6 Jun, 2018

The Benefits of Tenant Screening

Renting out your property is highly beneficial and it’s bound to get you some extra savings because of the high number of people who are renting out homes instead of buying a house. However, it can always feel a little daunting to simply let anyone live at your property and there’s also the hassle of having to pester them for rent. So, to avoid having to go through this, you can opt for a tenant screening. Here are some of the benefits you get out of it.

Know Whether they Can Afford it

Many landlords face the problem of non-payment after the tenants have signed the lease and this can tighten your budget and make it difficult for you to make ends meet. A tenant screening looks into the prospective tenant’s credit check and learns about their previous rent payment history. Not to mention, it gives you information as to whether they can really afford to rent out your property.

Learn About Their Eviction History

Simply knowing whether an applicant can pay rent on a monthly basis isn’t enough and a thorough tenant screening will let you know about their eviction history as well. If you find a history of multiple evictions from rented properties, this should come across as a red flag, but don’t be too quick to dismiss applicants so easily. Make sure to ask them for the reasons why they were evicted because they might be out of a job at that time or some other reason due to which they were unable to pay rent and were consequently evicted.

Know Who Your Tenants Are

Some people who have a bad history of the tenancy may try to hide it by providing unsuspecting landlords with fake social security numbers which are either made up or those of a person they know. The applicant may have a good credit score and payment history, but it’s possible that there have been instances when they display unacceptable behavior while on the property which can damage your image.

This gives you some insight as to whether the applicant you’re considering is affiliated with or has some criminal history of his/her own. This is highly crucial to know because the safety of your property and the people living nearby depends on it. As a plus, you can also get information on whether they have been arrested or received a warning due to property damage. Since the property is yours and you’ve invested money in it, you’ll want to make sure that they can take care of it.

It Keeps Your Other Tenants Happy

If you own multiple properties in a community or neighborhood, you’re likely to have different tenants living together. These people will want to know whether the person you’re renting your property to, is safe to live around or not. This is an obvious concern, and every landlord should take his/her tenants safety into consideration. This is what helps to build your reputation as a landlord.

Take these benefits seriously and you’ll end up with the best tenants living in your property. Skimping on a proper tenant screening and not following through with it can result in leasing your property to an unreliable person.

About the Author:

REALTOR®, ND license#: 9780, MN license#: 40543883.