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Tenant Screening - Step By Step


tenant screening services - If you're 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 this post, I would like to look at How To Do Tenant Screening - Step By Step. Please be aware that through the informational purposes only - and laws differ from state to state.

Step #1. Credit rating
Most professional property management companies know the worth of checking a potential tenant's credit rating. An up-to-date credit report is a crucial tool inside the tenant shopping process. It not just displays someone's capability to pay their bills punctually, but also an eye on whether they are now being responsible with their credit.

Step #2. Police arrest records
Just as important as a favorable credit history has a clean criminal record. This might be even more important. Again, it's a measure of responsibility, and ensures that you aren't renting to sex offenders or violent criminals. Actually, most prospective residents will be very happy to hear which you also check criminal backgrounds. It's really a good marketing tool in providing a safe and affordable home.

Step #3. Residence History
Many prospective residents may have a few minor blemishes on their own credit history. Even when they don't have any blemishes on their own credit file it is best to verify their residence history, also. You will need to determine if they are paying rent on time, when they are a good tenant, and if their landlord would rent in their mind again.

One tip I would give the following is not only to contact their current landlord, but also the one previous to that. If their existing landlord wants them out, they might offer a more positive 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 want to try to find a degree of of stability in their employment, also to check their length 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. Let's be honest...unexpected expenses come up for all of us. The vehicle has to be repaired, surprise bill arrives, etc. For this reason we typically require their income be equivalent to 3 or Four times how much their rent. This could help in making sure they're able to pay the rent, in addition to cover one particular unexpected expenses that naturally occur.

tenant screening