The Successful Landlord: Analyzing a Rental Application to Choose the Best Renter

While your prospective renter is filling out the application, take a look at their driver's license when they pull it out to write down the number. You want to verify positive identification.

If it's a married couple applying, one application is sufficient. If they are roommates, or relatives, have each person fill out an application so that you can perform independent background checks. Make each person older than 18 sign the lease application.

Review the application while they prospective renter is still there for completeness of information and to identify anything that you might have a question about. The critical information you need is their social security number, birth date, current address with zip code, and permission for a reference and credit check.

You'll need the name and phone number of the current landlord. And it's useful to get the name and phone number of the previous landlord, too. Sometimes a current landlord will give a false-good reference just to get them out of the place! The prior landlord will have no such motivation and will give you an accurate reference.

Make sure that all applicants sign the application. You need this permission to do the background check.

Look for things like more cars than the parking of your home can handle, and so forth.

Do not make any statements that indicate that they can rent the property from you. This is strictly an application. You still have to select the best renter for you.

THE MOST IMPORTANT QUESTION TO ASK

The most important question to ask your prospective renters is, "For what reason are you leaving the home you're in now?"

You'll get lots of answers, some of which are valid, and others will raise a warning flag. I asked one applicant why they were moving. They replied, "We're being evicted."

"Why?"

"Our three-year old kept going to the bathroom out the bedroom window."

INSTANTLY TELL HOW THEY'LL TREAT YOUR PROPERTY

After they've filled out the application, walk them out to the car, and shake their hand as you say good-bye.

Look at their car. You can tell lots about how people will treat your property by how they treat their property.

If their car is well-kept and neat inside, they are very likely to make good renters. If there is trash all over the inside of the car, it's missing hub caps, and so forth, that indicates the condition your house will probably be in when they move out.