As a landlord or property management company, it's crucial to conduct a thorough tenant screening. According to some data, the global tenant screenings market may reach a valuation of $8.1 billion by 2027.
Before you let a tenant sign a lease agreement, it's important to do your research.
Read on to learn more about credit checks and a tenant background check, and how these tools can help you find the right tenants.
Keep Things Streamlined
Your tenant screening process should be as thorough and streamlined as possible, so you can collect all of the information you need at one time. Always include pertinent information about the new tenant and make sure you have them authorize you to conduct a credit and tenant background check.
When you establish clear rental and tenant screening criteria, it makes it easier to sift through a huge pile of applications. This also ensures that every single person knows what to expect as well as what your approval guidelines are in advance.
Do a Tenant Background Check
Application fees paid by the prospective tenant should cover the cost of things like running a credit and criminal tenant background check. These "checks" give you detailed insight into their criminal history, income, employment history, and credit.
The right background check will also include details about the person's prior rental history. If you're using a property management company, they'll likely handle all of the checks for you. There are also online tools you can use, but it's important to make sure they're reliable and fully vetted before you do so.
Other Useful Tools
Credit checks and criminal background checks are important, but there are other tools you can use to make the tenant screening process more reliable. First, ask applicants to provide references so you can contact their previous landlords. Ask about their payment history and if the past landlord had any issues with the tenant.
Not every tenant background check includes details like income verification. if possible, reach out to potential tenants' employers to make sure that the information they added to the application matches. You should confirm information like their job title, current salary, and how long they've been employed to ensure that they're financially stable.
If you want even more peace of mind, consider sitting down to interview potential tenants one-on-one. It's a great way to get to know someone and to get a better "feel" for a person before you decide whether or not you'd like to offer them a chance to rent your property.
Find the Perfect Tenants Today
Conducting a thorough tenant background check is a smart way to help with an easy tenant screening process. Remember to be clear about the terms of your rental application, and be open and honest with each person who applies for the best results.
If you need help with property management in the Alpharetta, GA, area, PMI North Atlanta is here for you. Simply contact us today, or click here to get started on your free rental analysis.
