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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 manager, you realize the value of tenant screening. Tenant selection is one of the most vital activities in owning and managing apartments.

best tenant screening - In the following paragraphs, I would like to go over The way to Do Tenant Screening - Step-by-step. Please note that this is for informational purposes only - and laws change from one state to another.

Step #1. Credit History
Best property management companies be aware of value of checking a prospective tenant's credit history. An up-to-date credit report is a vital tool in the tenant shopping process. It not only displays someone's ability to pay their bills punctually, but additionally an eye on if they are being responsible using their credit.

Step #2. Police arrest records
Just like important as a favorable credit history is a clear police arrest records. This can be a lot more important. Again, this is a way of responsibility, and makes sure that you're not renting to sex offenders or violent criminals. Actually, most prospective residents will be very pleased to hear which you also check criminal backgrounds. It's really a good marketing tool in providing a good and cost-effective place to live.

Step #3. Residence History
Many prospective residents could have a few minor blemishes on the credit history. Even though they don't have any blemishes on their own credit file always verify their residence history, too. You will need to determine they are paying rent punctually, if they are an excellent tenant, and when their landlord would rent in their mind again.

One tip I would give here is not only to contact their current landlord, but also the one previous to that. If their existing landlord wants them out, they may offer a more positive reference than deserved.

Step #4. Employment Verification
Another part of the verification process is always to look at your prospective tenant's employment status. You will need to try to find a degree of of stability within their employment, also to make sure 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 pay the rent. Let's face it...unexpected expenses come up for everyone. The car must be repaired, an unexpected bill arrives, etc. This is the reason we typically require their income be equivalent to three or 4 times how much their rent. This ought to help in making sure they are able to spend the money for rent, along with cover some of those unexpected expenses that naturally occur.

tenant screening