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Tenant Screening - Step By Step


tenant screening services - If you are a investor that owns apartment buildings or perhaps a property manager, you understand the value of tenant screening. Tenant selection is probably the most important activities in owning and managing apartments.

best tenant screening - In this article, I would like to look at The way to Do Tenant Screening - Detail by detail. Please be aware that this is for informational purposes only - and laws change from state to state.

Step #1. Credit History
Most professional property management companies know the value of checking a potential tenant's credit score. An up-to-date credit report is a vital tool inside the tenant selection process. It not merely displays someone's ability to pay their bills punctually, but in addition on top of if they are increasingly being responsible with their credit.

Step #2. Criminal Background
Just as important as a favorable credit history is having a clean police arrest records. This may be even more important. Again, it is a measure of responsibility, and makes sure that you are not renting to sex offenders or violent criminals. Actually, most prospective residents will be really happy to hear that you also check criminal backgrounds. It's really a good advertising tool in providing a safe and cost-effective place to live.

Step #3. Residence History
Many prospective residents could have a few minor blemishes on their credit file. Even when they don't have any blemishes on their credit report always verify their residence history, also. You'll want to determine they are paying rent promptly, if they are an excellent tenant, and if their landlord would rent in their mind again.

One tip I might give here is not only to contact their current landlord, and also the one previous to that. If their existing landlord wants them out, they might provide a better reference than deserved.

Step #4. Employment Verification
Another step in the verification process is to look at the prospective tenant's employment status. You'll want to search for some measure of stability inside their employment, also to check their duration of employment.

Step #5. Income Requirements
One of the most important parts in tenant screening is verifying their income. This essentially demonstrates their ability to pay for the rent. Let's face it...unexpected expenses appear for all of us. The car needs to be repaired, an unexpected bill arrives, etc. This is why we typically require their income be equal to 3 or 4x the amount of their rent. This could help in making certain they could give the rent, along with cover some of those unexpected expenses that naturally occur.

tenant screening services