Property Management Blog

Selecting quality tenants for your Oklahoma City rental is crucial for consistent income and a smooth rental experience. 

Careful tenant screening helps reduce risks, lower turnover, and minimize maintenance costs. 

A good tenant pays rent on time, follows property rules, and respects the property, ensuring long-term success for your rental business. Plus, pricing your home to rent appropriately is key to attracting the right tenants. 

Tenant screening is not just about finding someone to occupy your property; it's about finding the right person who will contribute to the long-term success of your investment. 

By following a structured and diligent approach, you can select tenants who not only meet your criteria but also align with your expectations as a landlord.

Here are the key qualities to look for in a good tenant, as well as an effective screening process to identify them. Keep reading to learn more!

Qualities of a Good Tenant

A good tenant is someone who will provide a reliable and steady source of income while minimizing stress and risk for you as a property owner. 

The following qualities should be considered when evaluating potential tenants:

• Ability to pay rent: The tenant should have a stable income sufficient to cover the monthly rent, with a history of timely payments.
• Steady employment: A reliable, long-term tenant typically has stable, long-term employment. A steady job indicates financial stability and the ability to pay rent regularly.
• Good rental history: Look for tenants with a positive history of paying rent on time, maintaining previous rental properties, and having a strong credit score.
• Clean criminal record: Tenants with no criminal history provide a sense of security for both you and your other tenants.

Screening Your Tenants

To ensure that you select a reliable and responsible tenant, it's important to have a clearly defined tenant screening process. 

Here are the key stages to include in your tenant screening procedure:

Pre-screening Stage

Before diving into an extensive tenant screening process, conduct a quick pre-screening to save time and eliminate unqualified candidates early on. 

During the pre-screening phase, it's important to:

• Ensure that your property listing clearly communicates the rental requirements. This helps avoid wasting time on individuals who don’t meet the necessary criteria.
• Prepare a list of questions to ask during the first interaction with potential tenants. These should focus on their financial stability, rental history, and lifestyle preferences.
• Conduct an in-person showing of the property to gauge interest and assess if the prospect is a good fit for your Oklahoma City rental.

By implementing a pre-screening process, you ensure that you only proceed with qualified candidates who are genuinely interested in renting your property.

Submission of Rent Application

Once you’ve narrowed down your prospects, request a completed rental application form to gather essential information about their background and financial stability. 

The application should include the following details:

• Personal contact information: Basic information, including name, phone number, and email address.
• Current and previous addresses: Contact details for current and past landlords, along with rental history.
• Employment information: Details about current and previous employers, including job title, pay rate, and length of employment.
• Authorization for background and credit checks: Ensure that the applicant provides consent to run credit and background checks.

By collecting this information upfront, you’ll be able to assess the applicant’s financial capacity and rental history, which are crucial factors in determining whether they are capable of paying the rent consistently.

Verification of Employment

Employment verification is crucial to confirm an applicant’s income stability. Contact the employer to verify job title, length of employment, and salary, ensuring the applicant can afford the rent and provide accurate information.

Contacting Former Landlords

Contacting former landlords is essential in tenant screening, as they provide insight into the applicant’s reliability and behavior. 

Inquire about payment history, property damage, property maintenance, and any issues such as late payments or evictions. 

Former landlords are more likely to offer honest feedback since they have no vested interest in the applicant’s future rental prospects. 

Be cautious of applicants who list family or friends as landlord references, as these may not be objective. Always reach out to legitimate past landlords to verify the applicant’s rental history and ensure accuracy.

Credit and Background Checks

A thorough credit and background check is essential in evaluating the financial health and character of a potential tenant. 

When conducting these checks, focus on the following factors:

• Credit score: A credit score of 680 or higher is ideal, but remember to assess the applicant’s overall financial situation. Some tenants may have a lower credit score but still be responsible with their payments.
• Eviction history: An applicant with a history of evictions may pose a higher risk, as this indicates prior issues with paying rent or maintaining the property.
• Criminal record: A criminal background check helps ensure that the tenant does not pose a safety risk to you or other residents.
• National sex offender registry: Checking the national sex offender registry is an essential safety measure.

A comprehensive background check will help you make an informed decision about whether the applicant is a suitable tenant for your property.

Accepting or Rejecting the Application

After screening, decide whether to accept or reject the applicant. If accepted, inform them promptly and outline the next steps, such as signing the lease agreement. If rejected, notify the applicant in writing with valid reasons to avoid legal issues.

It’s important to follow the Fair Housing Act to ensure that your rejection criteria are based on objective factors such as credit history, income, and references, rather than discriminatory practices based on race, religion, gender, or other protected characteristics.

Bottom Line

Proper tenant screening is crucial for success as a landlord in Oklahoma City. By evaluating applicants carefully, you reduce risks, avoid costly evictions, maintain property value, and build positive tenant relationships.

If you find that the tenant screening process is too time-consuming or overwhelming, consider reaching out to a professional property management company. 

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A reliable property manager, like OKC Homes 4 You, can handle the entire screening process for you, ensuring that you find the best tenants for your Oklahoma City rental property without the stress and hassle.

Call us today for high-quality property management services!