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Good screening process identifies good tenants

“Selecting the right tenant makes the difference between loving real estate and hating it,” says Timothy Spangler, the CEO of a real estate investment company and author of “From the Rat Race to Real Estate.”

Finding good tenants is not just happenstance. It can take time and it usually takes considerable effort, both in learning the ropes of being a landlord and in selecting the right renters.

“Just because a landlord or property manager can get a tenant to pay high rent doesn’t mean he should take it. All too often, landlords are willing to forego the screening process to take an unqualified tenant who agrees to a higher price,” Nuzzolese says.

The best way to avoid mistakes like that is to learn the ins and outs of choosing renters.

Search for a Star

Taking out an ad — and wording it well — can be the first step to finding a good tenant, but screening out bad ones. “It’s not the quantity of potential tenants that apply, but the quality of tenants that counts,” says Spangler. In his ads he states the basic details about a rental unit, and stresses that a credit check will be done. “Most people with bad credit won’t even call.” Even the hint that you report on tenants to a credit bureau often will send a deadbeat looking elsewhere.

Holding an open house can also save the landlord time and give you an early opportunity to look over your prospects.

Only one out of five people who make an appointment to see a rental unit will show up,” says Spangler. And meeting someone face to face is always the best way to start the screening process.

Make a Clean Screen

• Devise a checklist and ask qualifying questions, such as whether there are smokers or pets, upfront — before taking the time to advise them about the security deposit and other policies. “Serious customers want to make a good first impression on you and should be happy to answer your questions,” says Nuzzolese.

By Melissa M. Ezarik • Bankrate.com

Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.