Is your rental income too low? Is it time to find ways to increase your property’s income?
Rising rental costs and falling rental availabilities have put pressure on many property owners. They’ll need to update their screening policies in a way that still protects their teams. All while keeping their property profitable.
Do you need to make tenant screening a priority? If so, then read on. Here are our top tenant screening tips for success.
Determine a Tenant Criteria
There are some factors you should consider when determining your tenant criteria. The first is rental history.
Look for tenants who have a history of paying their rent on time and taking care of their rental property. Tenants with a history of late payments or damage to their previous rental properties are more likely to cause problems for you as well.
Another factor to consider is employment history. Tenants who have stable employment and income are more likely to be able to pay their rent on time. Those who have a history of job instability are more likely to struggle to make rent payments or take care of the property.
Run Credit and Criminal Background Check
Running an effective credit and criminal background check is not that difficult. First, order a copy of the potential tenant’s credit report. This will give you an idea of their financial history.
Next, run a criminal background check on the potential tenant. You can do this through a reliable online service such as eVerify or GoodHire. This will help you determine if the person has any previous convictions that could make them a risky tenant.
If everything looks good after the tenant background checks, then congratulations! You’ve just found yourself a great tenant.
Performing In-Person Interviews
During tenant screening, one of the best ways to get to know them is by conducting an in-person interview. This allows you to see how they present themselves and how they communicate in person. It also allows you to ask follow-up questions on anything from their rental history to their employment situation.
Consider Hiring Professionals to Do It for You
There are companies out there whose sole purpose is to screen tenants for landlords. These companies will do everything for you when it comes to screening potential tenants.
This can give you peace of mind knowing that you’re making the best decision possible. Some of them even offer real property management services.
Of course, hiring professionals to screen your tenants comes at a cost. But when you consider the potential headaches and heartaches that come with renting to the wrong tenant, it’s worth it.
Do Tenant Screening Right
Tenant screening is an important part of renting a property. Landlords should make sure they are using a reliable process to protect their investment.
So take the time to research which screening method is best for your situation. By doing so you can ensure that you’re making the most informed decisions.
Don’t leave it to chance! Screen your tenants the right way and get the peace of mind you deserve.
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Also published on Medium.
