Finding a Dream Tenant
No one likes landlording headache so getting the right type of tenant is key. A dream tenant is one who pays rent on time, takes care of your property, has a multi-year lease term and leaves the house in a move-in condition when the lease ends. He or she makes no unreasonable demands and abides by the rules of the homeowner association throughout the lease term. Does a dream tenant really exist? YES, in fact majority of the tenants that we manage belong to this category. The secret lies in our rigorous screening process. In addition to running a credit check, we also verify the applicant’s employment and rental history. It is extremely important to be assured of the applicant’s ability to pay rent and there is no history of delingency rental payments.
Keep in mind that there are many good tenants out there despite low credit score due to recent short sales or foreclosures. If the applicant does not have a pattern of late payments long before or after the short sale or foreclosure occurs, he deserves a second chance. One of the tenants we manage had filed bankruptcy three years prior to the lease. Because of his determination to rebuild his financial credit, he has been paying rent early and has done a wonderful job keeping the property in top shape. He has now lived in the property for over five years. Because of his steller rental record, he is considered a dream tenant.
In summary, dream tenants do exist. Have a screening process in place and stick to it.
