There are quite a lot of things to look at while reviewing a potential tenant’s application, but we will go through some of the most important red flags that we often come across applications. Being a leading St Pete Beach property management company we usually avoid potential tenant applications with
Long gaps in job:
Long gaps of joblessness can surely be a red flag, but can sometimes genuine explanations (disability, maternity leave, illness, etc). While meeting the potential tenant physically, be certain to openly inquire what they were doing during those stretches. If they look hesitant to respond to your questions, or cannot provide a satisfactory answer, consider it as a red flag and move on to the next applicant.
Poor credit score:
While screening a potential tenant, don’t hesitate to check out their credit score. It is a straight forward procedure that can safeguard you from constantly non-paying or late paying renters.
Be alert of any renter with a credit score below 620. A low credit score usually be an indication of many negative things, for example, issues with budget planning, holding down a profession, or taking on excessive debt. In spite of the reasons, be sure to avoid these renters at any cost.
Frequent relocation:
An ideal renter will be one who make payments on time & stay long term. Anybody who shows a record of relocating regularly must be avoided. Preferably, you wish a renter who is committed to stay for a minimum of one year.
Bad or missing rental references:
While a bad property-owner reference is clearly the biggest red flags, remember that some property owners will provide a neutral or positive reference to get a bad renter out of their properties.
Always be certain to call references to openly inquire about the following:
- Did the renter always make payment on time?
- Did they get their damage deposit back? If not, why?
- Were there ever complains about the renter?
If the answers are negative or if the home owner looks elusive, you should certainly pass over this renter.
Reluctance to provide information:
People, who have nothing to hide, hide nothing. Ambiguous or incomplete answers on their applications or at the time of the interview may point out that there is something in their history worth hiding.
One vital piece of info that some renters are hesitant to share is their SSN (social security number). While this reluctance is comprehensible to an extent, getting a renter’s social security number is an essential part of running an appropriate credit check. Therefore, you must consider it a big red flag if the potential tenant is not willing to hand it over.
If you need top St Pete Beach rental services, then don’t hesitate to contact Simply Property Management right now.
This blog is originally posted here: https://tampamanagementservices.wordpress.com/2018/06/12/reviewing-your-tenants-applications-5-red-flags-to-consider/
