Being a Landlord is not an easy thing to do, as it may seem. There are numerous tasks to handle daily. And a challenge of finding a good tenant to lease a rental is one of the hardest. None of us want a bad tenant. In most cases renting to the wrong tenant can cost property owners big money and health issues. And believe me, usually it’s not enough to have just an interview with a potential tenant and entrust them with your property, without guarantees. Trust is good, but in this business, tenant screening is better ;)
So, what is tenant screening? Well, it is access to information in order to make the best decision about your future tenants. Tenant screening provides you with information you need to know about your potential tenants. And here we talk not only about ability to pay and meet the requirements of the lease. It also includes the information about their past actions and former leases.
The principle of tenant screening is that you pick qualities you look for in your tenants and check ‘em [but please remember that it is illegal to treat applicants differently on the basis of race, sex, religion, and other characteristics; make sure your qualities meet the law’s requirements, especially in your state]. To avoid issues with discrimination it is best to only look at one application at a time. Generally tenant screening involves checking tenant’s criminal and credit history, making sure they have the money to pay the rent for the next year and even talking to previous landlords and employers. These standards should be realistic. Making them too simple may cause problems in the future, but making them too hard could take you right out of the market.
Anyway, you give an access to your product for a period of time, so you need to make absolutely sure that your renter can manage with it. Thinking about it like a much smaller version of mortgage lending will help you consider risk and choose the right tenant. I hope you see now why you do need it so much :)
The good point is that there are many different companies that do tenant screening. The better point is that there are property management softwares that also have such an option. And the best point is that TenantCloud is ready to make your life easier with the background check powered by Checkr. Now it is even more easy to find the best tenants!