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Tenant Screening - Step By Step


best tenant screening - If you are a investor that owns apartments or a property owner, you realize the value of tenant screening. Tenant selection is among the most vital activities in owning and managing apartments.

tenant screening - In this article, I would like to review The way to Do Tenant Screening - Step By Step. Please be aware that to informational purposes only - and laws vary from region to region.

Step #1. Credit score
Most suitable property management companies understand the worth of checking a prospective tenant's credit score. An up-to-date credit history is an important tool within the tenant selection process. It not merely displays someone's ability to pay their bills promptly, but also an eye on whether or not they are now being responsible with their credit.

Step #2. Criminal record
Just as important as a favorable credit history is a clean criminal background. This can be much more important. Again, this is a way of measuring responsibility, and makes sure that you aren't renting to sex offenders or violent criminals. In reality, most prospective residents will be very very happy to hear that you also check criminal backgrounds. It's rather a good marketing tool in providing a secure and affordable place to live.

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

One tip I'd give the following is to not only contact their current landlord, but also the one previous to that. If their existing landlord wants them out, they could provide 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 search for some measure of stability in their employment, also to double check their period of employment.

Step #5. Income Requirements
Probably the most important parts in tenant screening is verifying their income. This essentially demonstrates their ability to cover the rent. After all...unexpected expenses come up for all of us. The car needs to be repaired, surprise bill arrives, etc. This is the reason we typically require their income be equal to three or Four times the amount of their rent. This could help in making sure they could spend the money for rent, along with cover some of the people unexpected expenses that naturally occur.

tenant screening services