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Tenant Screening - Step By Step


best tenant screening - If you are a investor that owns apartment buildings or a property owner, you realize the importance of tenant screening. Tenant selection is one of the most vital activities in owning and managing apartments.

tenant screening - In the following paragraphs, I would like to look at How To Do Tenant Screening - Step By Step. Please note that to informational purposes only - and laws change from one state to another.

Step #1. Credit History
Most professional property management companies be aware of value of checking a prospective tenant's credit history. An up-to-date credit history is an important tool in the tenant buying process. It not just displays someone's capability to pay their bills punctually, but in addition an eye on whether they are now being responsible with their credit.

Step #2. Criminal Background
Just like important as a good credit history is having a clean criminal background. This might be a lot more important. Again, it's a measure of responsibility, and helps to ensure that you are not renting to sex offenders or violent criminals. In fact, most prospective residents can be really pleased to hear that you also check criminal backgrounds. It can be a good marketing tool in providing a good and economical place to live.

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

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

Step #4. Employment Verification
Another step up the verification process is always to look at your prospective tenant's employment status. You'll want to search for some measure of stability within their employment, and also to check their length 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 pay for the rent. After all...unexpected expenses come up for everyone. The car has to be repaired, surprise bill arrives, etc. This is the reason we typically require their income be equivalent to 3 or Four times the quantity of their rent. This should help in making certain they are able to give the rent, in addition to cover one particular unexpected expenses that naturally occur.

tenant screening