Evictions are one of the most expensive parts of owning rental property. Though not all evictions are entirely avoidable, screening your tenants can significantly minimize their risk. It is absolutely vital to implement the best practices when you screen tenants to help you obtain good-quality tenants that will respect your property and pay their rent on time.
Require an Application
You should always require prospective tenants to fill out an application prior to renting from you. At this point, you will also want to require references. Contact employers and landlords to confirm employment and past rental history. If an application is missing information, this may be a red flag that the tenant is trying to hide information from you.
Credit checks are another important component of effective tenant screening. These can be used to weed out tenants that may be likely to pay rent late or even skip out on rental payments altogether.
Background checks will provide you with valuable information regarding past eviction and conviction history. Ensure that you familiarize yourself with Fair Housing laws to ensure that you aren’t withholding a rental property due to a prohibited conviction.
Though a potential tenant may look good on paper, it is important to hold an interview in person. It is vital to trust your gut instinct. If something feels off about a tenant, there is a good chance that you’re right.
Set Official Requirements
Write official requirements for your rental standards. Not only will this simplify the tenant screening process, but it will also protect you from potential lawsuits. If you don’t have these requirements it may be difficult to prove that an applicant was denied based on their income, rather than a violation of the Fair Housing Act.
Here at Keyrenter, we implement a comprehensive, 13-point tenant screening process to find excellent tenants for rental properties. To learn more about how to effectively screen tenants, contact us at the Keyrenter in Huntersville today!