A landlord should never accept any tenant for his properties without doing some basic checks. These checks can be performed every time a new tenant is required and should form part of your property management system.
First and foremost, you the landlord need to decide on your ideal tenant description. This will be dictated by the market based on the location of your property. For example, if your property is in the vicinity of a hospital, you will likely receive applications from doctors and nurses. Likewise, if your property is near a university or college, you will more likely rent it to students. Furthermore, your advertising strategy needs to be geared to capturing your ideal tenant. There is little point in advertising in a shop window, if your potential tenant will never shop or walk past that shop. This is why it is so important to understand your market.
Second, the tenant should be asked to complete a rental application form. This form will be used to obtain credit checks and take up personal references. You should also request details of employment and rental history of the prospective client. All of this information can be verified by contacting a previous landlord and current employer of the tenant. The landlord should check all details provided by the tenant and only accept a tenant who has provided information that you have been able to verify as accurate. If there are two or more adults who intend to lease the property, each must complete a separate rental application.
In addition to the application, you should always interview your prospective tenants to ensure that they are a good match for you and your property. Always ask a tenant why they wish to rent your property and how long they intend to stay. You should always try to only accept tenants that are honest and responsible. An errant or non-paying tenant is the last thing a landlord wants. One other thing to bear in mind is the need to practice non discrimination. Always treat all prospective tenants equally irrespective of race, religion, colour, sex etc.
Once you are satisfied with your prospective tenant, the expectations of the landlord and the tenant must be established. The terms and conditions of the lease agreement must be scrutinized. Problematic issues such as due dates, assessment fees, violations or breaches, warranties, repairs, maintenance, inspection, termination procedures and appropriation of deposits and refunds must be clarified from the outset. Strict adherence to the rules and regulations must be practiced but without undermining the rights of the tenants.
