Every Tenant is Different
Here at Stone Rent – Real Estate Property Management LLC, we talk a lot about landlords, properties, and how to manage these properties. But what about the tenant themselves? They are really the ones who make rental properties profitable and useful to a landlord.
However, it can be difficult to find the right tenant. A lot of the tenant options you might receive might not be the best people to rent your home to. Renting to a bad tenant can do more harm than good, but if you can find the right tenant, your property will be successful.
Our job is to help you know what good qualities to look for in a tenant when doing screenings and meeting them.
1. No Relevant Criminal Convictions
As a landlord in Mesa, you want to keep your property, yourself, and your neighborhood safe. About 20% of potential renters have had criminal charges in the past. Make sure you are thorough in your screenings because you probably don’t want to be renting to someone with a criminal record.
You should also be aware of Arizona laws surrounding tenant screening to stay legally compliant when checking potential criminal records. You will want to treat criminal records on a case-by-case basis depending on the nature, severity, recency, and rehabilitative efforts of the crime.
While not all past crimes will be deal breakers, be aware of what your potential tenant has been charged for in the past and what they could potentially do in your home.
2. Good Credit History
The increased cost of living and ever growing student debt in the rising generation has made it difficult to afford rent and essential living requirements. The average price of rent in Arizona is $1,332 per month. As a landlord, you want to find someone who can pay the rent because missed payments create problems and possibly future evictions.
However, checking a tenant’s credit score history can help you avoid non-payments, as it can show if a tenant has been responsible with their money in the past.
While this isn’t a perfect plan to predict if a tenant will pay on time, it can definitely be beneficial to know what a tenant will be like with their money.
3. Stable Income and Employment
Going along with being able to pay their rent, a landlord wants to be confident in their tenant’s ability to pay that rent, based on their job. The industry standard for rent to income ratio should be that the tenant makes at least three times the amount of the rent. In Mesa, this would be around $3,996 a month, according to the average for Arizona.
Be sure to always ask for an income estimate in your rental applications. Always be aware that this information may not always be completely accurate and a tenant’s income can fluctuate.
4. Ability to be Honest
Through a good screening process, you can see if a tenant can be trustworthy and honest with you. You can also see if they will present fraudulent information about themselves. This can include fictional online personalities or identity theft.
A reliable tenant won’t sugar coat their income, employment status, criminal history, or eviction history. You can check this through your screening questions to help narrow down your options. Verify information by running background checks and reference checks.
While these checks won’t necessarily tell you about the tenant’s behavior, it can give you a pretty good idea of what to expect from them.
5. Respectful behavior
You want to build a good relationship with your tenant and that starts with being respectful. A tenant should be respectful to you and their neighbors. They will inform you of maintenance issues and handle their own responsibilities.
A respectful tenant will pay rent on time, follow lease terms, avoid causing problems with other tenants or neighbors, keep from damaging your property beyond what is normal, and communicate politely and in a timely manner.
You should also be sure to be respectful towards your tenant. Be respectful of their time and practice proper communication with them.
6. Good Communicator
Going along with your tenant relationship, having your tenant be a good communicator will create an effective environment. When a potential tenant first reaches out, try to understand their communication style. This will help you know how you will be able to talk to and work with them.
Similar to showing respect, you also need to be an effective communicator. You need to let your tenant know about scheduled repairs, deadlines, or any information that they should be aware of.
You can communicate through text, email, or whatever works best for the situation.
7. Present Organizational Skills
An organized tenant is the tenant you want. Working with an organized tenant will be much easier than trying to work with someone who is uninterested and unorganized.
When a tenant is organized, they will come prepared with the correct information and have the proper documents and checks. This will not only speed up the leasing process, but also prove that they are serious and interested in signing the lease agreement.
Stay compliant with Arizona laws regarding when documents a tenant should have and what can be involved in your lease agreement.
Treat Every Tenant Equally and Fairly
Every tenant that shows interest in your property will be different. Some may possess better qualities than others and that is who you want to rent your home. With that being said, every tenant you work with needs to be treated accordingly.
Under Arizona’s Fair Housing Act, people are protected against discrimination involving race, gender, color, religion, origin, disability, or status. You want to find tenants who have good personality qualities and who make good decisions, not someone with certain physical traits.
You want to find the right and best person to rent your home, and here, our job is to inform you about the best qualities a tenant can possess so you can make your rental home successful.
