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Tenant Screening - Step By Step


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

tenant screening - In this article, I want to review How To Do Tenant Screening - Step By Step. Please note that this is for informational purposes only - and laws change from region to region.

Step #1. Credit rating
Most suitable property management companies know the value of checking a prospective tenant's credit history. An up-to-date credit file is a crucial tool inside the tenant selection process. It not only displays a person's ability to pay their bills promptly, but additionally on top of whether they are now being responsible with their credit.

Step #2. Criminal Background
Equally as important as a favorable credit history is having a clean police arrest records. This may be even more important. Again, this is a measure of responsibility, and helps to ensure that you are not renting to sex offenders or violent criminals. Actually, most prospective residents can be really happy to hear that you simply also check criminal backgrounds. It can be a good advertising tool in providing a good and affordable home.

Step #3. Residence History
Many prospective residents may have a few minor blemishes on their credit report. Even when they don't have any blemishes on their credit history always verify their residence history, as well. You will need to determine they have been paying rent on time, when they are a great 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 better reference than deserved.

Step #4. Employment Verification
Another part of the verification process would be to check your prospective tenant's employment status. You will want to try to find a bit of of stability inside their employment, and to make sure their duration of employment.

Step #5. Income Requirements
One of the most important parts in tenant screening is verifying their income. This essentially demonstrates remarkable ability to cover the rent. Let's be honest...unexpected expenses show up for people. The vehicle must be repaired, surprise bill arrives, etc. For this reason we typically require their income be equal to three or Four times how much their rent. This should help in ensuring that they're able to spend the money for rent, as well as cover some of those unexpected expenses that naturally occur.

tenant screening services