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Tenant Screening - Step By Step


best tenant screening - If you are an investor that owns apartments or condos or even a property owner, you know the importance of tenant screening. Tenant selection is one of the most important activities in owning and managing apartments.

tenant screening services - In the following paragraphs, I would like to review How you can Do Tenant Screening - Step-by-step. Please be aware that this is for informational purposes only - and laws change from region to region.

Step #1. Credit rating
Best property management companies understand the value of checking a prospective tenant's credit score. An up-to-date credit file is a crucial tool in the tenant shopping process. It not merely displays an individual's capability to pay their bills on time, but in addition on top of if they are now being responsible making use of their credit.

Step #2. Criminal record
Equally as essential as a good credit history is having a clean criminal record. This might be even more important. Again, this is a way of measuring responsibility, and ensures that you aren't renting to sex offenders or violent criminals. Actually, most prospective residents will be very happy to hear that you simply also check criminal backgrounds. It's rather a good marketing strategy in providing a secure and economical home.

Step #3. Residence History
Many prospective residents could have a few minor blemishes on their credit report. Even when they do not have any blemishes on their credit history always verify their residence history, too. You'll want to determine they have been paying rent on time, when they are an excellent tenant, and if their landlord would rent in their mind again.

One tip I might give here is to not only contact their current landlord, but the one earlier than 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 to check your prospective tenant's employment status. You will want to try to find some measure 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 pay for the rent. Let's be honest...unexpected expenses come up for all of us. The vehicle needs to be repaired, a critical bill arrives, etc. This is why we typically require their income be equal to three or 4 times the amount of their rent. This ought to help in ensuring that they are able to spend the money for rent, along with cover some of those unexpected expenses that naturally occur.

best tenant screening