Evaluating tenant applications and deciding

[Buyan Thyagarajan]

Hi Guys,

I have got 2 or 3 applicants for my rental property in Delaware. I was using smart move online form which gets the background on criminal, credit and income information from the tenant. I would like to know what are the top 3 things you would look for to decide an applicant over the others? Are there some red flags which I need to ask or check for in evaluating the application?

Thanks

Buyan

[Thomas S.]

Doing the in person interview you evaluate personality. This is very difficult in many cases since the worst tenants put on an act. You want to find out what they have lied about on their application. Red flags are overly eager, offering to do repairs, offering advance rent payment, inability to pay FMR, deposit, LMR in advance in full, negative comments about present landlord, needing to move in less that a month.

Always contact their previous landlord, if they don't have one reject their applicayion.

I place a great deal of emphases on credit score since it is a measurement of financial responsibility and financial planning.

I do not accept couples renting their first property together, friends sharing rent, applicants from out of town, credit below 650, less than 2 years employment, pets.

If you have any restrictions in violation of fair housing do not bring it up simply find more qualified applicants. It is always important that you set firm screening standards and never waver. Biggest mistake new landlords make is working to accept a applicant that does not qualify.  As soon as you find a issue stop screening and move on to the next applicant.  Your goal in screening is to find reasons to reject. For those you can not find reasons to reject you choose most qualified and best fit for you as their landlord.