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As a landlord, your main responsibility is to make sure your property is taken care of. That means choosing the right tenants to move into your rental to protect your investment.
But how do you go about selecting the right tenant?
While there’s no single perfect tenant screening process, there are things you can do to ensure the person moving into your property is the right person. Keep reading for the top tips to screen tenants used by the experts.
Let’s get you started.
Hire a Tenant Screening Firm
When you are looking for a new tenant for your rental property, you will want to verify their rental history. This can be done by contacting their previous landlords and asking about their experience with the tenant.
You should also ask if the tenant paid their rent on time and if they followed the rules of the property. A tenant screening firm should also be able to do this for you. You can get more info about how they can be of service and what you are required, so they can proceed with the screening process.
Do a Credit Check
When you’re looking for a new tenant to fill your property, it’s important to do a credit check. This will help you to weed out any tenants that may have a history of not paying their rent on time. To do a credit check, you’ll need to request a copy of the applicant’s credit report.
You can do this by contacting the credit reporting agency directly. Once you have the report, you’ll want to look for any red flags, such as late payments, collections, or bankruptcies.
Conduct a Criminal Background Check
To screen tenants for your property, you will need to conduct a criminal background check. This can be done by contacting the local police department and requesting a background check. You may also be able to find this information online.
Once you have the tenant’s information, you will need to run a check through the national criminal database. This will give you a list of any past convictions the tenant may have. You can then use this information to decide if the tenant is suitable for your property.
Assess Employment Status
To assess your potential tenant’s employment status, you’ll want to begin by asking for employment verification. This can be in the form of a letter from their employer on company letterhead, pay stubs, or tax returns. Once you have this information, you’ll want to verify the income and employment start date.
Income verification can be done by contacting the employer directly or by looking at the most recent tax return. For the employment start date, you can either ask the tenant or look up the public records of the business they work for. Once you have all of this information, you can decide whether or not to rent to this tenant.
Knowing How to Screen Tenants
If you are looking for tenants for your property, it is important to screen them thoroughly. One important factor to consider is their employment status. You can assess this by asking for pay stubs or tax returns. If they are unemployed, likely, they will not be able to make rent payments on time.
Asking about employment status is a simple but important way to screen tenants. By taking the time to screen tenants carefully, you can avoid problems down the road.
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