Screening Tenants is Critical to Success
Whether you are a do it yourself landlord with one tenant, a professional property manager managing many rental listings or you fall somewhere in between, establishing and consistently applying minimum requirements all potential tenants must meet is critical to your long term success as in property management. Under no circumstances should you rely on the notion that you are a good judge of character. Doing so is begging for trouble, both legal and financial.
By establishing a comprehensive, documented set of standards and applying them universally you will protect yourself from potential legal problems and financial disasters. There are tenants out there who have a history of not paying rent, of damaging property and of taking advantage of inexperienced property managers. Do not fall victim to these types of tenants. Often times handing them an application or mentioning your strict criteria for tenants is enough to get them to move along as they all have something they want to hide and they know they will never get beyond the screening process.
Investing your time in coming up with a solid set of minimum standards for potential tenants is time well spent. Applying these standards to every applicant without fail is an absolute necessity. Of course doing so will not guarantee success or shield you from problem tenants, but your chances of avoiding legal and financial headaches are greatly increased.
