When it comes to your rental property, having vacancies in your rental units can seriously impact your bottom line. At the same time, approving a rental applicant who won’t make timely rent payments or who will disrespect the terms of your lease agreement can create a whole new set of problems. For this reason, it’s important to be on the lookout for a few common “red flags” that could indicate a less-than-desirable applicant.
- Poor Rental History
Ideally, your applicant should have at least one past (or current) rental property address, along with contact/reference information for that property manager or landlord. If your applicant has no recent rental history or his/her reference is not able to confirm that timely rental payments were made, this should be seen as a major red flag that this will not be a reliable tenant.
- Inconsistent Income
Many property managers and landlords these days will require that applicants have an income that is equivalent to at least three times their monthly rental payment. If your applicant’s income reporting indicates that he or she only makes enough to scrape by with rent, how can you expect them to be able to afford rent on top of utilities, groceries, and other general costs of living? Aside from insufficient income, a lack of steady and consistent income should also be deemed a red flag on any rental application.
- Numerous Mistakes
While a typo or two on a rental application may be innocent enough, it’s important to keep an eye out for repeated mistakes that could indicate something a little more sinister at-play. For example, providing the wrong social security number or “accidentally” leaving out phone numbers or contact information for listed references could be an intentionally deceptive act.
At Shield Property Management, our goal is to take the time, hassle, and stress out of running your rental property. Allow us to handle screening all your tenant applications and assist you in securing the most reliable tenants possible! Contact Shield Property Management today to find out more about what we can do for you.Contact us