Finding a good tenant is one of the most important factors in the success of your rental investment. Here are 5 professional Phoenix property management tips on best ways to find a tenant for your rental property.
1. Have an application process that is completed by each and every prospective tenant
2. Screen every applicant with a professional screening company who runs credit through one or more of the major credit reporting agencies
3. Verify employment and income
a. If current employment has been only for a short time, go back further, ensure this applicant doesn’t hop from job to job
b. When self-employed, request 3-6 months of bank statements and average it out so income totals 3 x the monthly rent in any given month
4. Check rental history for as far back as possible
a. The best indicator of future behavior is past behavior5. Be wary of any open bankruptcies as new debt can be added to an open bk for a certain amount of time in the future.
b Ask the previous landlord pertinent questions regarding care of the home, deposits, notice to vacate, late rent, evictions etc.