As a landlord, you will encounter many different types of tenants during the application process. One of the key components to screening is to learn to discern and weed out the bad tenants before you even bother with a paper application.
When you start to understand tenant types, you can understand better how to handle the screening process. While you can never fully predict what a tenant will be like, you can gain a better understanding of how tenants react. Check out these four common tenant types you might encounter as a landlord as well as tips on how to proceed with each type.
The Tenant Who’s In A Hurry
One type of tenant you will undoubtedly encounter during the application process is the tenant who is in a rush to move-in. This renter will likely have a sob story about why they have no housing currently and why they need to move-in right away. Perhaps their ex-kicked them out, their landlord was unfair, or their family abandoned them. Bottom line, they want to move-in today. This tenant type may try to rush you through the application process. They may offer you cash on the spot and push for a commitment from you.
Pro Tip: Never rush through the screening process. Stick to the same tenant screening methods you normally would use. Be sure you run a credit check, background check and pull and eviction history report. While finalizing a tenant quickly may sound appealing, the rushed tenant may be trying to hide an eviction or other issues. Always do your due diligence in screening, no matter how insistent a rushed applicant happens to be.
The Tenant Who Is Wary Of You
Another tenant type you may run into is the tenant who seems wary of you from the start. While you might be an upstanding landlord who has never wronged a tenant, this applicant may be hesitant to provide you with the details of their personal information, particularly information that could be used to steal their identity. Before writing them off as paranoid, recognize that there are a slew of rental scams on the market in today’s world. They may have been burned in the past, which has led to their wariness now. Often applicants who start out skeptical of you, may wind up being a responsible tenant in the end.
Pro Tip: Use a secure application process to help establish trust with potential renters. Be professional and courteous and earn the applicant’s trust through time.
The Tenant Who Boasts About Themselves
If you meet with an interested applicant and they tell you the entire time about how exceptional of a tenant they are, be on guard. Tenants who boast and rave about themselves are usually compensating. This tenant might tell you about how they will take care of the property better than any tenant before. They will rave about how they always pay on time. A tenant who is actually responsible will not need to boast. They know that their references, credit, and background will speak for itself.
Pro Tip: Don’t take a tenant’s word for it. Always screen tenants professionally to learn more about who they really are and how responsible they have been. Often a boasting applicant is the very one you should worry about.
The Tech Savvy Millennial Renter
With the vast majority of renters falling in the millennial generation, you will undoubtedly encounter the tech-savvy millennial renter in your hunt for a tenant. This renter will shop around online for their rental and will value location over most amenities. Many millennial renters will also come with a couple furry pals in tow. Pet-friendly housing will win these renters over and most will expect to pay pet fees or pet rent. Millennial renters tend to be lower maintenance in regards to upgrades to the property, however, they often come with lower income and higher debt ratio. With student loans and other expenses, it is important to ensure these renters have enough income and a solid rental history before signing a lease.
Pro Tip: Millennials are the bulk of renters and can make great tenants. By running a full tenant screening report, you can figure out which millennial renters are responsible for their finances and which ones are unreliable. By utilizing online applications, you can attract this tenant pool in greater numbers.
The moral of the story is that no matter which tenant type you encounter during the application process, screening will be your best friend. By utilizing professional tools you can not only weed out unqualified applicants, you can also make the process simple for every party involved.
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