As a real estate investor in New Britain, finding good tenants is crucial for a steady income stream. But with so many applicants to sort through, it can be overwhelming to find the right fit for your rental property. Before putting on your landlord hat and conducting interviews, it’s important to be aware of local, state, and federal laws that govern discrimination and your screening criteria for tenants. As a landlord, you want to ensure that you’re not violating any of these laws while still finding the best tenants for your rental property.
Now, of course, every investor seeks out the perfect tenant, one that never causes damage and is always timely with their payments, renewing their lease year after year. No matter how sound your investment is, without good tenants, your income stream is unsteady. Good tenants are the backbone of successful real estate investment portfolios.
But how do you sort through the hundreds of applicants to find these gems? Read on as we explore four tips for interviewing prospective tenants for your New Britain rental property.
Prescreen
Interviewing prospective tenants for your rental property in New Britain can be a daunting task, but following these four tips can help simplify the process. The first tip is to prescreen applicants. This step can save you both time and money by narrowing down the pool of candidates before conducting more in-depth screenings. During the prescreening process, you can explain your approval process and criteria and let applicants know that you will be conducting a full background and credit check and contacting references. By doing so, you can deter unworthy applicants from continuing the application process, leaving you with a more qualified pool of candidates to consider.
Background and Credit
Our second tip for interviewing prospective tenants for your New Britain rental property is to run a complete background and credit check on every single applicant. Previous evictions are a red flag to proceed with caution, but you should remain fair in your consideration and take it on a case-by-case basis. Circumstances in life can cause blips on our credit history; consider how they have resolved their credit issues. If there is a criminal record and they have paid their debt to society, carefully weigh the type of crime and how much time has passed since the last incident. Taking the time to ensure that you’re not placing someone with a long and uninterrupted history of violent crimes into your properties is crucial.
References
When it comes to finding the right tenant for your New Britain rental property, contacting references can provide invaluable information that goes beyond what is listed on a standard rental application. These personal contacts can offer insight into a tenant’s character, lifestyle, and overall reputation that can’t be gleaned from credit checks or background screenings alone.
When contacting references, it’s important to take the time to listen carefully to what they have to say. Ask open-ended questions that allow them to share their experiences with the applicant and any relevant details about their behavior and reliability. By seeking out personal contacts, you can learn more about the type of lifestyle your prospective tenant enjoys, including their work habits, hobbies, and social activities. This information can help you determine whether they will be a good fit for your rental property and the surrounding community.
Employers and previous landlords can also provide valuable insights into a prospective tenant’s character and reliability. Employers can offer information on the tenant’s employment history, work ethic, and overall financial stability. Meanwhile, previous landlords can provide a detailed history of the tenant’s behavior as a renter, including any issues with late rent payments, property damage, or complaints from neighbors. By taking the time to contact every reference and carefully consider their input, you can make a more informed decision when selecting a tenant for your rental property in New Britain.
The Property Warehouse
Lastly, our final tip for interviewing prospective tenants for your New Britain rental property is to hire a property management company like The Property Warehouse to handle tenant screening for you. Their team of professionals is experienced in conducting interviews, checking references, and screening tenants to find the best fit for your rental property. By leaving it to the pros, you can ensure that your tenant screening process is thorough, unbiased, and effective. If you’re ready to hand over this important step of property management to the experts, contact The Property Warehouse at (203) 626-4282 and let them help you find the best tenants for your rental property in New Britain.