The key to finding responsible and reliable long-term tenants is selecting the right tenant from the beginning of the process. Adequate screening up front will help you eliminate potential short-term renters or long-term headaches. Time invested early will alleviate more time spent later, specifically when resolving issues. We’ve all heard the phrase, “pay me now or pay me later.” And, later payments may be costly. Real Property Management Stellar can guide you through screenings to find the best fit for your property while also keeping in mind discrimination and other laws that you must follow.
Rental Application Form
The first step is to create or use an application that covers all necessary information you may need to evaluate a future tenant. Include questions about financial means, employment, and past residence information. In addition to these questions, the tenant will respond to individually, absolutely include release forms that authorize background, employment, criminal, and credit checks. Look for potential patterns like consistent turnover of employment or frequent moves. Also, any areas left blank on the form could be a red flag for information the tenant may be trying to hide.
Contact References
Contact all references listed. The application should request references from previous landlords, employers, and character references. Real Property Management Stellar looks for gaps in landlord history that might raise suspicion, as leaving out contact information for recent landlords could be a bad sign. In addition to asking previous landlords if a tenant paid rent consistently, additional questions can offer insight into what renting to that tenant will really look like. Ask questions about timeliness of payments, damages to the unit, any conflict with neighbors, if the security deposit was collected, and if the landlord would ultimately rent to this tenant again. Real Property Management Stellar can use information from references to avoid risky renters.
Criminal Background Checks
While credit checks are vital to assessing a potential tenant’s ability to pay rent, credit checks do not tell you about a person’s criminal background. Not only are you seeking to run a profitable business, it is also your responsibility to ensure the safety of the community. It is difficult for law offenders to become home owners, so the likelihood of several of your applicants being repeat criminal offenders may potentially be high. Criminal checks no longer take weeks to process and are well worth the effort. Other registered lists such as terrorist activities and sex offender lists can also be checked.
Real Property Management Stellar can help you screen your prospective tenants to find a lasting tenant for your rental business and protect your investment. If you want to know more about background checks and more services Real Property Management Stellar, please contact us.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.