By knowing these things to look out for when the time comes for screening tenants in , you’ll avoid making a mistake that could be both a personally and financially costly lesson. Call Cash Out On My Home today to learn more at (423) 401-2321.
While it is common practice to run credit checks as a routine part of your tenant screening process, there are some other basics that should be a part of your checklist. Failure on your part to stick to your tenant screening checklist could end up costing you potentially thousands in property damage or even worse, lawsuits, and the eviction process.
Not to mention putting strains on personal relationships. Read on to avoid the loss of sleep and headaches making these mistakes can bring.
Despite how impressed you may have been with someone, it’s bad business sense to begin skipping any of the steps in the process. No matter how busy you may be, it’s wise to plan ahead and put in the time required to properly manage your property. No matter what, every applicant requires a thorough screening process.
Face to Face
You’ll want to have met in person as the starting point when you’re considering a tenant for screening, mainly because lies to your face are usually not so easy to pass off. Ask basic questions before ever handing them any paperwork or asking for a signature on anything.
As you may be dealing with each other over the long term, a mutual benefit of this personal encounter is in the building of a positive relationship.
A background check provides facts for strong consideration, within the confines of the laws that govern real estate regarding criminal background checks. Along with the credit check, for a full picture of the tenants you may be dealing with for years to come, a background check is a must as a part of your screening checklist. The results should be weighed not only for your own protection, consider the value of the property as well as the immediate neighbors in you’ll be exposing to your tenants.
You’ll need to be available to jump into action when you have a new tenant application to screen. The last thing you want is to be paying the full expenses of sitting on an empty investment property so you will want to get it rented as quickly as possible. Remember too, it is highly likely your property is one of many that are being pursued by a great tenant. Delaying could result in their becoming someone else’s dependable and troubleless income stream for years to come.
References can bring issues with dependability or responsibility to the surface and should be done for every single applicant without exception. It is important when you are screening tenants in that you are provided with contact information for their current employer and landlord. While the credit check and background check may be informative, they are only part of the formula for a successful outcome. When you check their references, keep an eye out for any dates that don’t line up, leaving unexplained gaps in employment or rental history. This could indicate they’re hiding poor work ethics or even possible evictions. Another warning signal are blank spots where a reference should be, the odds are that they’re concealing the full picture because of a negative past.
We’re experienced at screening tenants in and happy to assist you with the process. If it’s time to begin reviewing potential tenant applications for your investment properties, we invite you to turn to our professionals for assistance with any questions. Send us a message or call Cash Out On My Home today (423) 401-2321.