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Tenant Screening - Step-by-step


tenant screening services - If you're an investor that owns apartments or condos or perhaps a property owner, you know the significance of tenant screening. Tenant selection is one of the most essential activities in owning and managing apartments.

tenant screening services - In this post, I wish to go over The way to Do Tenant Screening - Step-by-step. Please note that through the informational purposes only - and laws change from region to region.

Step #1. Credit History
Most suitable property management companies understand the value of checking a potential tenant's credit score. An up-to-date credit history is an important tool inside the tenant selection process. It not just displays someone's ability to pay their bills on time, but also on top of whether they are being responsible with their credit.

Step #2. Criminal record
Just as important as a favorable credit history has a clear police arrest records. This might be even more important. Again, it's a way of responsibility, and makes sure that you are not renting to sex offenders or violent criminals. In fact, most prospective residents can be really very happy to hear that you simply also check criminal backgrounds. It's rather a good advertising tool in providing a good and cost-effective place to live.

Step #3. Residence History
Many prospective residents could have a few minor blemishes on the credit report. Even though they don't have any blemishes on their own credit report always verify their residence history, as well. You'll want to know if they've been paying rent on time, if they're an excellent tenant, of course, if their landlord would rent to them again.

One tip I'd give here is to not only contact their current landlord, but 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'll want to try to find some measure of stability in their employment, also to double check their duration of employment.

Step #5. Income Requirements
Probably the most important parts in tenant screening is verifying their income. This essentially demonstrates their capability to cover the rent. Let's face it...unexpected expenses show up for everyone. The car must be repaired, an unexpected bill arrives, etc. This is the reason we typically require their income be equivalent to a few or 4x the amount of their rent. This ought to help in making sure they're able to give the rent, in addition to cover one particular unexpected expenses that naturally occur.

tenant screening