We’re talking today about how to qualify a tenant in Santa Rosa, CA. This process involves receiving an application, reviewing the application and determining who the most qualified applicant is. Each owner has different standards, and you want to be certain you are getting the best applicant you can find; one who will pay rent on time and take care of your property.
You need a set of consistent requirements for every tenant and every applicant. For example, at DeDe’s Rentals, we require applicants to have income that is at least two and a half times the amount of rent. We also require a credit score of 600 or higher. Other criteria include reliable landlord histories and employment for the last five years. We make sure all our applicants know what we’re looking for and what is required in order to be qualified for our properties. We suggest you do the same.
Knowing how to qualify a tenant in Santa Rosa, CA, means knowing how to recognize red flags. Property managers and landlords deal with credit reports, and there are laws in place pertaining to privacy and identity theft that must be followed. Any red flags that show up need to be investigated. When you’re cross referencing the information the applicant provided with the information you’re uncovering, make a note of any discrepancies. For example, if the name and social security number on the application does not match what comes up in the credit report, that could be a problem. You’ll need to do some investigating and ask the applicant for an explanation. If the addresses do not match, it could be a problem or it could be a simple case of the applicant having been out of the country for a few months. Find out what’s going on when you begin to verify your rental applications and get all the information you can from your potential tenants.
Always run your own credit report. Tenants will sometimes offer to provide a credit report. If you accept it from one applicant you have to accept it from all applicants. We don’t like to accept credit reports directly from tenants because we want to independently confirm any information provided by the tenant. We don’t want to simply rely on information the tenant provides on their own.
There are many details involved in qualifying a tenant for your rental property. If you’d like to talk about this topic further, please contact us at DeDe’s Rentals, and we’d be happy to tell you more.