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Tenant Screening - Step By Step


tenant screening services - If you are a investor that owns apartments or perhaps a property manager, you understand the value of tenant screening. Tenant selection is among the most vital activities in owning and managing apartments.

best tenant screening - In this post, I want to go over How you can Do Tenant Screening - Step-by-step. Please be aware that through the informational purposes only - and laws change from state to state.

Step #1. Credit score
Most professional property management companies understand the value of checking a prospective tenant's credit score. An up-to-date credit report is an important tool in the tenant selection process. It not only displays a person's ability to pay their bills promptly, but additionally an eye on if they are increasingly being responsible using their credit.

Step #2. Police arrest records
Just like essential as a good credit history is having a clear criminal background. This might be a lot more important. Again, it's a way of measuring responsibility, and helps to ensure that you aren't renting to sex offenders or violent criminals. Actually, most prospective residents will be very pleased to hear that you also check criminal backgrounds. It's really a good advertising tool in providing a safe and cost-effective place to live.

Step #3. Residence History
Many prospective residents may have a few minor blemishes on the credit report. Even though they don't have any blemishes on the credit history it is best to verify their residence history, as well. You will need to know if they have been paying rent punctually, when they are a great tenant, and when their landlord would rent in their mind again.

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

Step #4. Employment Verification
Another step up the verification process is always to check your prospective tenant's employment status. You will need to try to find some measure of stability inside their employment, and to make sure 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 face it...unexpected expenses show up for all of us. The car must be repaired, a critical bill arrives, etc. This is why we typically require their income be equal to a few or 4 times how much their rent. This ought to help in making sure they are able to pay the rent, in addition to cover some of the people unexpected expenses that naturally occur.

tenant screening