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Tenant Screening - Step By Step


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

best tenant screening - In this post, I want to look at How you can Do Tenant Screening - Detail by detail. Please note that this is for informational purposes only - and laws change from one state to another.

Step #1. Credit rating
Most suitable property management companies understand the value of checking a potential tenant's credit rating. An up-to-date credit report is a vital tool inside the tenant selection process. It not only displays an individual's ability to pay their bills punctually, but in addition an eye on if they are increasingly being responsible using their credit.

Step #2. Criminal Background
Just as important as a favorable credit history has a clean criminal background. This might be even more important. Again, it is a measure of responsibility, and ensures that you're not renting to sex offenders or violent criminals. In fact, most prospective residents can be really very happy to hear that you also check criminal backgrounds. It's really a good marketing strategy in providing a safe and economical place to live.

Step #3. Residence History
Many prospective residents will have a few minor blemishes on their own credit report. Even if they don't have any blemishes on their own credit history you should always verify their residence history, as well. You'll want to determine if they are paying rent on time, if they're a good tenant, and if their landlord would rent for them again.

One tip I might give here's not only to contact their current landlord, but also the one earlier than that. If their existing landlord wants them out, they might offer 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 look for some measure of stability within their employment, and 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 capability to pay the rent. After all...unexpected expenses appear for all of us. The automobile needs to be repaired, surprise bill arrives, etc. This is the reason we typically require their income be equivalent to a few or 4 times the quantity of their rent. This could help in making sure they're able to give the rent, as well as cover some of those unexpected expenses that naturally occur.

best tenant screening