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Tenant Screening - Step-by-step


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

tenant screening - In this article, I want to go over How you can Do Tenant Screening - Detail by detail. Please note that to informational purposes only - and laws change from one state to another.

Step #1. Credit History
Most professional property management companies know the price of checking a potential tenant's credit score. An up-to-date credit history is a vital tool inside the tenant shopping process. It not only displays an individual's capability to pay their bills on time, but also on top of whether or not they are being responsible making use of their credit.

Step #2. Criminal record
Just like significant as a favorable credit history is a clean police arrest records. This might be even more important. Again, this is a way of measuring responsibility, and makes sure that you are not renting to sex offenders or violent criminals. In fact, most prospective residents can be really pleased to hear that you simply also check criminal backgrounds. It can be a good advertising tool in providing a safe and economical home.

Step #3. Residence History
Many prospective residents could have a few minor blemishes on their own credit report. Even though they do not have any blemishes on their own credit file you should always verify their residence history, too. You will need to determine they are paying rent punctually, if they are a good tenant, and if their landlord would rent for them again.

One tip I might 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 may offer a better reference than deserved.

Step #4. Employment Verification
Another part of the verification process is to look at your prospective tenant's employment status. You will need to try to find a bit of of stability inside their employment, also to check their duration of employment.

Step #5. Income Requirements
Probably the most important parts in tenant screening is verifying their income. This essentially demonstrates remarkable ability to cover the rent. After all...unexpected expenses come up for everyone. The automobile must be repaired, a critical bill arrives, etc. This is why we typically require their income be equal to three or Four times the quantity of their rent. This ought to help in making certain they could spend the money for rent, in addition to cover some of the people unexpected expenses that naturally occur.

tenant screening