When processing applications from potential tenants, it’s important to know certain types of background information so you can make the best choice for your new renter.
You may get a good first impression of a tenant, but unfortunately, you can’t always rely on your impression to make the right decision. Doing your homework when it comes to your applicants, no matter how well you think you know them, can help you find a stable, long-term renter.
Here are some of the most important things you should know in regards to the background information of your new tenants!
Their Employment History
You should know the applicant’s employment history to see if there’s anything unusual about how often they change jobs. Have them list their previous employers as well as their current employment situation on the application.
It’s also essential to know their current income so you can be sure they have enough money to cover the amount of rent you’re asking for as well as typical living expenses. Follow up with their employer to confirm their status as an employee to be safe!
As a landlord, you can avoid a potential eviction simply by running a credit check. You should have a good idea of your applicant’s current financial situation, such as whether or not they make payments on time, or have a history of issues such as late payments or fees.
A credit report will also tell you about any bankruptcies this person may have had in the past, as well as any current debt. This information is going to be helpful when determining their income and whether or not they have enough funds to consistently cover the rent from month to month.
A background check may also include bankruptcy history for your applicant, but unlike a credit report, it’ll detail criminal history as well. With a background check, you can find out if your candidate has an extensive criminal history, which could affect the safety of your community.
You can also find out via a background check if your tenant has any current or previous lawsuits against them—these could be for criminal-related offenses or unpaid rent, among other problems with previous landlords. It’s a good idea to know this information before deciding to approve an application for a potential renter!
Their Previous Living Situation
When considering a new tenant, you’ll need to know their previous living situation, so be sure to include a space for former addresses and landlords on the application for your unit.
You should follow up with these listed property owners and inquire about the tenant in question’s payment history, any damage done to the property, or any other issues they had there. By having insight into the applicant’s former living arrangements, you can better assess their candidacy for your particular unit.
Need Help Finding the Right Tenant? Count on FAS Management
To find the right tenant for your property, it’s always a good idea to have some background information. If you need help finding the best renter for your unit, or aren’t sure if your lease includes all the information you need to make an informed decision, contact us at FAS Management today at (202) 337-5080. For more than 70 years, our professional property management solutions have made it easy for landlords to find the perfect occupants and make the most out of their investment!