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applying and by setting up what your rental criteria is ahead of running the applicant’s credit report, so you do not waste their time and money or yours. Your rental criteria sheet should list what you will be checking and what your expectations are for the ideal candidate. This must be done in compliance with Fair Housing laws, which means you should know the current laws and take continuing education to stay up to date on Fair Housing – these classes held regularly at the Apartment Association of Greater Los Angeles (AAGLA).
On your rental criteria, you should also list your income and credit requirements, your occupancy limitations, pet policy, insurance requirements, security deposit policy and any other relevant items that a prospective resident should know before moving in. Even though the credit report gives information on how well someone pays their bills, it also provides information which you can use to verify their application is accurate and gives you an idea of what the income to expense ratio is.
The most important thing you can do when dealing with prospective tenants is to treat them fairly, be consistent and use the same criteria each time you rent. Exceptions should only be made if related to a
request for reasonable accommodation. It is perfectly fine to judge prospective renters by their ability to pay the rent; however, you must be able to back up in writing what criteria was used to make your decision. It really comes down to having procedures in place, so you do not accidentally violate any laws. Illegal discrimination can consist of race, religion, national origin, familial status, color, ethnicity, disabilities, and others as the list can change with new laws passing – stay current. Legal discrimination includes bad rental history, poor credit, insufficient income, lying on an application, and past eviction to name a few.
Although it may seem obvious, you need to use an extraordinarily strong, well-written lease that covers the local jurisdiction where you own property. If you use a bad lease, you might be unable to evict a tenant for nonpayment of rent, or for certain damages, or for too many people moving in, and so on.
In conclusion, tenant selection is one of the most important jobs a housing provider has. A bad tenant takes up space that could be used by a good tenant. A bad tenant may also cost you by losing good tenants at your property. Lastly, good tenants can lead to future financial stability and a bad tenant can cost you lots of money.
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