By Karin Beuerlein, FrontDoor.com | Published: 7/10/2008
5. Do the background check. Once you start to receive completed applications, review them in order of receipt. Call references and run a credit check; many online companies offer this service to landlords. It's acceptable to collect a standardized fee from your applicant to cover the cost of the credit check.
A good rule of thumb is to accept only applicants whose gross monthly income is three times the rent or more.
6. Keep showing the house until the deposit check has cleared the bank. No matter how promising a potential tenant seems, a mere verbal agreement shouldn't keep you from continuing to show the property. A signed lease and cleared deposit should serve as your signal to remove your ad and stop home tours.
7. Write any special stipulations into the lease. As with the rental application, find a simple but thorough boilerplate lease and amend it to include any agreements you feel are vital: Who is responsible for property maintenance, where parking is permitted, how the rent check will be delivered, etc. Don't overdo it; too many nitpicky requirements can annoy your tenant and potentially leave you liable if you don't follow through on listed items.
8. Perform a final cleanup before your renter moves in; leave behind a laminated sheet with your contact information. Encourage tenants to contact you or your property management service at any sign of trouble. Prompt repair and maintenance protects your property's integrity. If your tenants feel you've gone the extra mile to take care of the place (and them), they're more likely to treat it (and you) with respect. That's a relationship that can prove valuable down the road.
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