span><span style=\"font-weight: 400;\">a <a href=\"https:\/\/www.thehouseshop.com\/tenant-referencing\">basic tenant referencing<\/a> which includes a credit check <\/span><span style=\"font-weight: 400;\">will provide different information that will help you make a decision.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When going over an applicant\u2019s credit, there are several things you should look for. For starters, do they have a history of paying bills on time? If the answer is no, this should be taken as a bad sign. Secondly, do they currently have a significant amount of debt? While virtually every American is saddled with some degree of debt, an applicant drowning in it might not make the best tenant. Third, are there any <\/span><span style=\"font-weight: 400;\">payment gaps<\/span><span style=\"font-weight: 400;\">? Keep an eye out for gaps in payments of credit card debt, loans or various other financial obligations.\u00a0\u00a0\u00a0<\/span><\/p>\n<h2><b>Favourable References\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Many applicants will list references under the assumption that you\u2019ll never actually check them. Unfortunately, with many property owners, this is a safe bet. In some cases, an applicant will present themselves well enough that the landlord will regard checking references as unnecessary. Other times, landlords just don\u2019t want to go to the trouble of contacting references. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, <a href=\"https:\/\/www.thehouseshop.com\/tenant-referencing\">a full tenant referencing<\/a> will supply invaluable insight into a potential tenant&#8217;s financials and character.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless of your reason for failing to <\/span><span style=\"font-weight: 400;\">contact references<\/span><span style=\"font-weight: 400;\">, laziness in this area stands to backfire on you spectacularly. References \u2013 especially previous landlords \u2013 can provide you with a plethora of pertinent info on prospective renters, which can help you determine whether they indeed are as responsible as they purport to be. For example, even if an applicant has excellent credit and a steady income, there\u2019s a possibility they mistreated the last rental property they inhabited and left considerable damage in their wake. Among other qualities, you\u2019ll want someone willing to care for the property and keep damage minimal to nonexistent. Sure, it\u2019ll eat up a little time, but the simple act of checking references can save you years of headaches down the line.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although rental property ownership is commonly regarded as a highly profitable venture, this is only the case when landlords can find model tenants. Tenants who are consistently late with the rent and fail to take proper care of the property are liable to cost you more money than they stand to make you. While there\u2019s no magic wand solution for distinguishing bad tenants from good ones throughout the application phase, there <\/span><i><span style=\"font-weight: 400;\">are<\/span><\/i><span style=\"font-weight: 400;\"> several ways for property owners to lower their odds of getting stuck with the former dramatically. Remember: a little bit of preparation goes a long way!<\/span><\/p>\n<h6><span style=\"color: #999999;\">Ref : <span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">THSI-2689 \/ <\/span><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">ZD.22014<\/span><\/span><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Even the most desirable rental property in the most desirable area won\u2019t do much good if you can\u2019t find the right tenants. Frankly, there\u2019s little wonder as to why so many landlords feel like they\u2019re taking a gamble every<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/key-qualities-landlords-should-look-for-in-tenants\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":45,"featured_media":16867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"no","_lmt_disable":"","spay_email":""},"categories":[1],"tags":[],"wl_entity_type":[602],"modified_by":"Editor","_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/05\/reference-check-image.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/-26866","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/26866"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=26866"}],"version-history":[{"count":3,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/26866\/revisions"}],"predecessor-version":[{"id":27479,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/26866\/revisions\/27479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/16867"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=26866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=26866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=26866"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=26866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}