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The number one priority for any rental property owner is the find the right tenant. The reason that the right tenant is sought after is because when the best inhabitant for a property is found, both the renter and landlord benefit in stability and profit. Screening for the right tenant will require some mandatory steps.
The first thing a landlord should do is to ask for references. When a reference is given, it should be checked. This seems obvious, but it is an often underperformed part of the landlord job. Some see this as a blank that needs to be filled on an application instead of as due diligence to assure a person’s history shows likelihood of fulfilling terms of a leasing contract.
Background checks should be mandatory to every single tenant search. Thankfully, in this day and age, this is much easier than it used to be. The Indiana government provides background checks , but other screening services are available to check for problems in other states. Many landlords have regretted the mistake of taking the time and minimal expense that it takes to prevent people with criminal histories from destroying their investment property.
Many landlords make the mistake of not taking a large deposit. Their excuse is that it really dampens the amount of interest in their property. This is a true outcome of large deposit requirements, but it is a positive one. Large deposits are a built in screening process for a property. The person who is willing to place a large deposit is essentially making an initial investment into a property to show that they are willing to do what it takes to care for that property like it is their own. This is a difficult characteristic to find in tenants and should be sought with high priority. These kinds of tenants are wanting to make a long term investment into a home that will equal to stable income for the landlord.