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Tenant Screening - Detail by detail


best tenant screening - If you're an investor that owns apartments or condos or even a property owner, you realize the value of tenant screening. Tenant selection is one of the most vital activities in owning and managing apartments.

best tenant screening - In this article, I want to go over The way to Do Tenant Screening - Step By Step. Please be aware that to informational purposes only - and laws change from one state to another.

Step #1. Credit History
Most professional property management companies be aware of price of checking a prospective tenant's credit history. An up-to-date credit report is an important tool in the tenant selection process. It not only displays an individual's capability to pay their bills punctually, but also on top of whether or not they are being responsible using their credit.

Step #2. Criminal Background
Just as significant as a favorable credit history has a clean police arrest records. This can be even more important. Again, it's a measure of responsibility, and makes sure that you aren't renting to sex offenders or violent criminals. Actually, most prospective residents will be really happy to hear that you simply also check criminal backgrounds. It's really a good marketing tool in providing a secure and economical home.

Step #3. Residence History
Many prospective residents will have a few minor blemishes on their own credit file. Even though they do not have any blemishes on their own credit history you should always verify their residence history, also. You'll want to determine if they have been paying rent on time, if they're a great tenant, and when their landlord would rent to them again.

One tip I'd give here's to not only contact their current landlord, but also the one previous to that. If their existing landlord wants them out, they could give a more positive reference than deserved.

Step #4. Employment Verification
Another step up the verification process is always to look at your prospective tenant's employment status. You will need to look for some measure of stability within their employment, and also to make sure their length of employment.

Step #5. Income Requirements
One of the most important parts in tenant screening is verifying their income. This essentially demonstrates remarkable ability to pay for the rent. Let's face it...unexpected expenses come up for all of us. The car has to be repaired, surprise bill arrives, etc. For this reason we typically require their income equate to three or Four times how much their rent. This could help in making certain they could pay the rent, as well as cover some of the people unexpected expenses that naturally occur.

best tenant screening