Effective Tenant Screening: 4 Red Flags Every Landlord Should Watch For
By Power Properties
Finding a great tenant is crucial for any landlord. A responsible tenant who pays rent on time and takes care of your property can make owning a rental a breeze. But what about those who might cause trouble? By identifying red flags during the screening process, you can significantly increase your chances of finding a fantastic tenant.
Here are some key areas to watch for:
Application Shenanigans:
Incomplete or Inaccurate Information: Missing details, especially regarding income and employment, can be a sign of carelessness or something they'd rather hide.
Unexplained Gaps: Large gaps in employment or rental history deserve explanation. Were they unemployed? Did they move frequently?
2. Financial Fitness:
Unverifiable Income: If income seems suspicious or can't be verified with pay stubs or tax returns, proceed with caution.
Poor Credit Score: A low credit score can indicate a history of late payments or financial mismanagement. There are minimum requirements you can set, but consider the context too.
3. Rental and Employment Woes:
Eviction History: Evictions are a major red flag, suggesting a tenant who may not abide by lease agreements.
Frequent Job Changes: A history of short-term jobs could signal financial instability or difficulty meeting rent obligations.
Negative References: Don't underestimate the power of a bad reference. Listen carefully to what past landlords have to say.
4. Beyond the Application:
Gut Feeling: Sometimes a red flag isn't on paper. If a potential tenant seems pushy, disrespectful, or overly eager, trust your instincts.
Moving Too Fast: Tenants desperate to move in right away, especially if they have nowhere to go, might be hiding problems.
Remember: A red flag on its own may not be a dealbreaker. A low credit score with a solid explanation is different from a history of evictions and negative references. Use your judgment and consider the overall picture.
By following these tips and conducting thorough tenant screening, you'll be well on your way to finding a responsible and respectful tenant who will make your life as a landlord a whole lot easier.
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
