Looking back on my own rental property history, I have had some great tenants while others made me want to sell the property as quickly as possible. Years ago, access to applicant information was not as readily available as it is today. Back then, I thought I was a good judge of character. Experience taught me that some people were better at disguising themselves than I was at reading them. Those situations were stressful, expensive to cure and a big headache.
Resident Screening is an important part of the rental application process, for both property owners and potential tenants. Resident Screening helps ensure that both parties are a good fit, prior to signing contracts and moving in, at which point it’s much more difficult to get out of the agreement.
What to Look For?
By doing some homework, you can maximize your chances of finding a quality tenant – one that will pay the rent on time, get along with others in the community and safeguard your investment. I call this the Can – Do – Did search. Verify their income and employment to see if they Can pay. Then order a credit report to see if they Do pay. Order a background check that includes criminal and eviction records to see if they Did pay. History counts and a good tenant screening agency can access the relevant information.
The noted author and professor, Norman Cousins once said, “History is a vast early warning system.” The credit bureaus and governmental agencies have compiled a vast array of information which technology has made readily available to us. Those resources may contain a history of how your applicant has acted in the past. This information contains facts on the ground, a type of warning system which can alert you to potential danger or risk. Scrutinizing the available facts of the early warning system in an objective and fair manner, contributes to making an informed decision.