Core Tenant Screening Tips
1. Standardize the Application
Require every applicant to fill out a formal document. This should include current/previous addresses, employer details, and at least two references (one professional, one personal).
2. Verify Income (The 3x Rule)
A common industry standard is that the tenant's gross monthly income should be at least 3 times the monthly rent.
- Proof: Ask for the last 3 months of pay stubs or a bank statement.
- Stability: Look for consistent employment history rather than frequent job-hopping.
3. Run a Comprehensive Background Check
Don't skip the formalities. In many regions, this is a legal requirement for safety.
- Police Verification: Essential in India to ensure no criminal record is attached to the individual.
- Credit Score: A high credit score (700+) usually indicates a tenant who prioritizes their financial obligations.
4. Contact Previous Landlords
Don't just ask if they paid on time. Ask:
- "Did they keep the property clean?"
- "Were there any noise complaints from neighbors?"
- "Would you rent to them again?"
5. Look for Red Flags
Be wary of applicants who:
- Push to move in immediately (may indicate an eviction elsewhere).
- Offer a large cash sum upfront to skip the background check.
- Provide incomplete or inconsistent information on their application.
6. Conduct an "Interview"
Whether in person or via a video call, talk to the tenant. It allows you to gauge their communication style and set expectations regarding property maintenance and late fees.