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Tenant Screening - Step By Step


tenant screening services - If you are an investor that owns apartments or condos or even a property manager, you realize the importance of tenant screening. Tenant selection is among the most essential activities in owning and managing apartments.

best tenant screening - In the following paragraphs, I would like to look at How To Do Tenant Screening - Detail by detail. Please note that through the informational purposes only - and laws differ from one state to another.

Step #1. Credit History
Most suitable property management companies know the worth of checking a prospective tenant's credit history. An up-to-date credit history is a crucial tool within the tenant shopping process. It not just displays an individual's capability to pay their bills on time, but in addition an eye on whether or not they are being responsible using their credit.

Step #2. Criminal record
Equally as essential as a favorable credit history is having a clean criminal record. This may be even more important. Again, it is a measure of responsibility, and makes sure that you aren't renting to sex offenders or violent criminals. Actually, most prospective residents will be very pleased to hear that you also check criminal backgrounds. It can be a good marketing strategy in providing a secure and economical home.

Step #3. Residence History
Many prospective residents may have a few minor blemishes on their own credit file. Even though they do not have any blemishes on the credit history always verify their residence history, too. You will need to determine if they have been paying rent promptly, when they are an excellent tenant, of course, if their landlord would rent to them again.

One tip I would give here's not only to contact their current landlord, but the one before that. If their existing landlord wants them out, they might give a better reference than deserved.

Step #4. Employment Verification
Another step in the verification process would be to look at the prospective tenant's employment status. You'll want to search for a degree of of stability within their employment, also to check their period of employment.

Step #5. Income Requirements
Just about 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 show up for everyone. The car must be repaired, surprise bill arrives, etc. For this reason we typically require their income equate to 3 or 4 times the quantity of their rent. This should help in ensuring that they're able to pay the rent, along with cover some of those unexpected expenses that naturally occur.

best tenant screening