With the right tenant in place, you’ll receive your rental payments on time, you’ll know your property is being well-maintained, and you won’t have to worry about annual turnover or unexpected vacancies. A superior tenant screening process is the only way to ensure you’re placing the finest renters.
Without an exhaustive and detailed tenant screening process, you run the risk of placing a bad tenant. Bad tenants can often seem like good tenants. They’ll tell you what you want to hear, they can provide glowing references, and they’ll have all the cash they need to move in right away. Those bad tenants disguised as good tenants are counting on you not to screen carefully. Then, you could find yourself chasing down late rent, filing for eviction, or cleaning up a terrible mess at your property that could have been avoided.
Experienced landlords know that every bit of information needs to be verified and due diligence is required to make sure you’re actually talking to former landlords. Good landlords collect documents like pay stubs and bank statements. They talk to employers and analyze credit reports and dig deep into background checks and criminal histories.
Landlords who don’t know how to properly conduct tenant screening can set themselves up for those nightmare tenants. They can find themselves stuck in fair housing disputes because they didn’t have a consistent screening process. They can be left with inadequate security deposits to cover months of lost rent and a running list of expensive repairs that need to be made to their investment property.
Tenant screening is a broad topic and covers everything from establishing rental criteria to collecting applications and conducting background checks. Some of the best property managers in the country are here to share the strategies they use when screening tenants. You’ll learn what to do and what to avoid, and how to place highly qualified tenants in your rental property.