The biggest mistake landlords make is failing to properly screen renters. If you own rental property, you should run a credit check before accepting any applicants. All you need is the applicant’s Social Security number and perhaps a date-of-birth.
In addition, you should call former landlords and ask if the tenant was a trouble maker. Verify employment, too. Ask about the applicant’s habits–people who show up late for work may not pay their rent on time, either.
Often, those property owners who succeed as landlords make it a point to be incredibly choosy about the tenants they accept. You might even decide to charge below-market rents, so you’ll have a larger pool of applicants to choose from. Taking a somewhat lower rent may be worthwhile if you get high-quality tenants who pay their rent regularly and don’t damage your property.
