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- Although I have had a wonderful tenant over the years, it almost wasn’t the truth.
- I created strict criteria for appliants and almost rented to someone who didn’t meet them because they were my favorite.
- The difference was in taking my emotions out from the decision.
The night I List my first rental property for tenantsWith a nervous buzz, I went to sleep. I had put the house on Craigslist and Facebook and was eager to see if anyone was interested the next day.
It was overwhelming to see the number of emails and messages I received upon waking up. I was immediately aware that I would need to be careful when selecting tenants. I provided a link to a Google form with basic questions about income, criminal history, and pets to everyone who contacted me. I chose a few people from that list to have them show me their work.
One potential tenant stood out. She was very interested but had inconsistent employment and a pet who didn’t fit my criteria. She seemed sincere and we connected, so I was tempted to sign a lease.
Then, at the last minute, I had another applicant: someone who was fully qualified and met all my criteria — a steady, verifiable job, no dog, and no major convictions. He asked me to hold the apartment for him so he could show it. That’s what I did and he ended up renting the apartment to me. He has been renting from me for three years now, and has been a great tenant. I have also learned a lot from him. Be selective when choosing a landlord.
I had no choice but to remove my emotions from the decision
My husband and I discussed renting our house. Everyone told us horror stories. A neighbor’s uncle rented his home to college kids, who used the light fixtures to their advantage. Our mailman’s relative had to expel renters who weren’t paying for months.
These stories were far-fetched and at best partially fiction. But they brought home an important message: My tenants were going to decide whether or not this landlord experiment was successful.
Good tenants — who respected the property and paid on time — would increase my profits. Bad tenants — the type who were constantly causing damage, asking to pay late, or breaking their lease — would cost us money and cause stress.
I kept that in mind and told the first applicant no. While she appeared nice, she was not going to pay the rent. Insurance risesI would not allow a dog to live on my property. I chose the applicant that checked all the boxes. This was a business transaction. I had no emotions.
It was crucial to define my rental criteria in order to make an informed, fair decision
Since then I have been a lurker in social media landlord groups and listened carefully to podcasts for landlords. It turned out that selecting tenants is difficult.
Fair housing laws protect all people regardless of race, color, nationality, religion, sex or disability. For example, children increase the chance of damage and you can’t refuse to rent to a family that has kids.
It’s important to clearly define rental criteria in your ads. To avoid discrimination, it is best to hire the first qualified applicant.
Lucky for me, my options were clear in my case: I could either bend my criteria to one applicant or choose the person who met all criteria. It’s impossible to know what would have happened with the first applicant. However, my current tenant is a joy and has made my attempt at renting a place a success.
