{"id":84,"date":"2017-09-21T17:45:56","date_gmt":"2017-09-21T17:45:56","guid":{"rendered":"https:\/\/medium.com\/@arthamoney\/how-to-thoroughly-screen-tenants-90e565c59e18"},"modified":"2017-09-21T17:45:56","modified_gmt":"2017-09-21T17:45:56","slug":"how-to-thoroughly-screen-tenants","status":"publish","type":"post","link":"https:\/\/madrasrealty.com\/?p=84","title":{"rendered":"How to Thoroughly Screen Tenants"},"content":{"rendered":"<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cdn-images-1.medium.com\/max\/800\/1*JFo0bHW50aDvPRkoy9qvzw.jpeg\" alt=\"\"\/><\/figure><p class=\"wp-block-paragraph\">An property investment can provide a steady source of Income, as long as you manage to find a good tenant who will ensure that rent is paid on time and that the property is looked after.<\/p><p class=\"wp-block-paragraph\">Choosing the right tenant Is really important, but it can be difficult to separate the wheat from the chaff. This is why thoroughly screening a prospective tenant is a critical step in leasing out your investment property. Even if you\u2019ve hired a rental property management company to help you manage your apartment or house, you should still be the one to make final decision.<\/p><p class=\"wp-block-paragraph\">Whether you are the landlord of a privately owned rental property or a multi-unit residential rental complex, you are often faced with the question of whether or not you are renting to the \u201cright\u201d people. Fair housing laws in the India, as well as laws that have been enacted by the individual states, prevent landlords from discriminating against certain classes or groups of people when considering potential tenants, but that doesn\u2019t mean you have to open your doors to anyone and everyone would like to start renting from you.<\/p><p class=\"wp-block-paragraph\">Some landlords can be faced with costly repairs, and properties that cannot be re-rented for weeks or months after a tenant leaves, if they have chosen to rent to people who have caused a great deal of damage during their stay. Other tenants seem to have frequent encounters with law enforcement or suspicious traffic in and out of their home at various hours of the day and night. It can often be impossible to determine from a simple application whether or not a potential renter will be a good renter, but there are several things you can do before making a commitment to ensure that you are putting your rental property in good hands.<\/p><p class=\"wp-block-paragraph\">By reducing those risks, you increase the chances of having a better reputation as a landlord from more good reviews While it may not seem like it, the screening process begins as soon as the prospect reaches out to inquire about whether there are rentals available\u200a\u2014\u200abe It real estate housing or apartments\u200a\u2014\u200aand what the price points would be. At this initial contact, you should inform prospects of any up front rental and security deposits required, as well as lease terms. You can also perform a mini-Interview of the prospective tenant by asking simple questions, such as Are there any pets? If applicable, are they housebroken?<\/p><p class=\"wp-block-paragraph\">Would there be any roommates or plans for any roommates in the future? Does the tenant smoke? If so, does he or she smoke Inside or outside? Are there any relatives of friends that frequently spend the night?<\/p><p class=\"wp-block-paragraph\">If the answers are satisfactory and meet your requirements, you can then proceed to showing the property to the potential tenant While verbal cues night not be so easy to spot during this step, take stock of any non-verbal cues you can pick up. Search for any potential red flags that could indicate potential risks for property damage or late rent payments. These tips will help you begin the process of evaluating a tenant and finding a suitable fit for your property.<\/p><h4 class=\"wp-block-heading\">Use a Tenant Application form<\/h4><p class=\"wp-block-paragraph\">Using a standardized tenant application form will assist in performing a thorough screening process of all potential tenants. Ask for lifestyle information, such as the number of pets, and how many people will be living in the property. Information on their previous rental history and employment situation should also be provided.<\/p><p class=\"wp-block-paragraph\">Many landlords choose to use a basic application for prospective tenants. This basic form asks few questions beyond the applicant\u2019s current employment and recent residential history. While it is important to know whether or not your potential renter is capable of affording the rent, and what their past rental history has been, it is equally important that you verify the information to ensure that it is accurate and truthful. Some potential renters will list their friends or family members as previous landlords, who will naturally offer you a sterling report of their rental history. While some people have lived with family or rented from friends, make sure you do a thorough investigation into the information before accepting it as true. You can also contact current employers and receive a basic overview of the applicant\u2019s employment, such as how long they have been employed and what their current title or position may be.<\/p><h4 class=\"wp-block-heading\">Ask for previous landlord references<\/h4><p class=\"wp-block-paragraph\">The second check should be the applicant\u2019s previous landlord references They can provide Information about how long the tenant lived at the previous property, whether rent was paid on time, what condition they left the property In and why they left. The answers to these questions will Indicate whether the applicant is a responsible and suitable tenant.