5/06/2009

What we look for in renters

We manage a lot of rental properties. They are all over the CSRA, and no two are alike in terms of size, location, architectural style, and hundreds of other distinguishing characteristics. Every one of them tells a story. And much like those properties, there is no one "ideal renter" that we have in mind when we are fixing up a property.

Take a recent Old Towne renovation we recently completed. Old Towne is Augusta's oldest community, and the house itself is easily over 100 years old. When we were renovating this 3 bedroom, 1 bathroom house, we didn't know if it would be for a group of college students or a family with children. As it turns out, it best fit the needs of a single family that moved in soon after. But it was more about our house fitting their needs than the renter fitting ours. What I mean by that is that, while we look at the following criteria when deciding to lease, one single blemish won't knock you out of the running entirely:

  • Credit score - Many think that this is the one factor that can pass or fail a potential tenant's chance of getting into a lease. We do pull credit. We do pay attention to what is on a credit report. But we also understand that these are tough times, and no one is perfect. So while it is important that a credit score is satisfactory, it's not the only character witness testifying on your behalf.
  • Rental history - This is perhaps the most important factor of all. Paying rent on time in the past, not packing up and moving away in the middle of the night a day before rent is due, having had a good relationship with past landlords - these are things that we like to hear when we call references.
  • Job verification - Steady income to you means that you are more likely to pay your rent on time, to put it bluntly. Don't worry if you aren't a CEO of a Fortune 500 company or something like that. If you were, you'd probably be buying a million dollar house in a country club somewhere, not renting one!

Those are the main areas we take into account.

No comments: