By: Raymond James

About the Author:

Ray is a sought-after thought leader and financial and money management expert. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.

When you are a property management professionals, vetting potential tenants for your rental property, there are many things to consider. You want to make sure you’re choosing the best possible tenant for your space, and that means doing your research ahead of time. Here are 15 ways to vet your future tenants and ensure you make the right decision.

1. Check their rental history.

The first step in vetting a potential tenant is to check their rental history. This can give you insight into their past behaviour as a renter and whether or not they would be a good fit for your property. You can check their rental history by asking for references from previous landlords or by running a credit check.

2. Verify their employment status.

Another important factor to consider when vetting tenants is their employment status. You’ll want to ensure they have a steady income that can cover the cost of the rent. You can verify their employment status by asking for pay stubs or W-2 forms.

3. Ask for a background check.

It’s also a good idea to run a background check on potential tenants. This can help you identify any red flags that may indicate they’re not the right fit for your property. You can request a background check through a tenant screening service.

4. Check their credit score.

Your potential tenant’s credit score is another important factor to consider. A low credit score may indicate financial instability, meaning they’re more likely to miss rent payments. You can check their credit score by running a credit check.

5. Verify their identity.

Identity verification is another crucial step in the vetting process. This helps to ensure that the person you’re renting to is who they say they are. You can verify someone’s identity by asking for a driver’s license or passport.

6. Ask for references.

In addition to checking a potential tenant’s rental history, you’ll also want to ask for references. These can be from friends, family, or previous landlords. References can give you insight into a person’s character and whether they would fit your property well.

7. Check their social media accounts.

Another way to vet potential tenants is to check their social media accounts. This can help you get an idea of their interests and activities and whether they’re the type of person who would be respectful of your property.

8. Do an in-person interview.

In addition to all of the other steps in the vetting process, it’s also a good idea to do an in-person interview with potential tenants. This gives you a chance to get to know them better and ask any additional questions you may have.

9. Review their rental application.

The rental application is another important tool in the vetting process. This helps you verify the information a potential tenant has provided, and it can give you insight into their rental history and employment status.

10. Have a lease agreement ready.

Once you’ve decided that a potential tenant is a right fit for your property, it’s essential to have a lease agreement ready. This helps to protect both you and the tenant, and it outlines the expectations for the tenancy.

11. Require a security deposit.

A security deposit is another important part of the leasing process. This helps to protect you in case of damage to your property, and it gives the tenant an incentive to take good care of the space.

12. Conduct a move-in inspection.

Once a tenant has moved into your property, it’s essential to conduct a move-in inspection. This helps to ensure that the property is in good condition and that there is no damage.

13. Have a clear policy on late payments.

It’s also important to have a clear policy on late payments. This helps ensure tenants are aware of the consequences of not paying rent on time, and it gives you a way to enforce the policy if necessary.

14. Be available for questions and concerns.

Finally, it’s important to be available for questions and concerns that tenants may have. This helps build a rapport and ensures tenants feel comfortable communicating with you.

15. Consider using a property management company.

If you’re not interested in managing your rental property, you may consider using a property management company. This can help to take care of all of the steps in the vetting process, and it can also help to manage the property after tenants move in.

The vetting process is an important part of renting out your property. By following these steps, you can help to ensure that you’re renting to the right tenant.