January always seems to be the month when I start hearing from investors with rental units becoming available. Just last week, I received three new calls about units that will be ready in March. When I meet with a potential client to discuss rentals, I go over my entire process as an agent, explaining how I help them make a safe and informed decision when choosing a tenant.
As a landlord, you want to be sure your property is in good hands.
Before handing over the keys to your rental property, you need to be sure you’re making a sound decision. Thoroughly vetting potential tenants is one of the most critical steps in property management. It’s not just about finding someone who can pay the rent; it’s about finding a reliable, responsible individual who will treat your property with respect.
Here is a summary of what we discuss at our initial meeting, including what we require to accompany the rental application:
Income: Monthly household income generally should be at least three times the monthly rent, from verifiable sources (pay stubs, W2s, offer letters). A verbal verification of employment will also be performed.
Credit Check: A credit check will be required. The credit report will be reviewed where we look for a responsible financial history. A minimum credit score will be discussed, while using common sense when evaluating report. Certain situations, like medical issues, divorce, or similar life events, may be understandable exceptions.
Rental History: Positive references from previous landlords are important.
Eviction Check: An eviction history is part of the credit report package provided, and that will be reviewed for past history of eviction.
Background Check: A criminal background check is part of the credit report package provided, and that will be reviewed.
Identification: Require photo ID and Social Security Number to verify identity.
Meet & Greet: I always suggest a meet and greet before making a final decision. It's an interview with the tenant as much as it's an interview for the tenant with the landlord. It's a great time to answer any questions either party has for the other.
The Landlord is the ultimate decision-maker: After the application process and review of reports, the landlord will be the ultimate decision-maker on who they will rent to,
What You Cannot Discriminate Against (Fair Housing)
- Race
- Color
- National Origin
- Religion
- Sex
- Familial Status (i.e. children)
- Disability
- Source of Income (e.g. a Section 8 voucher)
- Sexual Orientation
- Gender Identity
- Age
- Marital Status
- Veteran or Active Military Status
- Genetic Information
Vetting potential tenants is a time-consuming process, but it’s an investment that pays dividends in the long run. By taking the time to thoroughly check applicants, you significantly increase your chances of finding responsible, reliable tenants who will be a positive addition to your rental property.
For further information regarding Massachusetts' Landlord Tenant Law the Mass.gov website is great place to start.
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