Hi, I’m Faye with Residential Property Management in Portland. When it comes to managing your rental property, a poor tenant can prove to be more costly in the long run than a vacant property. Finding a qualified tenant in Portland does not need to be difficult, but you can’t leave it to chance. It’s a good idea to create a set of predetermined screening standards and stick to those when you’re considering tenants for your property.
You need to have a comprehensive application ready to hand out to anyone who inquires about your property. A good application will ask for identifying information, such as their full name, date of birth, current address, driver’s license number and social security number. It will also ask for rental history, employment history, and questions about criminal or eviction history. Make sure your applicants fill it out completely. If they leave spaces blank, ask them to fill in the missing information before you accept the application. The application must state what you plan to do with the information, and don’t forget to have them sign it.
Criminal Background Check
Once you have the signed application, use the information to run a criminal background check. If you’re not sure how to do this, there are a number of tenant screening companies who can conduct a background check for you. They can also help you understand what was found and help you make your decision. Always check for prior evictions. You don’t want to rent to someone who was evicted by a recent landlord.
Part of the tenant screening process should include a credit report. A history of slow payments might mean you won’t get your rent check on time. If you find unpaid debt or liens, take a close look at the amounts because these might be indications of a renter who isn’t financially responsible.
References from current and prior landlords can be very telling. If a landlord makes a negative comment about your prospective renter, listen carefully. A prior landlord’s report might be your best indication of how your prospective renter could behave as your tenant. Try to get two landlord references if possible.
Verify income by checking for three times the monthly rent in provable gross income. Tenants need to demonstrate they have the means to make the rent payment every month. Recent check stubs are great, as well as tax returns if they’re self-employed.
By following these guidelines and screening your prospective renter thoroughly, you can be sure the applicant who comes through with flying colors will be the best tenant for your rental.
If you have any questions or you need help finding a tenant in Portland, please feel free to contact us at Residential Property Management.