Tenant screening is quite literally one of the keys to the success of owning rental properties.
When an owner properly screens their tenants, they can have confidence in the quality of the people living in their rental properties and peace of mind that rent will be paid on time.
If you’re new to owning investment properties or are looking for tenant screening tips, this article will provide you with time tested tenant screening tips that you can use to grow your portfolio of investment properties.
Tenant Screening Tips You Should Be Using
Develop a written tenant screening criterion – This step is critical in finding new tenants because you want to establish a pattern of fairness and balance with each tenant. Your tenant screening criteria should also show that you choose tenants regardless of their gender, race, disabilities or familial status.
Verify how they get paid – 10-20 years ago it was hard to fake a paycheck stub, now anyone can go to Google Images and create a paycheck stub in minutes using the image and their favorite image editing software. This is why landlords must always verify that an applicant is still working for the company that they listed on their rental application. Doing this will help a landlord to avoid renting to tenants who only want to scam them with fake rental references.
Research the applicant online – Thanks to the Internet, and social media, it’s easier than ever before to do a background check on tenants. Doing this is important because many people aren’t afraid to post their “true” selves on social media and learning more about what an applicant is really like could save you the trouble of potentially renting to a problem tenant.
Get in touch with previous landlords – When communicating with previous landlords, it’s also important to research those individuals online to confirm that they are indeed the said landlord of an applicant’s previous renal property and not someone who is posing as a landlord.
Run background checks on adults – Don’t hesitate to run background checks on each adult living in the rental property. Doing this will help to eliminate the possibility of renting to someone who has something to hide and guarantee that you know everything there is to know about your future tenants before renting to them.
Avoid making written comments that are not based on your rental criteria – Many landlords have set themselves up for lawsuits in recent years because they made comments on their tenant’s rental applicants that nothing to do with the landlords’ rental criteria.
To avoid potential housing discrimination claims, landlords should stick with their screening criteria and not deviate from it.
Contact GoldenWest Management
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