As a landlord, one of the most important decisions you make is choosing the right tenant. It’s not just about securing income—it’s about protecting your investment and maintaining peace of mind. My name is Odest Riley with 24-7 Property Management, and over the years, I’ve seen what works and what doesn’t when it comes to tenant screening. Below, I’ll share three essential tips, plus a few extra insights to help you along the way.
1. Run Comprehensive Credit & Background Checks
A simple credit check can reveal a lot about a prospective tenant’s payment habits. If there are multiple late payments, heavy credit card debt, or even a recent bankruptcy, these could be red flags. Likewise, a background check may show any criminal history or other legal concerns you’d want to know before handing over the keys.
Why it matters:
- Financial Responsibility: A solid credit score often correlates with responsible money management.
- Safety & Liability: A background check helps ensure there are no significant legal risks associated with the tenant.
Pro Tip: Don’t forget to verify the applicant’s identity. Ask for a government-issued ID to confirm that the person applying is who they say they are.
2. Evaluate Work History—and Consider Co-Signers
A tenant’s job stability can be a strong indicator of whether they’ll pay rent on time. Look at their length of employment, employer’s reputation, and monthly income. If someone is new to the workforce or has a fluctuating income (e.g., freelance workers), ask for a co-signer with a solid credit and work history.
Why it matters:
- Steady Income: A steady paycheck usually means predictable rent payments.
- Reduced Risk: Co-signers offer an extra layer of financial security if the tenant’s employment status changes.
Pro Tip: Consider also asking for recent pay stubs or bank statements to confirm salary and savings. This helps validate any claims made in the application.
3. Look for Overall Stability
Beyond credit scores and jobs, think about the bigger picture. Has the applicant moved frequently in the last few years? Do they have positive references from previous landlords? A stable background—both on paper and in actual behavior—can reduce headaches down the road.
Why it matters:
- Lower Turnover: Tenants with stable lifestyles are often looking to stay longer, reducing vacancies.
- Peace of Mind: A solid rental history can be a predictor of respectful property use and timely rent payments.
Pro Tip: Pick up the phone and talk to previous landlords. Ask about payment history, how well the tenant maintained the property, and whether they would rent to them again.
It’s Easier to Screen Than to Evict
Evictions can be lengthy, stressful, and costly. According to some industry estimates, a single eviction can cost a landlord thousands of dollars in legal fees, lost rent, and property damage. It’s far simpler—and less expensive—to prevent problems by screening thoroughly from the start.
Need Help with Tenant Screening?
That’s what we do at 24-7 Property Management—we help landlords protect their investments by finding reliable tenants. If you’d like personalized guidance or a complete property management solution, give me a call at 310-905-7228 or visit ManagedBy247.com. Let’s work together to ensure you get the right tenant in place from day one.
Music: www.purple-planet.com
Disclaimer: This post is for informational purposes only and does not constitute legal advice. Always consult with a qualified professional for your specific situation.
