Okay, so you hired a real estate agent to find a renter for your property. But how do you know that the renter they will bring you is any better than your last problem tenant?
Unfortunately, there is no crystal ball...
But your professional real estate agent will greatly increase the odds that you won't have a bad experience. The process of requiring a potential tenant to be pre-qualified before they look at your rental property will weed out quite a few of the people who would otherwise waste a lot of your time.
Before you start marketing your rental unit, you need to have a good discussion with your real estate agent about the parameters you find acceptable for tenants: Minimum acceptable credit score? Minimum monthly income of renter? Are pets allowed? (If so, what kind? how many?) Employment stability? Maximum number of occupants? Smokers? Will you require a Criminal Background or eviction check?
So what should your real estate agent be checking when a potential tenant says they want to rent your unit?
1. They should have a written application filled out. Our office uses the Greater Hartford Association of Realtors form for all our rental applications.
2. They should require a credit check be completed, and proof of sufficient (legal source of) income--at least 3x monthly rental amount is a safe minimum. You should discuss with your real estate agent ahead of time what minimum credit score you will accept, and any other credit issues that would disqualify the person from renting your unit.
3. Someone should CALL the previous TWO landlord references provided. Discuss with your agent who will complete this task. Ask about the payment history and the condition of the property when the person vacated it.
4. Security deposit, first and last month's rent should be paid by money order.
Remember, after all is said and done, the final decision on accepting a rental application still lies with the you, the property owner. Having specific qualifying guidelines for evaluating rental applicants increases the probability of having a responsible tenant who will make their payments and take care of the property.
If you want professional real estate assistance in finding a tenant for your house or apartment, please give me a call.
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