Tip of the Month - September 2009

Tenant Selection: the Basics

Source: Rental Property Reporter-Center for Real Estate Studies

There are only 2 times Landlords get into trouble in tenant selection: when you’re in a hurry-when you feel sorry for someone.

The easiest way is through the verification process.  All the information on the application needs to be verified. Have they listed all the places they have lived-Landlord reference phone numbers, not just a friend of theirs: they work where they say they work-the names/names on the rental application is really his or her name. Tip from Crossett Real Estate Services: a copy of a drivers license, copy of some form of ID must accompany all applications.

How will you know when an acceptable Tenant shows up?
How will you know when an unacceptable Tenant applies?

Attach rental standards and policies with the application. What goes into rental standards and policies. *EXAMPLE: * Tip from Crossett Real Estate Services: are you a smoker? All  our rentals are in smoke free properties-we do not accept smokers in or on the property, etc. We have a no pet policy: Do you have pets? etc,.
Make sure the Application is completely filled out to your satisfaction, not the Applicant’s.  That means all blanks are to be either filled in or have an N/A.  (we have a space for additional comments.)

All showings and interviews are by scheduled appointment with completed and acceptable application in place.

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This web page was updated on 08/25/2009.