<\/p><h4 class=\"wp-block-heading\">Request a background check<\/h4><p class=\"wp-block-paragraph\">Background checks can take many forms, but at a minimum, ask for at least one photographic Identity document and order a background check through online platforms. These checks will give you a thorough report of the tenant\u2019s past, detailing eviction history, criminal history and other public records. You will need the tenant\u2019s social security number to conduct these checks, as well as their consent to run these reports.<\/p><h4 class=\"wp-block-heading\">Perform a background check.<\/h4><p class=\"wp-block-paragraph\">You can perform a basic background check through a variety of online services that offer different levels of information for different prices Many services are inexpensive and can give you more information on your potential renter\u2019s past, including whether or not they have been evicted, sued for past due rent, or convicted of various crimes.<\/p><p class=\"wp-block-paragraph\">Having tenants whom you can rely on to pay their rents on time each month and to not disturb the peace of their neighbors is a landlord\u2019s perfect dream tenant. While it is understood that we are all human, and that mistakes or unexpected events do occur, that near perfect tenant Is possible to find. This is where a thorough screening process of prospective tenants has an impact on the landlord\u2019s dream.<\/p><p class=\"wp-block-paragraph\">Thoroughly screening a prospect does more than give you the necessary information required for real estate rental. It allows you to weed out the good tenants from the bad ones. Doing so greatly reduces the risks to the state of your Investments by diminishing the chances of property damage and having to field calls from angry neighbors.<\/p><h4 class=\"wp-block-heading\">Confirm their Employment Situation<\/h4><p class=\"wp-block-paragraph\">A prospective tenant\u2019s employment is one of the key factors to check before approving a rental application. You can request details of the tenant\u2019s employment and evidence of income from their employer. Assessing the stability of the applicant\u2019s source of Income can provide some assurance over future rent payments. Personal references are also acceptable but are considered less useful as they are usually from friends or family, who are more likely to be complimentary about the applicant.<\/p><h4 class=\"wp-block-heading\">Run a credit&nbsp;check<\/h4><p class=\"wp-block-paragraph\">An applicant\u2019s income level is only half of the story. If he or she has a history of not paying their debts, this may Indicate a propensity to default on what they owe, which Is not good news for a landlord! Information such as credit card balances and minimum monthly repayments will help provide you with a financial picture of your prospective tenant. Find options for his ability to pay rental each month. You can order a credit report and credit score using a number of different companies.<\/p><h4 class=\"wp-block-heading\">Verify the applicant\u2019s identity.<\/h4><p class=\"wp-block-paragraph\">Ask for a copy of the applicant\u2019s driver\u2019s license or government-issued photo identification card. Make sure it is valid and matches the applicant. If the applicant claims to have been residing in your state for more than a few months and still carries an out-of-state license or ID, question them about it, because most states require that new residents obtain an in-state ID within 30 to 60 days of relocating. Make a photocopy of the license or identification card, and If they also have a vehicle, look up of their license plate number at your local police station.<\/p><h4 class=\"wp-block-heading\">Meet the&nbsp;tenant<\/h4><p class=\"wp-block-paragraph\">The final step to a thorough screening of a tenant is to meet him or her In person. It may feel confronting, but there\u2019s nothing quite like putting a face to a name to build a relationship. Meeting a tenant in person gives you a chance to corned with him or her on a personal level and may help reduce the risk of rent default and property damage.<\/p><h4 class=\"wp-block-heading\">Renting out a property is rife with&nbsp;risks.<\/h4><p class=\"wp-block-paragraph\">A reputable real estate management company can help you screen tenants, collect rent and manage the property. A well-established, experienced agent can advise you on prospective tenants, provide local contacts for repairs and perform bl-annual property Inspections to ensure that everything is going smoothly.<\/p><p class=\"wp-block-paragraph\">.<\/p>","protected":false},"excerpt":{"rendered":"<p>An property investment can provide a steady source of Income, as long as you manage to find a good tenant who will ensure that rent is paid on time and that the property is looked after. Choosing the right tenant Is really important, but it can be difficult to separate the wheat from the chaff. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-84","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Thoroughly Screen Tenants &#8212; OpenRealty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madrasrealty.com\/?p=84\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Thoroughly Screen Tenants &#8212; OpenRealty\" \/>\n<meta property=\"og:description\" content=\"An property investment can provide a steady source of Income, as long as you manage to find a good tenant who will ensure that rent is paid on time and that the property is looked after. 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