The 6 Crucial Factors of an Amazing Tenant

The most important decision you make that will determine the success or failure of your rental is the person you put in the property. A bad tenant can potentially cause years of stress, headache, and financial loss, while a great tenant can provide years of security, peace and prosperity. 

Don't underestimate the importance of renting to only the best tenants. While it's not possible to know with 100% certainty what type of tenant your applicant will be, there are some tell tale signs and traits that will give you a pretty darn good indication that they are a great tenant. Here's what you should be looking for.

1. Their Ability to Afford the Rent Payment

The first and foremost quality of a good tenant is their being financially responsible to afford the rent. Many tenants believe that they can afford more than they really can - so it is the job of the landlord to set the rules to protect the investment

2. Their Willingness to Pay on Time

A late paying tenant is most likely to stop paying altogether at some point and the stress involved when the rent doesn't come in is not pleasant and can be avoided  by only renting to tenants who have a solid history of paying on time.

3. The Long-Term Outlook for Their Job Stability

If your tenants are of the type who switch jobs often or have long periods of unemployment, you may find long periods of missing rent

4. Their Cleanliness and Housekeeping Skills

No tenants stay forever - and when they leave, you want the property back in good condition. As such, it is important that the tenant's day to day living be clean and orderly. They must take good care of the property you have entrusted with them

5. Their Aversion to Crime, Drugs, and other Illegal Activities

A person who has no regard for the law will also likely have no regard for your policies. Tenants who engage in illegal activities will cause nothing but stress and expense.

6. The "Stress Quotient" - How Much Stress Will They Cause You?

The final quality of a great tenant is something we call their "stress quotient", or in other words, the amount of stress a tenant will cause you, the landlord. Some tenants are very high maintenance and constantly demand time and attention. Others simply ignore the terms in their lease and need constant babysitting, reprimanding, and discipline (late fees, phone calls, etc.) This type of tenant will only be a thorn in your side.

Just remember, it's much better to have your unit vacant a little longer while you wait for the right tenant than to rent to the wrong person.

So, how exactly do you weed out the bad ones and find those quality tenants? The answer involves setting strict qualifying standards and screening applicants to verify whether or not they meet those standards.