The most difficult part about Tenant Placement is determining whether an application for tenancy accurately identifies whether a person will be a good tenant or a bad tenant. Newly renovated properties that are priced properly receive a lot of inquiries. Primarily from potential tenants hoping to tour the home and eventually submit an application for tenancy. However, when you have over 200 leads, 80 showings, and 10 people who want to apply for the home it can be difficult to figure out whose the good tenant and whose the bad tenant. Therefore, if you are a Landlord who owns rental property in Baltimore, and are in need of Tenant Placement Services this article is for you. We will explain to you two good things that all good tenants have.
Verifiable Income
Need I say more? Money makes the world go ‘round, and I’ve never seen a good tenant that could not verify their income. Many people work, most people work, but not all people have verifiable income. Verifiable income can be proven with documentation. The most common way to verify income is to ask the potential tenant for their most recent pay stubs.
Pay stubs contain a lot of information such as employee name, employer name, salary or wage, payroll company, address, and more importantly gross and net income. The most significant information is the net income, because the net income is what the tenant actually earns after taxes. After verifying their income using pay stubs, call their employer to further verify their income with the Human Resources Department. If the tenant works for a small company ask to speak to the business owner or supervisor to obtain the information you need to verify their income.
Stable Work History
Work history is just as important as income. This is because you generally don’t get one without the other. You need to work to earn an income; therefore any good tenant will have both. When a Baltimore Landlord seeks Tenant Placement Services, it’s usually for a lease period of 12 to 24 months. Therefore, you should look for any tenant to have a work history, that is as long or longer than the lease period.
The best way to learn more about your potential tenants work history is through the initial application for tenancy. Tenants who have worked at their current place of employment for at least 18 months are considered to have a stable work history. However, tenants are people and not bots. So, if you have concerns about a potential tenants work history, ask them to provide you with a letter of explanation. In the letter, have the tenant explain to you why their work history has not been stable. Stable tenants are good tenants. Therefore, it is really imperative that any tenant you choose has a stable work history, and an admirable work ethic.
As, you can see Baltimore Landlords may need help when Tenant Placement becomes a hassle and a burden. And that is why The Baltimore Tenant is the one stop shop for Landlords and Tenants. We are owned by a real estate agent. We have been trained by the #1 Real Estate Company in America, Keller Williams. Therefore, if you are a Landlord in Baltimore and in need of Tenant Placement Services, please don’t hesitate to call us now at 410-994-6159.