Tenant screening could be an extremely valuable tool for every landlord. Bad tenants are really annoying, and they can cause a lot of problems, such as lack of transparency, issues with neighbors, problems with other co-tenants, as well as failure to comply with rules. More importantly, bad tenants could end up costing landlords a significant amount of money over time, and even go as far as causing legal trouble!
To avoid the huge hassle of dealing with unreliable tenants, and the mess that they have left behind, landlords often rely on tenant screening. Keep reading to learn more about it!
So, What Exactly Is Tenant Screening?
Tenant screening is a process, or rather, a combination of various processes, which allows landlords to gain a better perspective on who they are considering as a rental applicant.
Credit checks are usually a very important tool for landlords who seek to understand the financial reliability of a tenant. In addition to that, eviction, criminal checks and other types of background records might also be employed. Asking questions and talking to the prospect tenants remains a very affordable and effective screening method. It is not hard to really gain a better perspective concerning a tenant when asking the right questions. Interviews can be quite helpful in many different ways.
Conducting your reference checks with their prior landlords and current and past employers are essential in the screening process. Reviewing their credit profile and income and documents to have an idea of their rent to income is highly important as well.
What are key elements to tenant screening:
- Credit & background check
- Landlord & Employment Reference check
- Proof of Income
- Personal References
In conclusion, these are only some of the basic principles of tenant screening, and they can be seen as a useful set of general guidelines. Tenant screening really is a rather essential part of the renting process and one that should not be taken lightly. As mentioned earlier, renting your place to the wrong person can lead to a host of troubles, additional expenses, and revenue loss. Through the process of screening applicants who wish to rent your property, you can easily prevent a lot of such issues from happening and gain more confidence on the people you entrust with your valued property for rent.