Inexperienced investors will take just about any interested applicant for their investment property, get a lease signed and collect the first months rent and then release the keys to the new tenant. This is a bad idea! No matter how trustworthy the applicant seems to be or what they put on the application, it is imperative that the information be verified and that other steps are taken to ensure you are finding the most qualified tenant for the property.
Once you receive the rental application, the tenant screening process begins:
- Complete a Credit Check
- Complete a Criminal Background Check
- Employment Verification
- Income Verification
- Rental Verification
Now that you have gathered all the information it is important to go over it with the applicant to make sure it is accurate because some times information from other people will show up, especially if they happen to have a common name. Once the information is verified and everything is deemed to be accurate and accounted for a scoring system should be used to determine if the applicant is approved, approved with higher deposit or denied.
If you need any assistance with the tenant screening process, have any questions about the process or require the services of
iDeal Realty & Management, feel free to
contact us.
Tenant screening is the most important aspect of renting property. Failing to screen prospective tenants causes more problems than just about anything else. After all, each tenant is a potential liability to a landlord.
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you outlined some great reasons for using tenant screening. foregoing the screening of your tenants is not worth the risk. Gathering the information yourself can be quite the task. Using a professional service is well worth the price and can really help a land lord optimize their time.
ReplyDeleteThere are numerous facts, which answer this question. A Tenant screening will help you in knowing the background of your tenants and protect your Perth property from some mis-happening. Screening helps in minimizing the chances of future mess-up among the tenants and proprietor.
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I'm thinking of renting out my home myself, without the help of a realtor or broker. If you've done that, how did you do it? How did you screen the prospective tenants? I know all leasing contracts are different, but what are the most important things that should be said? Visit website
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Because not all people today are worth to trust. :) Sometimes a background check software could also help.
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If you are single, the maximum housing benefit you can get for a privately rented place is at the same rate as you would get for a single room in shared accommodation, rather than for your own flat or house. Before January 2012, this rule applied to people aged 25 or under. The new rules usually apply to you on the anniversary of your claim.
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Tenant Screening Blog is your source for the latest news on tenant screening, credit checks,
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We learned recently of a new landlord whose lease terminology bit her in the foot. While she
thought that she made it clear that pet deposits were non-refundable, she actually states in
the lease that the entire amount she was charging ($500) was completely refundable! Here is
the language she used:"Tenant shall pay to Landlord a pet deposit of five hundred dollars,
zero dollars of which shall be non-refundable"
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