Welcome back to #KTQuickTips with your favorite Milton Real Estate Agents at The Kormendy Trott Team!
In episode #125, we gave some great tips on How to find the Perfect Tenant. So today, we are calling ALL Landlords because this one is for YOU.
Being a landlord and finding the right tenant can be a daunting task, but if you do these four things, you’ll be well on your way to finding a great tenant.
#1. Credit Report.
One of the most important documents you can ask for from a prospective tenant is a credit report. The credit report will tell you things such as how much credit they have available, how much of it is being used, whether or not they have been making their payments on time and if there’s any existing or previous collections or bankruptcies. Obviously, their credit score as well, which isn’t always the be all and end all in determining their credit worthiness, but it is important to know. Anything at or above 650 is leaning towards good or excellent. Anything below that definitely, you will want to check into the details a bit more.
#2. Employment History.
You will want to find out a little bit about their employment history and get a copy of their most recent pay stub. You’ll also want to call their current employer to find out if they’re a good employee. Make sure you also look into how long they’ve been at their job, how much money they make, and do they jump around from job to job? This will tell you a lot about the person and if they are able to pay you every month.
#3. Residential History.
In addition to their employment history, it’s also good to know their residence history. Where were they living previously? Did they rent or did they own the property? Were they there for an extended period of time or have they been jumping around from house to house for a long time? Find out what their story is and why they want to rent in your property.
#4. Contact Previous Landlords.
Another great tip and one not often used is looking up the past listings for your prospective Tenant’s current and past homes and have your Realtor contact the Real Estate Agents involved in those transactions for some candid, unbiased feedback. Using existing landlords may result in an upset Landlord providing a glowing review to get the Tenant out of the house, while a past Landlord who has nothing to lose by telling the truth will be more forthcoming.
If you do these 4 things, you’ll be well on your way to finding a tenant that will treat your home like their own.