Are you a property owner looking to attract reliable tenants? Learn how thorough tenant screening can minimize risk and save you time and money in the long run.
As a property management company, we screen tenants on behalf of private and commercial real estate owners. We understand the importance of finding reliable tenants who will take good care of the property and pay rent on time. Tenant screening is a crucial process that can help minimize the risk of renting to problematic tenants, ultimately saving property owners time and money in the long run.
We're going to cover the key aspects of tenant screening, including the types of information we gather, the screening process, and the benefits of working with a professional property management company for tenant screening.
Types of Information Gathered
When screening potential tenants, there are several types of information that we ask permission to access through the application, and then gather, to help determine their suitability for the property. These include:
- Credit history: This report will provide information on the tenant's credit score, credit history, and any outstanding debts or bankruptcies.
- Income verification: We require potential tenants to provide proof of income, such as recent pay stubs or bank statements. This helps us ensure that the tenant can afford the rent and is likely to pay on time.
- Rental history: We usually ask for the last few landlords or rental history for a certain number of years.
- Criminal background check: We ask for any criminal history.
- Employment verification: We ask them to provide enough history to see trends, patterns and income levels.
Screening and Assessing Process
The tenant screening process is thorough and efficient, designed to identify potential issues and ensure that we only rent to tenants who are likely to be responsible and reliable. Here are the key steps in our screening process:
- Application review: We carefully review the tenant's application, looking for any red flags or potential issues that may require further investigation.
- Credit check: We obtain a credit report from a reputable credit bureau and review it to assess the tenant's creditworthiness.
- Financial verification: We verify the tenant's employment status to confirm that they are currently employed and/or have a stable source of income and have a history of income.
- Rental history check: We contact the tenant's previous landlords to obtain references and confirm that they have a history of paying rent on time and taking good care of the property.
- Criminal background check: We run a criminal background check to ensure that the tenant has no criminal history that could pose a risk to the property or other tenants and make sure to catch things that were omitted.
- Final approval: Once we have gathered all the necessary information and completed our screening process, we make a final decision on whether to approve the tenant for the property.
Benefits of Working with a Property Management Company for Tenant Screening
Working with a professional property management company for tenant screening offers several benefits for property owners. Here are some of the key advantages:
Expertise: Professional property management companies have the expertise and experience to conduct thorough tenant screenings and identify potential issues that may not be apparent to property owners.
Legal compliance: Tenant screening is subject to various federal and state laws, and professional property management companies are well-versed in these regulations and can ensure that the screening process is legally compliant.
Efficiency: Tenant screening can be a time-consuming process, and property owners may not have the resources or expertise to conduct it efficiently. Professional property management companies can streamline the process and ensure that it is completed quickly and accurately.
Better tenants: By conducting thorough tenant screenings, professional property management companies can help property owners attract and retain better tenants who are more likely to take good
By conducting thorough tenant screenings, we can help property owners attract and retain better tenants who are more likely to take good care of the property and pay rent on time, ultimately maximizing their property investment.
Working with us is an easy way to lift that burden from your shoulders. Click here to get a quote and let us do the heavy lifting of tenant screening for you!