Tuesday, 13 March 2018

Should It Be OK For Landlords to Consider Their Gut Feeling

There had been an ordinance passed in the city of Seattle in 2016. According to this ordinance, landlords were not being fair to the qualified applicants who would want to rent properties. The city administration was worried about the landlords’ habits of ignoring qualified applicants in favor of other qualified applicants. Thus, the administration ordered the landlords to consider first applicants with complete credentials and avoid waiting for more applications to come in. in other words, the landlords were restricted from making selection among qualified applicants.

Here, some of the landlords said that they had to use their “gut feeling” while considering applications. Although, there is always the need of using gut feeling but it should be in a way that wouldn’t violate the renting terms.

Treating applicants on first-come first-serve basis
The major reason for all that fuss in Seattle about renting seems to be the fact that Seattle is basically a hot real estate market. According to a survey, rents in Seattle increased up to $300 in the time span of 2 years. With those figures in mind, you can easily presume that housing demands in this area must be very high. Thus, there is a fair chance for the landlords to receive multiple qualified applications.

So, it leads any one to the question whether or not first-come-first-serve can be the right way to treat renting applicant. Or is it the right way for the landlord to use gut feeling? Well, even some of the real estate pros would remain quiet in this regard. Here, the right way is to go neither with the first-come-first-serve approach not for the gut feeling. The right way may be to tailor the renting rules in order to bring every concern, which can help in deciding whether or not an applicant should be given the lease, on the paper. Although you may not be able to get direct answer for your gut feeling in direct way but you can certainly presume things based on the answers you get. It would require you to do some smart work while making the rules.

Things you need to look at while renting out your property
There are a few things which landlords need to look at while renting out their properties. If you look at the points listed below, you may figure out that each of these points tend to qualify a prospective tenant for your property.
  • Source of income that could be verified
  • Rent to income ratio
  • Less number of evictions and bankruptcy filings
  • No involvement in criminal activities
  • Informal records suggesting that the applicant is a fair person with a habit of staying the limits of decency while talking and dealing with others
  • Clean appearance
  • Not afraid of telling the truth in any circumstances

Having that said, there are a few things which you shouldn’t consider while renting out your property. Those attributes include:
  • Race or origin
  • Religion or political beliefs
  • Familial status and the number of children (unless there is a danger for your property becoming overcrowded)
  • Gender
  • Military status

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