The Major Factors Affecting Tenant Selection for a Rental Property

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When property management real estate agents select tenants for a property, the screening process is, of necessity, extremely thorough and strict. There are good tenants and bad tenants, and selecting the wrong tenant can lead to unnecessary expense and problems.

Here are some of the major factors that affect tenant selection:

  1. Employment Stability

The real estate agent or landlord will want to ensure that the tenant has stable employment and a steady income. They need to be sure that the tenant can pay their rent on time for the term of the lease.

  1. Adequate Identification

Vehicle registration number, drivers license identification, current employer, and more will be required in tenancy applications. As with applying for a bank account, property managers need to adequately verify the tenant’s identity.

  1. Length of Time at Previous Addresses

How often the tenant moves will be taken into account when applying for tenancy. Landlords love tenants that stay at the one address long term and want to be sure that previous lease agreements have not been broken unnecessarily.

  1. References from Property Management Agents

References from previous landlords are required to ensure that tenants have previously paid rent on time and have left the property in good condition. Property management real estate agents will usually request phone numbers from previous property managers.

The goal when selecting tenants is to have happy tenants that are trouble-free. Property management agents and landlords want to be sure that the tenants pay their rent on time, look after the property, cause minimal problems and ideally stay long term.

Landlords and property management agents are required by law to treat all prospective tenants equally. Tenants and prospective tenants cannot be discriminated upon on the basis of sex, religion, disability, family status or race.

For more information on rentals properties, or property management for your investment property in the Mornington Peninsular, Frankston, Mt Eliza, Mount Martha and Frankston South areas contact us.

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