Minimum qualification standards also keep you on track so that problem tenants don’t slip through the cracks. Having in place standards, and checking each and every item with each and every potential tenant, will drastically reduce the odds that you’ll forget something important. Think about how easy it is to forget something. It’s human nature! In most cases, people get lucky and nothing significant happens. However, you can’t rely on sheer luck when you’re renting out your property. If you don’t have a checklist, it’s easy to forget even just one small thing, but that “small thing” can lead to a host of problems that could have easily been avoided. A bad tenant could cost you hassles and headaches, plus thousands of dollars in lost rent and damages, and lawsuits. Minimum qualification standards also help reduce the risk of a Fair Housing complaint, and will make things easier for you in defending yourself in case a complaint does arise. Let’s say someone does file a complaint against you, claiming that you discriminated against them by not renting your house to them because of reason X. With minimum qualification standards in place, you can confidently reply: “Actually, I didn’t rent to you because you didn’t meet my minimum qualification standards. Your allegations of discrimination have nothing to do with reason X. I didn’t rent it to you because of reason Y, and you did not qualify to rent my house. My minimum qualification standards are legal and in compliance with all Fair Housing and ADA laws.” You can prove that you chose not to rent to them, not because of their alleged reason X, but because of reason Y, which is clearly defined and stated in your minimum qualification standards. I recommend that you think about, determine, and put in place your exact minimum qualification standards before you ever place your property on the market.
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