How to Choose the Most Qualified Tenants
harkins / September 7, 2018
For landlords who are working in the real estate industry, it isn’t uncommon to receive numerous applications for rental properties from potential tenants. Despite this being excellent news for property owners, it can become a challenge choosing the most qualified tenants. When the owner has many qualified tenants to choose from, it gives them the power to become selective and develop a list of criteria they must fit. However, if many potential tenants meet this criterion, it could become a dilemma for the landlord and confuse.
Stay in Compliance with Fair Housing Act
One way to remove some of the confusion with choosing the most qualified tenants is by ensuring you comply with the Fair Housing Act. When owners avoid making errors with their listings by narrowing their criteria using fair and equal qualifications, then their selection process becomes more straightforward. For example, under the Fair Housing Act, it’s illegal to be selective regarding disability, color, race, sex, religion, and so on.
However, they should be narrowing their criteria down by employment history, income, credit score, rental history, and criminal background. Owners can make these requirements clear in their listings on the website or the printouts they hand out during viewings. Landlords can also discuss these requirements over the phone, or in email correspondence.
How Strong is the Application?
There will always be times when more than one tenant fits all the criteria. In instances such as these, there are still times where one candidate has a stronger application in comparison than the other. Their application should help become the deciding factor for the landlord. For example, one potential renter may have a stronger financial application regarding income or credit score which helps to make them one of the most qualified tenants. Choosing the best tenant isn’t impossible, but it is imperative that landlords set requirements.
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