Finding the right tenant for your Boise rental property is essential in guaranteeing your success as a landlord. There are a few things you can do to ensure you’re finding someone who is qualified and responsible.
The best screening process is thorough and detailed, and it also adheres to the laws that apply in your area. You also want it to be consistent and objective so you don’t run into problems with fair housing laws. If you get sued in a fair housing matter, you’re going to be liable for around $10,000 plus your legal fees. Document your entire process in writing and keep all your screening records.
The prospective tenants must be required to fill out an application, and then you want to get a credit report to begin your evaluation. Take a look at the information in the credit report as well as the applicant’s rental history, employment verification and whether there is any history of a criminal record or eviction. With all of this information, you can rank the application based on credit, rental history and employment or income. Fill out your evaluation form, collect all the documentation associated with the application and establish whether or not the applicant has the necessary criteria to be approved for your property.
Consider using your evaluation to give the applicant a score. At Greater Boise Property Management, we use a range of +3 to -3 when we’re looking at employment, credit and rental history. The tenants we like to approve are usually getting a score of 8 or higher. If an applicant’s score is 4 or less, we’ll decline it. Those in the middle will require a little extra investigation so we can get a better idea of what kind of tenant we’re considering. Each consideration is documented and explained so we can protect ourselves legally against any fair housing claims.
You know your process is working when you have a good record of positive tenancies. At Greater Boise, nearly all of our tenants leave at the end of their lease term without owing any money in damages or late rent. If they do leave with a balance, it’s often less than $150.
Contact Greater Boise Property Management for help with evaluating and screening tenants so you get the best possible renters in your property.