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Whether you own a single rental home or an entire apartment building, the success of your investment will depend on your ability to attract high-quality tenants who will pay their rent on time and stay for a few years. Unfortunately, separating the model tenants from the average ones can be tricky, especially if you don’t have a lot of experience managing investment properties. Below are a few professional tips for screening applicants before signing the lease.

4 Tips for Screening Tenants for Your Investment Property

1. Run a Credit Check

A tenant’s previous credit history can reveal a great deal about how someone deals with their financial obligations. Ideally, you’ll want tenants with a track record of paying their bills on time, no bankruptcies, and a reasonable amount of current debt.

2. Create a Standardized Application

investment propertiesA thorough application will help you collect all the information needed to make an informed choice. In addition to their name and contact information, the application should also ask about current and past employers, contact details for previous landlords, and personal references.

3. Check Their Background

Many online companies will provide thorough background checks, including everything from criminal records to past legal disputes. If a tenant has several convictions on their record or has been sued for not paying their bills, they’re likely not a good fit.

4. Hire a Property Manager

A good property management company will take the stress out of owning investment properties, handling all the minute details of the tenant-screening process. They’ll have the expertise and resources needed to make the best choice possible, reducing turnover and increasing the profitability of your investments.

 

For over 35 years, property owners throughout Anchorage, AK, have relied on Nova Property Management to maximize profits and minimize issues. With their suite of customizable services, their experts will make your investment property a truly passive source of income while protecting the value of your assets. To find out more about how they will help, visit their website, and call (907) 522-1332 to schedule an appointment today.

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