By Adam Frisch, Managing Principal, Mantus Real Estate
Unfortunately, not all brokers and landlords have adopted the habit of thoughtfully screening potential renters. In fact, it’s quite common for the management teams in massive buildings to readily accept anyone with decent financial qualifications. However, if one’s goal is to fill their buildings with high-quality residents who will happily stay for at least a few years, then there is much more involved in the screening process.
Without a doubt, a potential resident’s financials are key. Brokers and landlords should check their credit, income, assets and employment record. Of those factors, credit is the most important as a proven ability to pay one’s credit card bills on time is very likely to equate with the ability (and willingness) to pay one’s rent on time, even if they may be lacking in assets. The second most important factor is employment. With the exception of students, it’s very important that renters have at least some type of steady income especially in a city such as New York where rents are so high. If someone’s financial situation seems a bit odd, it typically isn’t worth the risk of renting to them. Often, if people have bad credit, it’s because they have gotten themselves into a bad situation. With that said, there are instances such as extreme illness in which bad credit may be somewhat outside of a person’s control. However, entitled people who claim that their bad credit is an injustice and that they don’t have to pay on time should never become your residents.
Click here to read more of Adam’s thoughts in Multi-Housing News.
