Investors spend hundreds and even thousand on “motivation” and education for real estate purchases. Hours with agents combing property profiles, data and formulations for ROI. Weeks even months evaluating “deals”. And in the climate of today, upwards of 45 days in escrow if using traditional financing methods. Yet when it comes to tenant selection it is a few questions and a “how fast can I get a tenant” approach. I’m in the business of minimizing vacancy so I recognize and understand the mentality.
Most don’t realize tenant selection and screening as a skill or art. By making the right selection initially it can make everything that happens from that point forward much easier to deal with. Most problems with the tenant actually began prior to giving them the keys because they handle the presentation and viewing wrong.
You must first eliminate and then investigate. With the initial phone call don’t just jump the gun on getting them inside the property. Ask questions based on needs, desires and direction. Identify the motivation for moving, selection of property and area. So unless they lie on the phone or leave “something” out, you can attempt to eliminate and then investigate. During the initial elimination period you can ask questions [with the proper approach] about income, credit, evictions and convictions.